| SAMPLE CARD |  |
|---|
| BRIEF DESCRIPTION |
- Credit cards essentially let you borrow money up to a certain
amount (your credit limit) from the card issuer to complete your
purchase.
- Credit cards also has the added benefit of installment
payments, that is, spreading payments to months or even years, not
to mention the bevy of deals and discounts to partner
merchants.
- Some credit cards offer rewards each time you spend.
- NOT ADVISABLE FOR PEOPLE WHO ARE PRONE TO SPENDING BEYOND
THEIR FINANCIAL LIMITS. DISCIPLINE IS ABSOLUTELY
NECESSARY.
|
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| CARD LIMIT | Depends on the approved credit limit assigned to you by the bank.
Increase in credit limits may be approved by the bank depending on
card user's credit history. |
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| PAYMENT | Allows you to ‘borrow’ money to be paid back at the end of the
card’s billing cycle |
|---|
| FEES AND PENALTIES |
- Annual fee (Most banks waive the first year annual fee.
Succeeding annual fees may also be waived upon request if user is
in good credit standing.
- Interest charged for unpaid balance and penalties for late
payments
|
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| WITHDRAWALS VIA ATM | Can withdraw a portion of credit limit (charged with fee) |
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| MAINTAINING BALANCE | No maintaining balance |
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