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Financial Literacy for Students: Credit Cards

Credit Card Features

What to Look For When Choosing a Credit Card

  • Interest Rate
    • The amount of interest you will be charged per month for carrying a balance
  • Annual Fee
    • Some cards charge an annual fee for being a cardholder
    • Some people say the perks of the card outweigh the annual fee, this is entirely dependent upon personal preference and how you use your card
  • Late Payment Fees
    • Fees are usually charged when you miss payments, or make your payments late
  • Perks
    • Cashback
    • Travel Points
    • Discounts

Tips:

It is recommended to use no more than what you are able to pay off each month to avoid carrying a balance each month. It is understandable that this is not always possible, but it is something to aim for

If you are going to carry a balance, it is recommended to carry a balance of no more than 30% of your available credit on a card, to avoid lowering your credit score

Contact

James A. Cannavino Library

3399 North Road
Poughkeepsie, NY 12601
(845) 575-3106