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I'm a student, and as such I am always looking for new ways to save and/or make money. I've seen a lot of advertisements lately for the new Scotiabank Visa card that pays you 2% cashback on your purchases. Just wondering if anyone has looked into this, or is using this card.. what do you think?What are the costs / benefits?
It, along with any other credit card becomes a BAD credit card the moment you fail to pay its full monthly balance on time OR take a cash advance, OR transfer a balance from another credit card. At that moment, they gotcha .. and gotcha good. These are schemes that make credit card companies IMMENSELY profitable. They WANT you to do these things because they make MONEY off of you when you do any of them. That is the WHOLE SCHEME.
Take the card, pay no annual fee, get back 2% every time you use it, and NEVER carry over a balance. NEVER.
You will make money (2%) and it won't cost you ANYTHING. Use it for expenses YOU CAN AFFORD, and no more.
Pay the monthly bill IN FULL AND ON TIME. You do exactly this and you will make a little money and improve your credit score.
But I already have a Visa card, and I use it to purchase groceries and other necessities, always paying my balance up front before it is due. So I figure that if I treat this one that way, I will be making much more than the $30 in the annual fee.
American Express requires you to pay your full balance each billing cycle. Capital One will carry over a balance with a minimum finance charge. I pay $15.00 each month automatically from my bank account to my creditor at 15.66% Ive never been late on a payment because its done automatically from a trusted bank account. I accept American Express cards and cancel before the annual fee. as long as I dont charge anything to the card. I pay no canceling fee. American Express has to have the full balance paid each billing cycle, but has no credit limit. If im in an emergency, my credit limit is whatever i want it to be. $1000 to possibly $10,000. Given I call them and verify Im the owner of the account and Im using it.
important things to ask before accepting a card.
Is there an annual fee?
is there a member fee?
is there a inactive or closing fee?
what is the Annual percentage rate(APR) for all lines of credit? CASH, TRANSFERS, and (purchasing) CREDIT, all have different APRs. the standard APR is usually purchasing credit, for items like food gas and toys. transfers are where you transfer one line of credit onto the new line of credit. this normally gives you a grace period of either 6% or the first 6 - 12 months 0% APR. Cash advances are normally 20% and higher. because it puts cash in your hand to do whatever you want with.
How much is due each billing cycle?
what is the minimum payment each billing cycle?
most cash back cards require you to pay the full amount each billing cycle, or require a down payment such as a secure card. (secure cards are banking cards; you put money on the card, and you spend what money is on the card APR and fees included. theyre normally for beginners and people with bad credit.)