Recommendations+and+Advice+(Group+3)

//What kind of questions should we ask when shopping for a credit card?// 1. What are the spending limits? 2. What are the benefits? 3. Where is your card accepted? 4. What is the liability? 5. Why are you better than your competeter? 6. What type of imsurance coverage do you offer? 7. How do you deal with identity theft? 8. What is the interest rate? 9. Are there any special benefits for college students? 10. What is the rewards program?
 * List of Question**

1. Do college students need credit cards? - Yes, college students need credit cards becasue of some reasons. * Protection for Purchases— Credit provides additional protection for purchases that cash and checks just can’t provide. For instance, you can dispute a charge if merchandise you order is not delivered as agreed. 2. If so, how many credit cards whould a student have? - Two cards might be the "right" answer. One is for cash back and the other is for repair credits. Pay off your card every month. If you can't do that, don't charge it in the first place. Get a system that ensures that you pay on time every month. 3. What should their credit limit be? - There is no one proper credit limit for college student; however, you should be careful about your spending and your ability to pay off the money on credit. Your spending should be covered by your financial capability. Set a proper credit limit yourself to avoid from spending more than you can pay off. 4. What are some of the dangers of having a credit card? - College students should be aware that if the credit card is lost or stolen, the card owner should call the credit card company immediately and notify them. Also beware of identity theft. NEVER Ever leave your credit card out on the open especially if it is your friend or roommate. Whenever you are finished using your credit card make sure the cashier has given it back to you. 5. What advice would you give to someone who just got a credit card? -My advice to those who just received a credit card is to use it only for emergency. Do not be easily be tempted to use it immediately. Your main goal is to maintain a GOOD CREDIT! 6. How much credit should a college freshman have, if any? - As many students enter college their freshman year, they should have only one credit card. It would be easier to manage with only one card. The many credit cards a student has the more problems will occur over time. If the payment balance is not fully paid, the interest rate would escalate having the owner pay more than they should. Students need to be aware that debts will accumulate if the money being owed is not paid. The more debts the harder it will be to pay off. 7. How much of a balance should you carry on a credit card? -A credit card should not be max out, or close to being max out. You should stay below using 30-50% of your credit card limit. 8. How important is the APR and the annual fee? - The Annual Percentage Rate (APR) is important to take note of because if you are in debt, this interest rate will accumulate to a larger sum of money. People with good credit rating often have a low APR. The annual fee is the fee that should be paid for using the credit card. These two payments are important to take note because if these payments are not made on time, they will add up to your unpaid credit debts. 9. What should you do if you have a credit card and can't make the payment? - If you do not pay your credit card bills on time, and in full, there will be certain interests added to the late payments. You can request a lower APR rate to decrease your debts. However, if you are still unable to pay off the debt, you have to declare bankruptcy for your debts to be cleared.
 * Recommendation & Advice **
 * Security for Emergencies —The number one reason young adults need credit is in case of an emergency. Whether your car unexpectedly breaks down or you need to fly home for a family crisis, credit provides the means to financially handle life’s surprises.
 * Protection for Losses —Lose your wallet filled with cash and you’re out of luck. You’re your credit cards, and you are only responsible for a maximum of $50 of unauthorized charges under the Federal Truth in Lending Act.

**Ending** * Which card is the best credit card for us (college students)? =>//**Mastercard**// * Why? -Mastercard is the best card for a current college student because it offeres everything a credit card should plus benefits that will appeal to a college student. This perks include: that it is accepted worldwide for those who like to travel, no other card is more widely acceptable, Zero liability, has a point system where the more you spend the more you get back, has an extended warranty, has MasterRental insurance, and offers road side assistance. Mastercard offers everything a college student would want and for those stylish students, you can custom order your mastercard to fit your personality.