Smart investing@your library® – Credit

Looking for further information in related topics of interest for the Smart investing@your library® series?

The Smart investing@your library® news posts provide information on topics for anyone interested in becoming an educated consumer when it comes to saving and spending your hard earned money wisely! This program is made possible by a grant from the FINRA Investor Education Foundation through Smart investing@your library®, a partnership with the American Library Association.

“Creditors have better memories than debtors.”
-Benjamin Franklin

With the approaching holiday season, consumers will be inundated with offers, specials, and sales. They will plan purchases, map the store, check the ads, have their apps and game plan ready to get the best deal.  We may not have much control over the inbox, mailbox or checkout line with these offers, but we can be proactive when it comes to knowing what it will really cost us.

Do you have a game plan to get the best deal when it comes to your credit card?

When you are ready to pay for your items, you may be offered a “deal” on your purchases, such as “if you open an account today, you will receive 10 or 15 percent reduction on your bill.”  Is this small reduction in your best financial interest? The checkout line is not the place to apply for credit.

Where do you find reliable, easy to understand information about credit and credit cards? Check the Credit Cards section of the Consumer Financial Protection Bureau website. This page lists many categories answering specific questions about your rights as a credit card holder such as: understanding a credit card statement, APR and interest rates, billing disputes and unauthorized use of a card. And if you’re looking to apply for a credit card, you’ll find excellent information on being a savvy consumer: How do I shop for a credit card?

Another trusted site, provides reliable, informative articles on using credit and credit cards wisely: Credit card buying guide  and What credit card offers and rewards are best for you? Also, check out our Smart investing@your library® Recommended Reading for books and online resources at the Chicago Public Library.

Having a plan when it comes to credit will empower you to make stress free financial decisions in your best interest.  Financial knowledge empowers everyone.