CONTROL THE GAME. Control your money. Know your opposition - Shutdown players: “Credit cards are the worst investment that you can make.” – Mark Cuban Credit cards are the snipers of the financial game. They are powerful. They direct and finish plays. If they aren’t used responsibly they can hurt your defence. Credit cards can be used to make purchases, pay bills, make reservations, rent products, and buy online. There can be some strong benefits (points, air miles, travel insurance, etc.) associated with the card. However, they have limit amounts with a minimum payment required. Interest rates vary, making minimum payments means heavy interest, and there may be extra fees. Credit Card Playbook: Choose the right Card Get off the bench. Do your research. Read the fine print. Annual Fee Cards with fees generally have additional features such as lower interest rates. Annual Percentage Rate (APR) The interest you owe on the amount not repaid in full by the due date. Credit Limit The amount you can purchase per month on your credit card (before paying it off). Grace Period The time you have to pay your credit card bill without incurring interest charges - it is at least 21 days. Minimum Payment Usually between 2% and 10% of the balance owed. If you only pay the minimum, the interest compounds. Rewards Program and Insurance Most cards allow you to collect points and some cards also offer insurance for rental cars, travel and life insurance. Cash Advance Borrow cash from your credit card: interest begins to accrue instantly, with higher rates. Other Types of Credit • Line of credit • Consumer loan • Payday loans • Mortgages Always be aware of the other team’s plays, top scorers and best defensive players. Plan your game accordingly.
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CONTROL THE GAME.
Control your money.
Know your opposition - Shutdown players:“Credit cards are the worst investment that you can make.” – Mark Cuban
Credit cards are the snipers of the financial game.
They are powerful. They direct and finish plays. If they aren’t used responsibly they can hurt your defence. Credit cards can be used to make purchases, pay bills, make reservations, rent products, and buy online. There can be some strong benefits (points, air miles, travel insurance, etc.) associated with the card. However, they have limit amounts with a minimum payment required. Interest rates vary, making minimum payments means heavy interest, and there may be extra fees.
Credit Card Playbook: Choose the right CardGet off the bench. Do your research. Read the fine print.
Annual Fee Cards with fees generally have additional features such as lower interest rates.
Annual Percentage Rate (APR) The interest you owe on the amount not repaid in full by the due date.
Credit Limit The amount you can purchase per month on your credit card (before paying it off).
Grace Period The time you have to pay your credit card bill without incurring interest charges - it is at least 21 days.
Minimum Payment Usually between 2% and 10% of the balance owed. If you only pay the minimum, the interest compounds.
Rewards Program and Insurance
Most cards allow you to collect points and some cards also offer insurance for rental cars, travel and life insurance.
Cash Advance Borrow cash from your credit card: interest begins to accrue instantly, with higher rates.
Other Types of Credit • Line of credit • Consumer loan• Payday loans • Mortgages
Always be aware of the other team’s plays, top scorers and best defensive players. Plan your game accordingly.
CONTROL THE GAME.
Control your money.
What’s Your Financial Game Plan?Learn how to manage your finances.
Contego Wealth Management at Raymond James will help you make the most of your money.
45 O’Connor St., Suite 750 Ottawa, ON K1P 1A4
www.raymondjames.ca/contegowealthmanagement • 613-369-4600
Raymond James Ltd., Member – Canadian Investor Protection Fund Statistics and factual data and other information in this document are from sources RJL believes to be reliable but their accuracy cannot be guaranteed. It is furnished on the basis and understanding that Raymond James is to be under no liability what-soever in respect thereof. It is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual funds. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Have a money coach, stick to a budget, save.
Don’t use credit as an every game play.
Use cards to get extra scoring chances: accumulate points, use the benefits.
Don’t spend time in the penalty box due to overspending.
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