Free

Credit Cards - Phase 2 - ip - Essay Example

Comments (0) Cite this document
Summary
You are now a freshman in college and have entered into a new life where you will be facing new challenges that would help you to evolve as an individual. We all go through these essential phases of growing up and the way we are able to tackle new situations in our life, helps…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.8% of users find it useful
Credit Cards - Phase 2 - ip
Read TextPreview

Extract of sample "Credit Cards - Phase 2 - ip"

Dear son You are now a freshman in college and have entered into a new life where you will be facing new challenges that would help you to evolve as an individual. We all go through these essential phases of growing up and the way we are able to tackle new situations in our life, helps us to develop strong character and tenacity of will that tides us over the adversities in our life. At various stages of your growing up, we too have undergone stages of learning about you and have tried to impart good habits of living that will stand the test of the time and would especially be useful in your freshman days, when you would have to make all your decisions on your own.
While we know that you have now become a responsible adult, I would nevertheless, like to tell you something about the most crucial factor of one’s life. The management of money, especially the use of credit card is an important aspect of life and becomes all the more critical for the freshman because they not only need to know the advantages of the credit cards but also the pitfalls of its mismanagement. This is the one type of paper currency that gives you instant access to goods and services without actually having it in hard cash so it is easy to forget the value of money. Judicious use of money and credit cards shows responsible behavior and inculcates habits that would never let you fail in life.
As you know, the credit cards have great advantages. One of the most important is that it helps you to meet emergency situations with ease and confidence. You do not have to carry large amount of cash while on traveling or shopping. They make it easy to buy goods and protect your purchases in case of theft or loss thus considerably increasing your purchasing power. Sometimes, credit card purchases may also give additional benefits of extra discounts. But the most important advantage of credit card is that they help you to establish credibility in the market which you would be a huge help when you require money for important matters of your life. Good credit card credibility is a great asset for securing loans from financial institutes, facilitates rental application and sometimes even jobs. You can acquire good credit history by making prompt payments of all your bills without resorting to part or installment based scheme of payment schedules.
The biggest pitfall of credit cards is that it gives you indiscriminate power of spending and encourages people to spend money that one does not possess! This often leads to debts that keep accruing because as a student, you have limited budget and would not be in a position to make easy repayments of huge credit card spending. The most distressing part is that the credit cards charge exorbitant rate of interests on the balance and you are caught into the vicious cycle of debt that keeps mounting at great speed! In the recent times, another pitfall is credit card frauds and you will need to be extra alert on.
In the end, I would like to caution you on the judicious use of your card because I think they are linked to one’s perception of life and reflect the inherent tendencies of personality traits and strong sense of social accountability.
With love
Father. Read More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Credit Cards - Phase 2 - ip Essay Example | Topics and Well Written Essays - 500 words”, n.d.)
Retrieved from https://studentshare.org/miscellaneous/1556468-credit-cards-phase-2-ip
(Credit Cards - Phase 2 - Ip Essay Example | Topics and Well Written Essays - 500 Words)
https://studentshare.org/miscellaneous/1556468-credit-cards-phase-2-ip.
“Credit Cards - Phase 2 - Ip Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.org/miscellaneous/1556468-credit-cards-phase-2-ip.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Credit Cards - Phase 2 - ip

Credit cards

...for receiving and allowing credit is the credit card. This essay will focus on how the credit card has evolved as well as its benefits and disadvantages.  Today the credit card has become popular all over the world but does is it hold equal benefits for all its users?  The piece of plastic called a credit card issued to customers by a Bank is used to make payments for various exchanges. It operates through a system of borrowing money. The customer gets to purchase items immediately and repay the bank at later date. The system of exchanging goods on credit for a...
5 Pages(1250 words)Essay

Credit Cards vs Debit Cards

...?Credit Cards versus Debit Cards Introduction Debit cards and credit cards are two noncash options that are different but often used interchangeably.Credit cards came into use in the 1950s while debit cards were invented in the 1970s. Debit cards are usually connected to one’s bank account such that expenditures incurred through purchase of good or services are subtracted from the account. Debit cards are important in that they help users budget since the bank balance decreases with each transaction, which reduces the chances of overspending. Credit...
4 Pages(1000 words)Essay

Managing Credit Cards

.... Used carefully and planned, this instrument is a great companion. Students need to understand that the most important aspect of a credit card is to use it wisely. Overspending on pleasures will only invite trouble. Use them sparingly and enjoy the benefit of delayed repayment. The next time someone takes out his/her credit card, ask whether cash wouldn't be a better choice. 4.0 Bibliography 1. How Credit Cards Work, hotstuffworks http://www.howstuffworks.com/credit-card.htm 2. Lloyd Klein (1999), It's in the Cards: Consumer Credit and the American Experience, Page 3, Praeger/Greenwood.... Managing Credit Cards Table of Content Serial Number & Chapter Page Number 0...
3 Pages(750 words)Essay

Useful Financial Tool: Credit Cards

...in plastic card transactions. Parties Involved In a Transaction Four parties are involved in processing a credit card transaction: (1) the cardholder, (2) the merchant, (3) the Financial Institution (FI), and (4) the VISA centre. The cardholder uses the card fro a purchase and provided that the statement amount is paid back by the due date, interest charges will not occur. The merchant by accepting the card for payment has the advantage of security of payment by the FIs. The FIs issue the cards, settle other FI’s cardholder and merchant transactions with VISA, process the incoming transactions and provide the...
30 Pages(7500 words)Essay

Hooked on Credit Cards, Watson

...Hooked on Credit Cards, Watson Hooked on Credit Cards, Watson In Watson’s “Hooked on Credit Cards”, it was evidentthat through revision, his overall presentation and support for his arguments were significantly improved (Watson, Hooked on Credit Cards: Final Draft, Essay (Watson), 2006). For instance, through the use of feedback, the weaknesses in his initial draft were effectively pointed out (Watson, Hooked on Credit Cards: Rough Draft, MLA (Watson), 2006). The comments included the need to provide evidence through statistical figures and citing relevant and validated...
1 Pages(250 words)Essay

Innovation in nursing IP phase 2

...Assessments and Innovations By In the medical field, there are big chances of having changes whether incuring certain ailments or taking care of particular patients. A person working in this discipline is expected to take on the changes with both arms and understand its twists and turns in the fastest possible time. It is not just the adjustment time that is important, it is also the quality of care and appreciation for the process which has been introduced. ASSESSMENTS AND INNOVATIONS The purpose of this paper is not just to assess a medical personnel’s ability towards innovations but also to generate a creative yet effective and efficient way of caring. Answers for Appendix A are: 1) 7, 2) 6, 3) 7, 4) 8, 5) 6, 6) 7, 8)...
2 Pages(500 words)Assignment

Islamic credit cards

...Islamic Credit Cards Islamic Credit Cards Introduction Banks provide their customers plastic cards for making financial transactions and purchases instead of paying direct cash. Credit cards also provide customers using borrowed money to make their purchases for any product or services. Economists have defined credit cards as “Pay Later” cards that allow the user to purchase goods without any cash at hand. The payment is made to seller by the bank while purchaser pays the relevant amount after certain period. Banks also allow their customers to withdraw cash, up to a...
3 Pages(750 words)Essay

Islamic and conventional credit cards

...ISLAMIC AND CONVENTIONAL CARDS by Table of Contents Islamic and Conventional Credit Cards Introduction Islamic banking, originating from the Middle Eastern region, has developed into a global trend with Islamic financial establishments and companies now doing business in more than 100 countries globally. Based on the Ernst and Youngs audits firm World Islamic Banking Competitiveness Report, 2013, Alam (2013) states that Islamic banking resources with commercial banks worldwide will grow up to US $2.5 trillion in 2014 from US $976 billion in 2011. The demand for Sharia - compliant financial products and services will continue to increase, propelled by market forces of demand and supply....
9 Pages(2250 words)Assignment

Islamic and conventional credit cards

...ISLAMIC AND CONVENTIONAL CARDS by Contents Islamic and Conventional Cards 3 Introduction 3 Islamic Finance: A Brief History 3 Common Principles of Islamic Banking and Investment Banking Products 4 Islamic Credit Cards 4 Common Issues with ICCs (Islamic Credit Cards) 5 Conclusion 6 Bibliography 8 Islamic and Conventional Cards Introduction Islamic banking, originating from the Middle Eastern region, has developed into a global trend with Islamic financial establishments and companies now doing business in more than 100 countries globally. Based on the Ernst and Youngs audits firm World Islamic Banking Competitiveness...
9 Pages(2250 words)Assignment

Credit Cards

...Credit Cards Credit cards started out simple and standard, and each producer issued one cardwith one set of features. Currently, credit cards come in multiple levels with different interest rates, fees, and reward programs, so before you apply for one, it is crucial to know which will best suit your financial needs. The following is a table showing the differences of three common types of credit cards. Feature Standard credit cardsCredit cards with rewards programs Students credit cards Grace...
1 Pages(250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Credit Cards - Phase 2 - ip for FREE!

Contact Us