Week 27: Credit Cards

"The Money is the Motive"

Credit Cards are one of the aspects of money that is also a large part of the American Identity. Many people will brag about the bonuses, points, cash back, and perks that come with their credit cards, and often have multiple cards. In this week's Tuesday Fix, we will explore how credit cards work, credit scores, credit fraud, and how credit cards may get you to spend extra money.

1. What Goes Into Your Credit Score?: "It's not just about payment history. Several things are taken into account when your credit score (or FICO score) is calculated." Two cents will take you through what you need to truly understand your credit score.

Watch What Goes Into Your Credit Score? by Two Cents

2. Sneaky Ways Credit Cards Get You To Spend More Money: "Over half of Americans who own credit cards have debt on them. Hidden fees and reward programs can trick customers into spending more than they otherwise might. Credit cards offer a variety of benefits, including airline miles, cash back, and points you can put toward shopping. But if you're spending more just to get credit card rewards, those points are not worth it."

Watch Sneaky Ways Credit Cards Get You To Spend More Money by Business Insider

3. Why Credit Card Fraud Hasn't Stopped In The U.S.: "In 2019, payment card fraud losses reached $28.65 billion worldwide. The United States alone is responsible for more than a third of the total global loss making America the most card fraud-prone country in the world."

Watch Why Credit Card Fraud Hasn't Stopped In The U.S. by CNBC

4. Bonus: If you are need a quick guide on how to boost your credit score, here is a great Twitter Thread on how to do it!

Call to Action! Going If you are thinking about getting a credit card, or are thinking of reorganizing/decreasing/increasing the amount of credit cards you have, please do your research on the cards, the company giving it out, and on your own financial situation.

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