Borrow Wisely
Start building your financial future with the right knowledge! Learn how to utilize all of the resources available to you to make smart money moves.
Build a Better Future 🔮
Whether you’re thinking of applying for your first credit card or applying for a car loan, learn the basics of credit and how to make smarter financial decisions.
What is a Credit Card? 💳
A credit card allows you to borrow money from a financial institution that you must pay back later (preferably in full each month). Learn about the differences between debit and credit cards below.
Credit Card
How do you get one?
To get a credit card, you have to apply for one through a financial institution.
How do I use it?
Swipe, insert, or tap your card to borrow money for purchases. You will then pay the balance later.
How much money can I spend with it?
Credit limits will range based on your income, credit score and history.
Where does the money come from?
The money is borrowed from the financial institution.
What happens if I spend too much?
You may be charged additional fees, your interest rate may increase or your card may get declined.
Who do I call for help?
You can call your financial institution for help.
Debit Card
How do you get one?
Opening a checking account through a financial institution.
How do I use it?
Swipe, insert, or tap your card to spend money directly from your checking account for purchases.
How much money can I spend with it?
You will be able to spend up to the amount of funds in your checking account.
Where does the money come from?
The money comes directly from your checking account.
What happens if I spend too much?
Your account could become overdrawn and you may incur fees or you card might be declined.
Who do I call for help?
You can call your financial institution for help.
Your credit score is a number assigned to you that lets financial institutions know how likely you are to repay your debt based on information from your credit accounts. Credit scores can range from 300 to 850, with higher scores indicating better financial responsibility. The higher your score, the easier it is to get approved for loans, credit cards etc.
How to Build Your Credit Score? 📈
Building your credit score takes time and consistency, but the sooner you start forming good financial habits, the better! Here are a few ways you can start working on getting those numbers up.
What's a Loan? 💵
Think of it as borrowing money with a payback plan. You get the funds now but have to return it with a little extra over time. That extra money you pay back is called interest.
Auto Loans
Buy a car now and pay the cost back over time, usually monthly.
Home Loans
Aka Mortgages. Purchase a home and pay the cost back over years.
Student Loans
Cover school expenses like tuition and books, and you pay them back after graduation.
Personal Loans
Cover big purchases or unexpected expenses (like medical bills), usually repaid in monthly chunks.
Think Before You Sign 🧠
Signing up for a credit card shouldn’t be a quick decision it’s a contract you’re responsible for. The terms impact your money, so make sure you fully understand them before committing.
✔️ Read all the terms before signing, and make sure you understand them
✔️ Ask questions and talk to someone you trust if anything isn’t clear
✔️ If something sounds too good to be true, it probably is
✔️ Take your time and don’t feel pressured to decide on the spot
Money Lingo Made Simple 📝
Whenever you borrow money, youll be charged by the lender and expected to pay more back. That extra cost is called interest. It’ll be a percentage of the total amount you borrow (see APR below for more info).
APR stands for Annual Percentage Rate. This refers to how much interest you’re paying on the money you borrow on an annual basis.
A store card is basically a credit card from a major retailer (think Target or Best Buy). Brands might hype these up with deals (like Sign up and save 30% today ), but remember it’s still a credit card, NOT just rewards perks. Always check the fine print before you sign up!
The cash you put down upfront (like a deposit) when buying something big, like a car or house, before paying the rest.
The max amount you can borrow on your credit card or line of credit before you hit the cap.
Think Klarna, Affirm, Afterpay these services let you buy something now and pay it back monthly until it’s paid off.
Peep some tools and resources to help you make smarter money moves.
