 Chase toys-r-us card
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Intro APR:
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Issuer: Personal-Finance
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War is peace? Good is bad? Reality is manipulated in an attempt to control perception. “Credti is wealth” is the same sort of lie but believed by millions.Crdeit and wealth are as opposite as night and day. But because of successful marketing, they have become one and the same in the minds of millions. When credit is considered wealth, quality of life and personal freedom gradually slip away and are replaced by doing whatever it takes to meet the ferocious demands of mounting debt service.To understand how this misconception (that credit is wealth) got popularized in the first place, the word wealth requires closer examination. As with chase toys-r-us card many words, the full and accurate meaning of wealth has become corrupted. The Oxford English Dictionary, one of the most respected dictionaries in the world, defines wealth:Wealth;
(1) The condition of being happy and prosperous; well-being
(2) Spiritual well-being
(3) Prosperity consisting in the abundance of valuable possessions, especially in great abundance; riches, affluence.In its frist and second definition, wealth has little or nothing to do with money. Instead, wealth exists in the realm of the intangible yet equally real aspects of life. Although perhaps not as easily measured, personal and spiritual well-being impacts all areas of our lives. Well-being, or the lack thereof, determines how we experience each and every moment. How interesting that the first two meanings of wealth have taken a back seat to the last one, material abundance.This third definition has become what wealth is known to be, above and beyond anything else and, as such, is seldom challenged. However when defined as money alone, oddly enough, you are the one that gets shortchanged!With wealth thought of primarily as material abundance, the leap to assuming credit also to be wealth becomes a perilously short one! Credit, as the access to money repaid with interest in the future, has made the accumulation of material goods instant. No more deferred satisfaction!Unwittingly, when life is lived by the “crdeit is wealth” doublespeak; mounting debt has the tendency to trigger a domino effect of Rewards credit cards personal consequences. Increased stress and its damage to important relationships, less disposable income, the need to "speed up" activities and, the high price of image maintenance are just a few of the side effects. If you stop for a moment to connect the dots, it gets pretty simple: The pursuit of quantity in the name of “having it all now” can run roughshod over the quality of our lives. Who knew?For example, making the minimum payment on $9,312*:a) Minimum monthly payment (2% of balance due) = $186.24b) Time to pay off balance at 16% interest = 43 years, 5 months!!c) Total interest paid on $9,312.00 = $17,953.44d) Total repaid to creit crd company = $27,265.44NOTE: Compound interest turns 16% ARP into 192%(*Kentroversy Papers 2005)How to opt out of this trend?The frst step is to reconsider wealth.To reconsider wealth in its full definition is to remember what is truly important in our lives. Most of us have had insights about what is important after experiencing a personal loss, at which time we might recommit ourselves to doing better in the future. But all too often, we can revert back to old patterns in pursuit of the third definition of wealth, material abundance.The second step to being able to live the full definition of wealth is to learn how the monetary system works and how, by design, it contradicts the possibilities of wealth’s first two definitions, spiritual and personal well-being. Many people simply blame themselves for not having the time and resources they want and need. Of course personal financial responsibility is essential but not the whole story. Money exists within a monetary system. In order to make personal financial decisions that are fully informed, understanding how money works within the context of a monetary system becomes essential.To achieve a complete recovery from the “credit is wealth” mindset and its inevitable downward spiral, knowledge is essential but ultimately insufficient. Knowledge precedes taking action steps towards personal finance strategies based on this more accurate information about how money works. When such revolutionary strategies are implemented and practiced, personal and spiritual well-being can flourish along with material success instead of getting sidelined for survival demands.True wealth spans the full spectrum of what it means to be well - from the most personal to the worldly (money). Conventional wisdom will continue to direct individuals and families down the primrose path. However, there now exists a road less traveled for those who realize that where the conventional wisdom path ends up is not where they want to go.
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You’ve probably received several credit card offers in the mail, and the outside of the envelopes scream intrest rates and promotional offers to try and entice you into opening it up and looking at what’s inside. Chances are, if you have an email address, you’ve even received a few credit card offers through that address- bright colors and animated graphics trying to convince you that there card has the lowest initial interest rate, or the longest transfer balance rate of all the available credit cards on the market. All of the offers will look good at first glance; after all- that’s what marketing is about, right? According to Merriam-Webster’s online dictionary, marketing is a noun used to describe “the act or process of selling or purchasing in a market, and the process or technique of promoting, selling, and distributing a product or service.” Credit vard companies are in business to sell you their credit cards, and they’ll use a variety of promotional materials to get your business.
The outside of your credit crad offer’s envelope might say something like, “LOW 0% Initial Imterest Rate on all purchases and balance transfers”, but there is much more to how a crdeit card’s imterest rate is calculated than that statement reveals. Initial intrest rates are sometimes referred to as the card’s promotional rate, or teaser rate. In all honesty, an initial intreest rate is basically the same thing for a credit card as a sale is to a retail store. Retail stores advertise their products that have a discounted price for a limited time to attempt to bring people into their establishment to buy the sale item, but also because once you are there, they hope you’ll purchase other products. Creit vards offering initial interest rates are basically putting their standard interest rates “on sale”, because for a limited time, new cardholders will receive a lower than usual rate on purchases, and sometimes also on any balance you transfer from one of your other credit crads onto this new card. What you need to understand about initial interest rates is that they really are “for a limited time”, and just as you couldn’t go to your favorite store and buy items this month for the sale price that was offered the previous month, you can’t extend a creit card’s initial interset rate beyond the terms they specify (often found in the small print!) What you’ll want to look for in the text of the materials that were sent with the initial interest rate cards promotional documents is reference to the cards ongoing annual percentage rate (APR). This is the interset rate that you will pay once the initial interest rate period has passed. (The regular price of an item after the sale has ended!)
Initial interest rates will also come with terms of agreement, in the form of a contract, which give reasons as to how or why the rate might be terminated by the credti lender. The most common reason to terminate the initial intreest rate offer is for making a late payment on your card, and if you read the fine print of the credit card agreement- you’ll note that it states this very clearly. In order to keep the promotional, lower rate for the time specified by the credit card lender, you must make every payment on time. If you are late with a payment, you can expect the interest rate to jump to the ongoing APR, or in some cases, higher because you have defaulted on your contract agreements, so do everything you can to make sure your payments are made on time.
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