36 - Sunday, June 22, 1986 - North Shore News

Business _

INTEREST A VOIDED
Credit cards can
help to save cash

WE’VE ALL heard the horror stories about people who go
on spending sprees with their credit cards, and who then
wind up paying exorbitant amounts of interest on their un-

paid bills.

But did you know that, used
properly, a credit card can instead
help you to earn money? >.

Think of a credit card purchase
as a loan. Issued by a bank, credit
union, department store, gas com-
pany or other business, the credit

_card allows you to make purchases

now, and pay for them later. If
you make your. credit card pay-
ments on time, every month, you
will never be charged interest.

Where else can you get an inter-
est free “loan?”

ur = limit

“Some ‘credit cards:
- involve, fees, “and those. fees might
‘counterbalance: ‘thé’. interest that

afi fer’ ‘the’ ‘option
either: a 15 cent fee for
Transaction, or a flat $12-per
ce. Most Visa cards currently

U ARE planning to set up: a

partnership or run it as a pro-
prietorship, you will be interested
-in a seminar offered this month, by |
the. North Shore Enterprise
Development Centre.

' The seminar, to be held Wed.,
June 25 at .7°p.m:,:will focus on
both the legal and financial aspects
of Incorporation vs Partnership vs

’ Proprietorship..

Presented’ by lawyer "Brice E.
: Miller.,.of: Ratcliff and Company,
and accountant A. William Smyth .

sinéss. but :: aren't. sure:

institutions.
however, has

some financial
Canada Trust,

: ‘recently. announced a MasterCard

interest rate of 16.5 per cent.

To avoid the hidden costs of
cheque fees and mailing costs,
make your credit card payments in
person.

‘If you have large, unpaid credit
card bills, you should consider a
personal Joan to consolidate your
debts. The interest rate charged on
a personal loan will be much
lower,

balance must be paid off. Some
credit cards, however, do stipulate

. that a minimum payment must be
co a made each month on outstanding
however, do

balances.

INTEREST ACCRUES

* Until fairly. recently, when you’

had an outstanding ‘credit ‘card
balance, you could still make pur-
chases and not see interest start to

“be charged on them until after. the
“date upon ‘which payment was due.

But ‘now, many.. credit cards
~-ealculate this interest from the date

othat the purchase shows up on

BUS

‘of Smyth & Company, this is an.,
“excellent: opportunity for would-be:
““entreprenéurs: to explore the ad-
vantages and disadvantages of the
‘various types: of business. options. |

‘The fee i is $10. .

This is the. first in a series of
seminars’ which will cover’ such
topics as Starting a Business on the
North Shore, Insuring a Small
‘Business and Arranging :a- Com-
mercial Lease... .

The seminars willbe presented
by professionals drawn from the
North Shore professional com-

- munity; :

_, The: North Shore Enterprise

ve: This is because a credit. card of-. -
: fersfopeti ended” credit.- Unlike a
. personal..loan, there is.no time.
by. which the credit card. :

“Community. Credit
troduced a MasterCard that mar-:

GIVE B LIFE!
We're counting
on you!

The Canadian — PS ci +
Red Cross Society

your account. So if you don’t pay
your bills off in full, you may be
charged interest almost from the
day you make a new purchase.

Cash withdrawals made on cred-
it cards work the same way — you
will be charged interest from the
day the withdrawal is made.

Credit card
highest at department stores, but
there are no transaction fees. Cur-
rently, Eatons and The Bay are
charging an annual rate of 28.8 per
cent on an outstanding balance. If
you pay more than half of your
monthly balance, you will be
charged interest only on the
outstanding amount. But if you
pay less than half, you will be
charged interest on the total
balance.

Sears also charges an annual in-
terest rate of 28.8 per cent.

MORE CHOICES

At Woodward’ S, the annual in-
terest :rate is 26.6 per cent. The

.. store-also offers a line of.credit:for
i, gertain large purchases (furniture, °
-- appliances, . carpeting) ‘that allows
you to pay only one quarter. of the:
price. You then make interest free:

payments over the next 90 days.
On April 1, the North Shore

keting manager: Rob. Thomas calls
a “transaction card,’’ rather than
a true credit card.
The card looks like a regular
MasterCard. But purchases made

. with-it are deducted immediately

from your credit union account.

Once'the account hits bottom, you .

can dip into a line of credit, either
through purchases or. through -a
cash advance.
card begins.to take on the, function
ofa credit card.

The initerest rate on the new "card
is currently. between: 13.5 and 14
per cent. The rate fluctuates: with,
the prime rate.

Development Centre: ‘operates
‘through a -grant to Capilano Col-

. lege and offers assistance to people

who are planning to start their own

businesses.
‘Among ‘the services offered are

consultation, self-help materials,
referrals, workshops, and. semi-
nars.

For more information on this
seminar or any Other services, pro-_
vided by the centre, caii Brian
Brooking at 984-2004.

The centre is located at #301-145
West 15th Street and interested
persons ar¢ more than welcome to
drop in during business hours.

Union -in-.

That’s -when the°

f° No pls, bition

Free Seminar

Insurance for Stock Market Investments
by Barry E. Licyd

TOPICS:
How To Insure Stock Investments
How To Profit In A Declining Market

How To increase Portfolio Returns
How To Reduce Portfolio Risk

Time: 7:30 p.m. Thursday, June 26, 1986
Place: West Vancouver Community Centre
Dogwood Room, 780-22nd St., WV.

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