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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