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Difference between revisions of "Getting a Credit Card"
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Drew Jackson (talk | contribs) m (Drew Jackson moved page Buying Goods on Credit, Credit Cards and Credit Bureaus (Script 246) to Buying on Credit (No. 246): ali) |
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{{ | {{REVIEWEDPLS | reviewer = [http://www.leighco.ca/wendy-andersen Wendy Andersen], Digby Leigh & Company, and [http://www.consumerprotectionbc.ca/ Laura Cox], Consumer Protection BC|date= October 2017}} {{Dial-A-Law TOC|expanded = money}} | ||
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When you buy “on credit”, you buy now and pay later. This can range from taking out a loan for a new car to using a credit card to buy groceries. Your rights can differ in important ways depending on how you buy on credit. | When you buy “on credit”, you buy now and pay later. This can range from taking out a loan for a new car to using a credit card to buy groceries. Your rights can differ in important ways depending on how you buy on credit. | ||
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When you buy something with a '''credit card''', you similarly buy now and pay later. But when you buy with a credit card, you own the item right away. And the credit card company can’t take the item if you don’t make a credit card payment. | When you buy something with a '''credit card''', you similarly buy now and pay later. But when you buy with a credit card, you own the item right away. And the credit card company can’t take the item if you don’t make a credit card payment. | ||
So if you buy that piano (or that new car) with your credit card, you own it right away. You have to pay the purchase price to the credit card company (plus interest if you don’t pay off your purchase with your next payment). But the credit card company can’t take the piano if you fail to make your payments. (They can [[ | So if you buy that piano (or that new car) with your credit card, you own it right away. You have to pay the purchase price to the credit card company (plus interest if you don’t pay off your purchase with your next payment). But the credit card company can’t take the piano if you fail to make your payments. (They can [[Collecting a Debt (No. 250)|collect the debt]] in other ways, however.) For more on your rights relating to credit cards, see our information on [[Credit Cards (No. 247)|credit cards (no. 247)]]. | ||
===If you sign a security agreement=== | ===If you sign a security agreement=== | ||
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:Web: [http://www.nomoredebts.org/ nomoredebts.org] | :Web: [http://www.nomoredebts.org/ nomoredebts.org] | ||
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