For Immediate Release: 8/6/2014
August Hot Topics:
- College Students a Prime Target for Credit Card Promotions: Students Need to Do their Homework to Avoid Fees
- Keep your Loved Ones Safe from Schemes: Tips for Caring for Elderly
- Weekly Tip
(See BBB tips below for these Hot Topics)
College Students a Prime Target for Credit Card Promotions: Students Need to Do their Homework to Avoid Fees
As the fall semester begins, freshman arriving on campus will face many new challenges in the year ahead. The lesson of managing their money is one that can have a long-lasting effect.
Many students are faced for the first time in their lives with the task of paying bills and living on a budget, all while learning how to balance classes and often work demands. It is not uncommon for students to feel overwhelmed with these new circumstances and seek out opportunities to help them pay the bills.
Credit card companies know this too, which is why college students are a prime target for credit card promotions.
Better Business Bureau® Serving Central Indiana encourages students to do their homework and be smart about their finances. Parents can help by talking about money management strategies and establishing a plan together.
A new student may receive letters to sign up for pre-approved credit cards, Better Business Bureau® Serving Central Indiana offers these tips:
- Create a budget for each month based on how much money is needed each month. Also, think about the best way to pay for these expenses.
- Decide what expenses the credit card will be used for.
- Do your homework by asking:
- Are there annual fees or introductory rates?
- What is the interest rate?
- Does or can the interest rate change and why?
- Is there overdraft protection and if so, does this affect the interest rate?
- Are there any other fees that occur with the overdraft protection?
- Are there any requirements or “conditions” to obtaining the credit card? Such as: Opening a savings account with the provider?
- Are there any limitations on where or how the credit card can be used?
- Evaluate where the credit card offer is coming from. Is it from your bank who offers regular credit cards or through a company who helps you apply for a credit card?
- Use caution if the company charges a fee to “learn more” or “apply” for the credit card.
- Sometimes credit card issuers offer special deals for students’ first credit cards. Ask your bank what options they may have for you!
If you have a question about a company or want to find an Accredited Business you can trust, visit BBB’s website at: bbb.org/indy/
Keep your Loved Ones Safe from Schemes: Tips for Caring for Elderly
Do you take care of or assist an elderly loved one? Taking care of a loved one can be a tough responsibility as parental and child roles change. If you are in this role, Better Business Bureau® Serving Central Indiana provides tips for what to ask and look for to help ensure your loved ones aren’t falling victim to a scheme.
Elderly people are often targets for schemers because they may not understand the ways schemers can trick them into giving up important information. Here is what to be on the lookout for and general advice:
- Be familiar with all your elderly relative’s bank accounts and watch for large sums of checks or withdrawals that have been taken out and given to unfamiliar names.
- Are their phone calls secretive and seem out of place? Try to find out what is happening.
- Have you noticed that suddenly bills can’t be paid or food or other necessities can’t be bought?
- Explain junk mail and who telemarketers are. Discuss the best approach to these situations. Visit https://www.dmachoice.org/ to find more information about signing up for the Mail Preference Service.
- Encourage your relatives to add their phone number to the Attorney General’s Do Not Call List by calling 1.888.834.9969 or filling out this form here.
- Encourage your loved one not to give out personal information if they did not initiate the call. Don’t deal with people you don’t know even if they use information that can seem like they know you such as your first name or other identifiable information.
- Talk to your loved ones about recent schemes. If they receive a call or email asking them to “rescue” someone or bail someone out of jail in a foreign country, encourage them to hang up before they give out any information.
- Encourage them not to carry their Social Security card or birth certificate. Keep them hidden in a secure location.
If you have a question about a company or want to find an Accredited Business you can trust, visit BBB’s website at: bbb.org/indy/
Tip for the week:
- Receive an email to fill out a survey on a company and receive X amount of dollars in a gift card? Be cautious.
- Make sure the website is a legitimate website and not made to look like one.
- If you are suspicious, visit the website directly by exiting out of the email and search for the company directly.
- Check out a Business Review on a company at bbb.org/indy
Schedule an interview or need more information, please contact Leah McGrath at lmcgrath@seasegerig.com or 317-502-9996.