Career & Early Adulthood |
You see it all the time on movies and TV! People go shopping and pull out their nice sparkly credit card to pay for the charge, but what exactly is it? Credit cards are actually a staple in adult finances. Read below for more on what credit cards are and why they matter!
Q: What is a credit card?
During a transaction, a credit card will work the same as a debit card. Both cards have a 16-digit number, a security code, and an expiration date; however, the mechanics behind them are different.
While debit cards withdraw your own funds from the bank, credit cards draw from a loan. This “loan” is called your credit line. Banks will approve you for a certain loan amount and this loan is the maximum the bank is giving you to spend. If your credit line is $500, then you can only use $500. If your credit line is $1000, then you can only use $1000.
Because the money is not yours, you have to pay the money back month-to-month. Most banks have a listed minimum payment amount. For example, you may have used $300 of your $1000 credit line, and you’re required to make at least a $35 payment each month. The minimum payments vary from bank to bank.
Notably, credit cards charge you an interest rate. Because the bank is allowing you to use their money, they will charge you interest to make more money back. If your interest rate is 10%, then if you use $100, you have to pay the bank back $110 ($100 + $10 for interest).
There are different types of credit cards. Some are specifically meant for college students! As you grow older, you will have options to cards that are specific to travel, rewards shopping, and more.
Q: Why should I get a credit card?
Importantly, credit cards can help build and increase your credit score! A credit card is a perfect way to show lenders that you are a reliable consumer through on-time payments and credit usage.
If you pay your credit card bill every month on time, your credit score will go up! If you pay more than the minimum payment each month, your credit score will also go up!
Additionally, using only a portion of your credit limit is extremely beneficial! Financial experts recommend using only 30% of your credit limit. This indicates to other lenders that although you have access to more money, you do not need to use it all. So if you have a $1000 credit limit, it is recommended that you only use a constant $300. If you use more than 30%, your credit score may decrease, but if you manage to keep it at 30% or lower, your credit score will go up!
Q: Who can get a credit card?
There are a few requirements for a credit card. You must:
- Be at least 18 years old. At this age, you must have a reliable source of income (your financial aid counts);
- Have a social security number. If you are a DACA recipient, you can use the SSN assigned to you to apply;
Applications will then ask for other basic information such as your residence, birthdate, and more. Note that some banks may require that you have a co-signer. A co-signer is someone who becomes responsible for your debt if you cannot pay it back. If you miss your credit card payments, then the co-signer begins to be charged and becomes liable for the debt.
After submitting an application, you will know if you got approved or not within a few business days. Some cards let you know if you got approved instantly!
Q: How do I get a credit card?
The first step is choosing a credit card to apply to. Because we are not financial experts, we cannot recommend specific cards; however, there is plenty of information available online. Some cards are specifically designed for college students. While your credit limit may be lower, it will have more advantages for college students such as easy approval or no yearly charges.
Google, “best credit cards for college students,” and choose according to what you think is best! Remember that this is a huge financial decision and can impact you negatively if you get rejected. First, make sure that you can prove you have access to financial aid. A work-study or part-time job will always be a plus! If you have not worked for a few months anywhere, you should wait until you have a longer history of income. Credit cards are a safer option for people who have been working for at least a year or two.
Follow the links below for more resources on credit cards! Please remember that we at the Let’s Go team are not financial experts. More individualized advice is required by experts.
Career & Early Adulthood |
How to register
California offers voter registration online at RegisterToVote.ca.gov.
Voter Registration Guide: Cal Matters Voting Guide
To register in California you must:
- Be a United States citizen
- Be a resident of California
- Be at least 18 years old or older on Election day
- Not be currently in state or federal prison or on parole for the conviction of a felony
Poll Workers
Be a Student Poll Worker
To be a student poll worker you need to be 16 years old, a U.S. citizen, must maintain a 2.5-grade point average, and receive permission from your parents or guardian. Additionally, you may be eligible for a stipend ranging from $64 to $150 depending on where you live.
More information found here.
Become a Poll Worker
To serve as a poll worker you must be:
- A registered California voter or legal resident of the U.S. who would be eligible to vote
Responsibilities:
- Set up and close voting place
- Help voters understand their rights
- Protects ballots and voting equipment
To apply to become a poll worker, contact your county elections official for an application
Vote by Mail
All registered voters will receive a vote-by-mail ballot for the November 3, 2020, General Election.
Steps:
- Fill out your ballot
- After you have voted, insert your ballot in the envelope provided, making sure you complete all required information on the envelope
- You may return your voted ballot by mail, in person, or to a drop box;
- If you are returning your ballot by mail, it must be postmarked on or before Election Day and received by your county elections office no later than 17 days after Election Day
- If you are returning your ballot in person or dropping it in a drop box, it must be delivered no later than the close of polls at 8:00 pm on November 3rd
- Anyone may return your ballot for you, as long as they do not get paid on a per ballot basis. In order for your ballot to be counted, you must fill out the authorization section found on the outside of your ballot envelope.
More information on elections, candidates, voting, and helpful resources can be found here.
Propositions
Propositions, also known as ballot measures, are laws, issues, or questions that appear on a state ballot for voters to decide. They are the only way to change a state constitution in all states except Delaware.
| Title |
Subject |
Description |
| Proposition 14 |
Bonds |
Borrow Money to Continue STEM Cell Research
Background: Issues $5.5 billion in bonds for the California Institute for Regenerative Medicine (CIRM) to conduct stem cell research.
Voting YES: allows for $5.5 billion bonds to be borrowed for stem cell and other medical research. Increases focus on improving access to treatments by changing CIRM structure.
Voting NO: a $5.5 billion bond is not issued. |
| Proposition 15 |
Taxes |
Increase Commercial Property Tax to fund Schools & Local Governments
Background: Current tax assessment is from Prop 13 (1978) without adjustment for inflation since then.
Voting YES: property taxes on commercial properties worth more than $3 million would go to fund local government and schools. Prop 15 would be phased in starting in 2022, raising $6 to $12 billion yearly.
Voting NO: property taxes do not change from what was approved in 1978. |
| Proposition 16 |
Affirmative Action |
End the Ban on Affirmative Action
Background: repeals Prop 209, which prohibits discrimination or preferential treatment based on race, sex, color, ethnicity, or national origin in public employment, education, and contracting.
Voting YES: allows “diversity” to be considered by public agencies. Does not alter current laws guaranteeing equal protection or prohibiting unlawful discrimination.
Voting NO: Prop 209 ban on affirmative action remains in effect. |
| Proposition 17 |
Suffrage |
Restoring the Rights to Vote to People on Parole
Background: Currently, the CA Constitution requires people with felonies to complete their imprisonment and parole before regaining their right to vote.
Voting YES: allows people on parole to vote, if they are U.S. citizens, residents of California, and at least 18 years old.
Voting NO: people on parole will continue to be unable to vote. |
| Proposition 18 |
Suffrage |
Voting Rights for Some 17-year-olds
Background: Currently, the CA Constitution requires voters to be at least 18-years-old on the election date to vote in that election.
Voting YES: allows 17-year-olds to participate in primary and special elections if they will be 18 years old by the next general election.
Voting NO: no changes to CA constitution no one under 18 years of age can vote. |
| Proposition 19 |
Taxes |
Property Tax Transfers and Exemptions
Background: Changes tax assessment transfers and inheritance rules
Voting YES: allows all homeowners that are over 55, disabled, or victims of natural disasters to be eligible for property tax savings. Inherited if used as primary homes or farms. Creates a state fire protection services fund.
Voting NO: some homeowners that are over 55, disabled, or victims of natural disasters are eligible for property tax savings. All inheritance properties remain eligible. |
| Proposition 20 |
Law Enforcement |
Changes to Criminal Sentencing, Parole, & DNA Collection
Background: Makes changes to policies related to criminal sentencing charges, prison release, and DNA collection.
Voting YES: makes changes to AB 109 (2011), Prop 47 (2012), and Prop 57 (2016). These props intended to reduce the prison population. Increases penalties for certain theft and fraud misdemeanors. Require DNA collection for certain misdemeanors. Increases the requirements needed for early parole consideration. Redefine 51 crimes as violent, excluding them from the parole program.
Voting NO: no changes. Penalties would not increase for certain misdemeanors. Early parole consideration factors would not be increased. DNA collection only required for felonies, sex offenders, and arsonists. |
| Proposition 21 |
Housing |
Rent Control
Background: in 2010, Prop 10 was introduced and rejected. Prop 10 would have allowed rent control on any type of property. Prop 21 builds upon this but adds more specifics.
Voting YES: allows cities to limit rent increases for buildings at least 15 years old. Exempts single-family homeowners who own up to two homes.
Voting NO: no changes. Rent control is limited. |
| Proposition 22 |
Business |
App-Based Drivers as Contractors
Background: Considers app-based drivers to be independent contractors and enacts several labor policies related to app-based companies
Voting YES: Define app-based rideshare and delivery drivers as independent contractors. Create new labor and wage policies such as an earnings floor and limited work hours for app-based drivers. Requires companies to provide or make available occupational insurance.
Voting NO: App-based drivers could be classified as employees under AB 5 (109). Drivers would have less work flexibility but also have standard benefits that businesses must provide employees. |
| Proposition 23 |
Healthcare |
Regulation of Dialysis Clinics
Background: This prop comes from an ongoing conflict between a labor union for healthcare workers (SEIU-UHW West) and CA’s two largest dialysis businesses (DaVita and Fresenius Medical Care).
Voting YES: Require every clinic to: have at least one physician present at all time, report data to the state, obtain state approval before closing a clinic, and not discriminate against patients based on the source of payment
Voting NO: no extra requirements for clinics to be imposed |
| Proposition 24 |
Business |
Stronger Consumer Privacy Laws
Background: The California Consumer Privacy Act of 2018 (CCPA) went into effect in January 2020 and enforcement began in July 2020. The act gave individuals more control over their data. Companies have to explain if data is being sold or collected. Consumers can opt out or request data deletion.
Voting YES: Strengthens current privacy laws. Defines data “sharing” to allow consumers to limit data sharing. Establishes the Privacy Protection Agency.
Voting NO: No changes from the CCPA (2018) |
| Proposition 25 |
Trails |
Cash Bail. Should We Keep it or Not?
Background: Senate Bill 10 (SB 10) was passed in 2018 which would make CA the first state without cash bail for those awaiting trials. Cash bail was replaced with risk assessment based on the suspect’s risk of failing to appear in court and on the suspect’s risk to public safety. SB 10 was put on hold due to a petition.
Voting YES: upholds SB 10. Cash bail would be replaced with risk assessments.
Voting NO: Rejects SB 10. The bail system would remain as is. |
