Why Credit Matters If You're Reading This Book, You Probably Have Some

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StrategieBs, Sueiclrdetes r& Laws Secrets Why Does Credit Matter?

If you’re reading this book, you probably have some idea of how important a strong credit score is. However, it’s worth it to dig a little deeper.

Having solid credit allows you to purchase a home at the best interest rates and terms possible. Home ownership isn’t a dream - it quickly becomes a reality.

By contrast, poor credit often closes the door on buying a home. If through some luck you’re able to obtain a mortgage, you’ll almost certainly overpay, being charged a higher interest rate, and many more points.

As the years go by, this costs you thousands of dollars. Think about all of the other things you (and your family) could have down with that money. Why did you give it away to a bank?

The same is true with buying or leasing a car. Strong credit means you can buy or lease the hottest model at a great price. Car dealers crave clients with strong credit. By contrast, poor credit usually means you’ll end up at a “second chance” used car lot, looking at clunkers with outrageous interest rates.

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There are some other, less commonly known areas of life where credit has an impact. If you’re looking to purchase a cell phone, your credit will be checked. With subpar credit, you’ll be asked to place a deposit, or pay a0n e3xtra fee. The same is true when signing up for utilities accounts (like gas, watFera ocru plotyw earn). d Staff

It gets worse. Poor credit history is grounds to deny you employment. For jobs that involve security clearances, or the handling of money (i.e. financial services), this is particularly true. Bad credit behavior is, af1ter0 all, is seen as a mark of how responsible and trustworthy you are. Year in review

As you can see, credit has a massive impact on so many areas of our lives. With good credit, you enjoy a range of financial options, and the peace of mind that comes with knowing many doors are open. This allows you to also save and invest more, leading to long-term wealth growth. 34 The graduates Poor credit, on the other hand, is a weight around your neck - one which, according to analysis from Credit Karma, can cost you over $200,000 over a lifetime. You deserve better. 60 Class photos

66 Autographs Message from the Founders

Shiva G. Bhaskar, Co-Founder & Managing Attorney We How ed! Start

Shiva Bhaskar, Credit Expert & Lawyer

Shiva is the co-founder and managing attorney of Tier One Credit, and responsible for crafting the firm’s law-focused approach to credit restoration. Mr. Bhaskar is a passionate consumer advocate, with extensive experience in navigating the ins and outs of complex federal and state credit and lending laws, including the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Truth in Lending Act (TILA), and more.

Mr. Bhaskar also serves as a trusted expert resource on credit and debt matters, for realtors, mortgage lenders, financial advisors, and other credit repair companies. Mr. Bhaskar has led credit trainings for several professional real estate organizations, including the Inland Valley Association of Realtors (IVAOR), as well as the South Bay Association of Realtors (SBAOR). Mr. Bhaskar is a proud member of the American Bar Association (ABA).

Mr. Bhaskar himself once suffered from poor credit, due to issues surrounding his law school student loans. Having been through the process of credit restoration himself, and experienced the highs and lows of strong and weak credit, he has a unique sense of empathy for those facing credit challenges.

Prior to founding Tier One, Mr. Bhaskar litigated a range of complex legal matters. He also served as a pro bono attorney with the CLARO clinic in New York City, helping consumers being sued in debt collection cases, navigate the complexities of the legal process. Earlier in his career, Mr. Bhaskar interned with the United States Attorneys Office, and served as a volunteer lawyer with the Legal Aid Foundation of Los Angeles (LAFLA).

Mr. Bhaskar earned his Juris Doctor (J.D.) from the UCLA School of Law, where he served as a staff editor for the Journal of International Law and Foreign Affairs (JILFA), and successfully competed in both mock trial and moot court. Mr. Bhaskar earned his B.A. from UCLA, where he wrote for the Daily Bruin student newspaper, and served as a staff member on the undergraduate student government. Mr. Bhaskar has lived in several major American cities, including New York City, San Francisco and L A l H i i t b t ld t l fit ki iti i ti d l Message from the Founders

i, Budr Tony Co-Founder & NMLS#1394047 We How ed! Start

Tony, C0-Founder TierOne Credit, NMLS#1394047

One of America's greatest contribution to creating opportunity, I believe, has been the concept of developing a credit extending system. Many, guided by religious teachings, have traditionally frowned up the concept of usury and interest. Leveraged the correct way, credit can provide access to capital, and allow one to capture very promising opportunities.

It has been my experience that leveraging one's credit rating the right way, can produce wonderful results.

My door to fortune opened on the day my father was granted political asylum in the U.S. In 1996, at the age of 13, I arrived in Los Angeles, along with my mother and three younger sisters. I experienced culture shock, and didn’t speak English. We lived in a Section 8 (government subsidized) housing apartment in the town of Inglewood. My father weaseled our way into better schools, in the nearby town of Torrance. Although I lived a better life in Inglewood than in Sudan, I couldn’t help but observe the higher standard of living enjoyed by my classmates in Torrance. I aspired for that, and much more. Prior to graduation, I became more curious about the socioeconomic disparities I observed. I had noticed the differences in attitudes, education and lifestyles, between my peers in Torrance, and my neighbors in Inglewood. y desire for social acceptance was paramount. I stayed up late one evening, calculating how long my $2.50/hour after-school job would take to afford a $310 pair of Air Jordans. On television, an infomercial about real estate investing played, urging viewers to learn how to invest in real estate, and something about how real estate was the “collateral” most banks prefer.

I learned that 97% of self-made millionaire did it through real estate investing! Wawa! That was the ticket! Why and how? I learned to understand, build and leverage my credit rating. I began familiarizing myself with terms and concepts I’ve never heard nor been exposed to before

.Eventually, I found my way to Think And Grow Rich, the timeless classic by the late Napoleon Hill. In 2001, at the age of 18, I began to read and digest the concept of leverage, more specially, using Other People’s Money (OPM). I found it more fascinating than much of what I was learning in college! In 2003, I was ready to put my hard-earned knowledge to test. I was determined to take a shot at capturing the “good life.” As a part of this process, I learned, in painstaking detail, how to build my credit, so that I might access OPM.

Shortly after my 20th birthday that same year, along with a friend and investing partner, we leveraged our good credit, and knowledge of the FHA’s First-Time Buyer financing programs, we purchased our first property in Downey, California. Admittedly, we each lacked sufficient individual income and down-payment, but together, “leveraging” our collective finances, we were able to purchase an investment opportunity.

Within a year, after minor upgrades and improvements, we were able to increase the value of our property by over $100,000. During that time, we also moved in a tenant, to help us pay the monthly mortgage (having a mortgage helped us further boost our credit). Once the year was completed, we reduced our capital gain from 45% to 10% and net over $87,000 in profit. Thanks to our credit scores that enabled us to leverage the investment and produce a handsome gain.

I’ll always be grateful for the life that excellent credit has allowed me to enjoy, and even more privileged that I get to share the power of credit with others. How Credit Scoring Works

It is clear that credit scores are very important. Yet, it’s often not clear exactly how credit scoring and credit reports work. Let’s take a The Big 3 Credit Bureaus: closer look. - Experian - Equifax - TransUnion

Your credit scores are based on the information contained in your credit reports. While there are numerous credit bureaus, the major three (which you here the most about), are Experian, Equifax and TransUnion. Each of these firms are multibillion dollar corporations, handling countless pieces of sensitive data for hundreds of millions of American consumers.

Lenders, debt buyers, debt collectors, and debt collectors, report information to these three credit bureaus. Everyone from the small credit union down the street, to that annoying debt collector who keeps calling you, and of course large banks like Chase and Citibank, report data to credit bureaus. These companies do so on a subscription basis - that is, they pay a fee to report data to credit bureaus. The data is reported through a software known as Metro 2.

What sort of information do these entities report to credit bureaus?

Well, that's a great question!

Lets flip to next page.... They share your personal information, including your address, name and date of birth. They also inform credit bureaus about how much you owe on an account, whether you’ve paid on time, when the account was opened and closed, how much you’re paying each month, and more. The bureaus also collect data from other sources, including providers of public records like bankruptcy filings.

Credit bureaus sell this data to lenders, so that they can send you promotional offers for credit cards, mortgages, and loans. However, the bureaus earn even more money selling this data to lenders, employers, property management companies, and other parties, each time you apply for credit, a job, or a rental property. Since there are at least tens of millions of these decisions made in the US each year, it isn’t hard to see how the bureaus make lots of money.

THE 2 CREDIT SCORING MODELS FICO & VANTAGESCOR There are 2 main types of credit scores: FICO and VantageScore. E FICO stands for the Fair Isaac Corporation, a California-based company, which produces the most widely used credit scores.

There are more than two dozen different versions of FICO. Some versions are used for particular types of lending (such as mortgage or auto loans), while others are available thanks to constant updates by FICO.

FICO is the most widely used type of credit score, being used in somewhere between 80% to 90% of all loan decisions. Under most version of FICO, your credit score ranges from 300 to 850. =

VantageScore is a creation of the three major credit bureaus. While it is far less widely used than FICO, VantageScore has gained popularity in recent years. Popular credit monitoring platforms like Credit Karma and Credit Sesame also offer Vantage scores to their customers, which has made the public more familiar with this scoring model. VantageScore 3.0, one of the most recent versions, also ranges from a low score of 300, to a high of 850.

Since most lenders use FICO, we’ll focus our discussion on how FICO treats various credit scoring factors. However, keep in mind that VantageScore also considers the same factors, although the weight of each factor might be different. #1 Factor: Payment History

Your payment history considers whether you pay your bills on time, as well as items like collections, charge offs, repossessions, foreclosures, and bankruptcies. Payment history counts for 35% of your FICO score (or up to 297.5 of the possible 850 points).

If you pay 30 days or more late on a credit account (such as a credit card or loan), you’ll be marked as late. A single late payment can reduce an otherwise excellent credit score by as much as 100 points. Being 60, 90 120 or more days late will further damage your score.

If you fail to make payments on a debt for an extended period of time (typically 120 to 180 days) the debt will be written off or charged off. At this point, it can be turned over to a debt collector, or sold to a debt buyer, and placed on your credit reports. This is true not just of credit cards and loans, but also medical, utility, apartment rental and other debts.

As you might guess, charge offs and collections are very destructive to your credit score. They can also carry legal consequences. You can be sued by debt collectors, debt buyers, and of course the credit card company or lender from whom you originally borrowed.

If you bought a car, and did not pay for an extended period of time, the car can be repossessed (seized) by the lender. The lender will usually sell the car at an auction. Depending on the state where you live, afterwards, they can sue you for any remaining balance (after the sale at auction), on the loan. Foreclosures operate in somewhat similar ways. If you fail to make payments on your mortgage, your lender will eventually move to seize your home. Depending on the state where you live, they might have to go to court to do so. After your home is foreclosed, the mortgage lender will sell your home. Depending on the state where you live, you might be responsible for any remaining balance, after the sale of the house.

Foreclosures and repossession are amongst the most destructive events you can experience, from a credit and financial standpoint. We’ve seen credit scores drop by over 150 points, due to repossession or foreclosure.

If you’re in too much debt, and unable to make payments on your financial obligations, bankruptcy is an option. Through the bankruptcy process (conducted in federal court), your current assets (such as savings, stocks, income etc), will be used to pay off as much of your debts as possible. Whatever debts are partially paid, or left unpaid, are treated as dismissed, and you cannot be sued on them in the future.

While bankruptcies can reduce your credit score, in some cases, we’ve actually seen it help. After all, people who file bankruptcy usually have lots of debts which are in charge off or collection, and having those debts resolved can help one’s credit. Still, you’re probably not be surprised to hear that bankruptcy is a challenging, often unpleasant experience to go through.

Under FICO, payment history counts for 35% of your credit score - the largest part of your credit score.

#2 Factor: Amounts Owed/ Utilization Of Credit

The second most important factor in deciding your credit score, is the amount of debt you owe, which is also known as your utilization of credit. This makes up 30%, or up to 255 points, of your FICO score. First, let’s take credit cards. Credit cards are known as revolving credit accounts.

Suppose that you have 5 cards, each with a limit of $1,000. Now, let’s suppose that your total balance on the cards (as of the dates they’re reported to the credit bureaus each month), is $2,000. Your utilization of credit cards is $2,000 divided by $5000 or 40%.

If your overall utilization on credit cards passes 30%, your FICO score is likely to drop. The higher the utilization goes, the more your score drops.

The same is true if you reduce your utilization. Having a utilization below 10% is very beneficial to your credit score. However, contrary to what you might think, 0% utilization is not always a good thing. Later on, we will review how to manage credit cards, to best preserve your credit score. For Highest Credit Scores, Keep Balances LOW!

If your overall utilization on credit cards passes 30%, your FICO score is likely to drop. The higher the utilization goes, the more your score drops.

Checkout the illustration in the following page.

#3 Factor: Age Of Credit

The older your credit accounts, the better it is for your credit score. It is as simple as that. 15% of your FICO score, or 127.5 points, are determined by the age of your credit accounts.

This factor takes into consideration each account that appears on your credit reports - whether open or closed. Keep in mind that when you close an account, it remains on your credit report for 10 years (if there were no late payments or other negative marks), and continues to positively impact your credit score.

What this means is that you should keep credit card accounts open, for as long as possible. This isn’t necessarily true of auto loans, student loans, and other credit accounts, for reasons we’ll go into soon.

Checkout the illustration on the next page. #4 Factor: Mix Of Accounts

Having a variety of different types of credit accounts is very helpful to building strong credit. Your mix of credit makes up 10%, or 85 points, of your FICO score.

What do we mean by a mix of credit? In a broad sense, you should have both revolving accounts (credit cards), and installment accounts (student loans, auto loans, mortgages, personal loans or credit builder accounts). If you just have a couple of credit cards, or you only have a few student loans, you probably don’t enjoy the best mix of credit.

The good news is, there are many low cost ways to achieve a strong mix of credit. If you just have a credit card, then adding a credit builder account can really help your mix of credit. If you only have student loans, there are credit cards with no fees, which you can set up, for a great mix of revolving accounts. #5 Factor: New Credit/Credit Inquiries

When you apply for credit, your credit score is impacted. Credit inquiries, also known as new credit, counts for 10% of your FICO score, or 85 points.

A credit inquiry remains on your report for up to two years, though it stops having much negative impact after 6 to 9 months. For a lender or other party to pull your credit, they must have a “permissible purpose”, such as you applying for housing, employment, a credit card or a loan. Lenders are also required to obtain your permission before running a credit inquiry against you.

It is important to distinguish between “hard” and “soft” inquiries. A hard inquiry is when you apply for credit, and provide a lender with permission to run your credit. Hard inquiries impact your credit.

A soft inquiry, also known as a promotional inquiry, occurs when a lender seeks access to your credit file, in order to send you offers of credit. Think of those offers you receive in the mail, inviting you to apply for preapproved credit cards. Soft inquiries don’t impact your score. However, as you’ll later learn, you should opt out of receiving them. NEXT Step

Now that you have a basic understanding of how credit reports and credit scores work, it’s time for us to dive into the 18 strategies that will help you build and preserve a credit score you’re proud of. Keep in mind that you don’t have to implement every one of these strategies. If you have a decent FICO score (let’s say a 670), and you want to break a 720, utilizing 2 or 3 of these tips might be enough. However, if you’re brand new to credit, or are suffering from a FICO score below 550, you might need to try many more of them.

1. Monitor All Three Of Your Credit Reports Each Month

In order to enjoy the best credit score possible, you must be aware of where exactly your credit reports and scores stand. Without knowledge, how can you take positive action? Fortunately, there are two excellent free platforms to monitor your credit: Credit Karma and freecreditscore.com.

Keep An Eye On Equifax and TransUnion Through Credit Karma

Credit Karma is a free Web and mobile app, which allows you to monitor your credit reports from Equifax and TransUnion. For each credit bureau, Credit Karma shows you every account that appears on your credit reports, including the balance on the account, when the account was opened (and closed), and your payment history on the account. It also provides you with information regarding credit inquiries, and previous addresses where you lived.

Credit Karma also shares your VantageScore credit score, for both your Equifax and TransUnion credit reports. As we’ve discussed, your VantageScore is of limited use, since few lenders use it. Still, it doesn’t hurt to know where you stand.

Each time you check Credit Karma, you should look for a few things. First, you should confirm that each account on your credit reports is being reported correctly - that is, all of the information on the account is accurate. If a new collection account appears on your reports, or you paid late on an existing account, Credit Karma will send you an alert by email. Next, you should check for any unauthorized credit inquiries. An unauthorized inquiry is when someone applies for credit in your name, without your permission. Such inquiries are very often a sign of identity theft.

If you see any inquiry you don’t recognize, you should immediately contact the lender who ran the inquiry, and inform them that you did not authorize it, and to remove the inquiry. You should also inform the credit bureau where the inquiry appears (such as Equifax or Experian), that the inquiry does not actually belong to you.

We suggest picking a specific date each month, which you can place on your calendar, to login to Credit Karma, and check your credit reports and scores. This way, you’ll be able to make sure that you’re staying on top of your credit as often as possible, and won’t face any surprises.

Credit Karma makes money by getting to take free offers on their platform, for credit cards, loans and more. Some of these offers are useful, but many offer poor rates and terms. Credit Karma can be a good place to research loans and credit cards. However, we also suggest conducting additional research, through Nerdwallet, Bankrate, Lending Tree and elsewhere.

Check Your Experian Credit Reports & Scores At freecreditscore.com.

Using Credit Karma isn’t enough. Remember, in addition to your Equifax & TransUnion credit reports, there is also Experian - which by many measures is the largest credit bureau. You can monitor your Experian credit reports at freecreditscore.com. Experian owns this website, and so you’ll receive detailed information about each of your credit accounts, including account numbers, payment history, balances and more.

Experian will also provide you with a FICO credit score, typically from the FICO 9 version. While many lenders don’t yet use FICO 9, it is a good indicator of where your FICO score generally falls, and what lenders are seeing when they pull your credit reports.

Just as with Credit Karma, you should check to make sure that all information on your credit reports is correct, and that no unexpected credit inquiries appear on your reports. You should pick a specific date each month to check your reports - perhaps the same day as you review Credit Karma scores.

A Note About Disputing Inaccurate Credit Items Online

What should you do if you believe an account on your credit reports is inaccurate? Perhaps the amount owed on the account is incorrect, or maybe the payment history doesn’t look right. Possibly, you don’t think the account actually belongs to you.

Credit Karma and freecreditscore.com makes it very easy to dispute negative credit information online. However, you should avoid doing so. These online dispute portals are designed mainly for the benefit of the credit bureaus, not you, as a consumer. They offer a limited number of options for disputing an account. For example, Credit Karma might ask you to choose from options such as “This is not my account” or “The amount owed is incorrect.”

However, the actual reason why you think the account is inaccurate might be different. By choosing dispute options offered on a website like Credit Karma, you are basically limiting your dispute options, and as a result, might be harming your ability to ultimately correct harmful negative information on your credit reports.

For this reason, you should only dispute information on your credit reports, by using US Postal Mail. Clearly state the reasons why you believe an account is being reported inaccurately. Working with a reputable credit repair company is also an option, if you are seeking expert help in rebuilding your credit. This is discussed in more detail below in the section on credit repair

2. Check Annual Credit Report Once Per Year

Under federal law, once every 12 months, you are entitled to a free copy of your official credit reports, as generated directly by the credit bureaus. These reports are the most official and complete source of information, regarding what appears on your credit reports. You can obtain your official credit reports from Experian, Equifax and TransUnion, through the Annual Credit Report website, or by sending a mail-in form. If you choose the mailing options, your reports should arrive within two weeks.

When your report comes, you should review each account, and make sure that all information listed is correct. Since this is the most official source of information about your credit, it is important that you look over accounts in detail, and ensure that everything is correct. This might seem like an unnecessary step, if you’re checking Credit Karma and freecreditscore.com each month. However, remember that these are not the most direct, official sources of credit reporting information. Therefore, to cover your bases, it makes sense to go to the source: Annual Credit Report.

It is worth noting that Annual Credit Report does not offer credit scores. As you know, there are two broad types of credit scores (FICO & VantageScore), and multiple versions within each of those types. The law does not require Annual Credit Report to provide credit scores, and so they don’t. However, if you’ve been checking Credit Karma and freecreditscore.com, you have a good idea of where you stand. 3. Open A Secured Credit Card

Secured credit cards are one of the most effective tools to build or rebuild credit. These accounts operate in a very simple manner. You provide the credit card company with a deposit, which equals part or all of your spending limit on the card. So, let’s say you open a secured credit card with a $100.00 deposit. Your spending limit might be $100, or as much as $250, depending on the card issuer.

Because you’ve provided the credit card issuer with a deposit (which equals most or all of your spending limit), you’ve helped reduce their risks, associated with you not paying for the card. For this reason, it is much easier to be approved for secured credit cards than standard credit cards, if you have weak credit, or very little credit history.

In many respects, a secured credit card operates like any other credit card. You have a spending limit. If you make purchases on the card, you’ll either need to pay off that balance each month, or pay interest on the amount you spent. In some cases, you might be able to earn cashback points.

NOTE: CapitalOne has one of the best secured credit cards options. We'll discuss some good options for you in the following pages.

What Are The Drawbacks Of A Secured Credit Card?

Secured credit cards aren’t perfect. If you carry a balance, the interest rates are high - with annual percentage rates (APR) as much as 24%. Secured credit cards don’t allow for as much spending as unsecured cards, since your limit is mainly determined by your security deposit. Also, rewards like travel points and cashback are more limited, compared to unsecured cards, since your credit score and spending limit is probably lower.

How Should You Use A Secured Credit Card?

In order to optimize your credit score, it is critical that you use your secured credit card in a very specific way. First, you should make no more than one purchase on the card each month. That purchase should be for no more than 10% of the card’s limit. So, if the card has a limit of $200, you’ll make just one purchase, for less than $20. You should build something you might have bought anyways - think lunch, a few groceries, gas, or a drink at your local bar. This way, you aren’t spending money to build credit.

Why just one small purchase?

Remember, 30% of your FICO score is your credit utilization, and credit cards are an important part of maintaining low utilization. Also, making just one small purchase each month, makes things easier to keep track of.

Next, you’ll pay off the amount you purchased, in full, by the payment due date. This means that you won’t have a balance on the credit card, from month to month. This way, you avoid paying interest charges. Since you’re buying something you would have purchased anyways, and avoiding paying interest, you’re basically building credit for free. Your record of on time payments, over the months and years, will greatly help your FICO score.

As we’ll discuss later, it often makes sense to set your credit card account to automatic payment (known as autopay). However, you should still login to your account once per month, and check your charges. Make sure that no unusual charges appear. These could be a sign that your account has been compromised by fraud. Should You Sign Up For A Secured Credit Card?

Secured cards aren’t for everyone. To decide whether it is for you, answer the following questions.

1. Where is your credit score today? Remember, you’re checking your FICO score each month, on freecreditscore.com. If your score falls below 640, you should seriously consider opening a secured credit card. If your score is above 640, you’re probably going to qualify for a decent unsecured credit card.

Nerdwallet and Credit Karma are good places to research credit cards. We suggest choosing a card with no annual fee, and again, making no more than one small purchase on the card each month. There are also high limit, unsecured credit cards, for folks with poor credit.

2. Can You Make The Monthly Payments? While secured credit cards carry low spending limits, and don’t require you to spend much, you do need to make monthly payments (remember, you should be paying off the balance in full). Since you’re purchasing something you would have in cash anyways, and making no more than one small purchase each month, this isn’t an issue for most people. However, if you’re having trouble paying existing bills, you should get your finances in order, before applying for a secured card.

Which Secured Credit Cards Are Best For You? The three most competitive secured credit card products on the market, are offered by Discover, Capital One, and Visa. Let’s take a look at each card. Discover It Secured Card

Discover charges no annual fee. A a $200.00 minimum deposit is usually required (which equals your spending limit). Discover provides you with free access to your FICO score, although remember, you should be checking Credit Karma and freecreditscore.com each month.

Discover also allows you to earn some rewards for spending. Specifically, you’ll receive earn 2% of your spending as cash back, for spending at restaurants and gas stations, with rewards of up to $1000.00 available per quarter. For all spending outside of restaurants and gas stations, you get 1% cashback.

As stated, you should be making no more than one small purchase each month. Don’t use this card to chase credit card points. However, being rewarded for your monthly purchase doesn’t hurt. Discover also allows you to graduate from a secured to an unsecured card, beginning at the eight month after you opened your account. If they allow you to “graduate”, you’ll receive your deposit back.

Graduating at the eight month isn’t guaranteed, as Discover will want to review your overall credit profile. If you haven’t graduated by the tenth month, we suggest calling Discover, to find out how you might improve your odds of graduation.

Discover’s card does carry some drawbacks. The APR is high (of course, this is true of most credit cards for folks with low or no credit). Discover also isn’t accepted very widely outside of the United States (and less than Mastercard or Visa in the US as well), which can be frustrating sometimes.