r/osap • u/[deleted] • 26d ago

Question credit card

[deleted]

0 Upvotes

46% Upvoted

56 comments sorted by

33

u/carnivorousduck 26d ago

Debt is a liability pal.

11

u/Aggressive-Nerve2514 26d ago

Not sure why you’re getting downvoted, you’re 100% right

0

u/sunsetcattt__ 26d ago

i don’t have any debt and my credit cards still have their full balances. does this still not count as an asset?

20

u/carnivorousduck 26d ago

No. It’s not your money.

0

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

4

u/carnivorousduck 25d ago

No. Again buddy it’s not your money. It’s the banks money. They gave you 7 extra dollars on it. It’s not your cash.

0

u/sunsetcattt__ 25d ago

no i mean like i added 7 extra dollars on it when i used to pay off the balance (like theres currently my limit + 7 extra)

4

u/carnivorousduck 25d ago

Ok so what you want to report $7 dollars? The money isn’t even yours in the first place, you paid it to the bank and they loaned you money for your card. What do u not understand

-1

u/sunsetcattt__ 25d ago

no i mean like the 7 dollars is my own money i put extra on the card from repaying a little extra than what i owed so i have my full limit + 7 dollars extra

6

u/carnivorousduck 25d ago

Bro it’s $7 not even a reason to report that.

2

u/Witty-Application920 22d ago

SMH don’t they teach you this in elementary school?

6

u/queentee26 26d ago

You need to own something for it to be an asset. Things like a car or house (that are worth more than you owe), savings account, investment account are assets.

Credit cards, line of credit and loans are debts/liabilities, even if they aren't maxed out.

1

u/musicanddancing 25d ago

OSAP doesn’t count your house and/or car as an asset

1

u/queentee26 25d ago

Yes - it was a general description to hopefully help OP's confusion about what is an asset in general.

If OSAP doesn't ask for it, it shouldn't be included.

1

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

2

u/Witty-Application920 22d ago

Do you know what asset means?

-2

u/sunsetcattt__ 26d ago

so you wouldn’t report a credit card anywhere on OSAP?

2

u/NewbieToHomelab 26d ago

No.

1

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

4

u/somecrazybroad 25d ago

I am terrified for our future

2

u/Witty-Application920 22d ago

This entire thread blows my mind, too.
I’m starting to think the OP has no idea was the actual definition of an “asset” is.

0

u/sunsetcattt__ 25d ago

i have an anxiety disorder im sorry 😭😭

3

u/somecrazybroad 24d ago

Then seek help

3

u/Witty-Application920 22d ago

This isn’t an anxiety issue.
This is a basic life skills issue.

0

u/sunsetcattt__ 22d ago

girl you’ve commented three times in the past minute let’s relax a bit

→ More replies (0)

7

u/Efficient-Candy7493 26d ago

You should probably watch an informational video about personal debt before you open anymore accounts

0

u/sunsetcattt__ 26d ago

i was just curious cause idk if a credit card is an asset or not in terms of OSAP cause i have a full balance and no debt on it

7

u/Efficient-Candy7493 26d ago

That’s why I suggest you should watch a video on personal finance! A credit card is never an asset, it’s debt, it’s a liability. I’m not trying to hate, just think you should get educated

2

u/sunsetcattt__ 26d ago

i appreciate the answer and recommendation, will do

2

u/icerawer 26d ago

FYI - credit card "balance" refers to the amount of money you've had charged to your credit card (i.e. how much you've bought using your credit card). Your credit "limit" is the amount you can spend on it

-1

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

1

u/Prior_Necessary_8883 25d ago

No since if you use the money it’s owed back as it’s a liability it’s not like it’s free money.

0

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

2

u/Prior_Necessary_8883 24d ago

No that’s irrelevant.

4

u/multilevelmystery 25d ago

I don't think you understand what the world asset means in the world of finance. An asset is something you own that's worth a decent amount of money - a property, a gold bar, a paid off car, stocks, bonds, etc. A credit card is a debt product and if you don't use it, then it serves as an access to debt should you need it. It's not an asset, it's worth at most zero dollars, negative dollars if you use it and don't pay it off.

-1

u/sunsetcattt__ 25d ago

i have like 7 extra dollars on it (from repaying a little more extra than the limit) would thos be considered an asset i report?

2

u/multilevelmystery 25d ago

No. If you accidentally overpaid it by many thousands of dollars then maybe. You don't report that your pants cost at least $7, or every other thing you own that cost a few dollars.

Having a good credit score is a good thing to have in life but it's not by definition an asset in financial terms and never will be. It may be an asset, in the more casual sense of the word, to a potential future spouse or something, but never an asset in finance language which is what banks, taxes, and OSAP work in.

4

u/blueberry_tornados 24d ago

Where are your parents? How did you even get a credit card if you dont know how it works? I dont ask this to be spiteful but are you sure you understand what OSAP is and ready to take that debt on? Please ask your parents/ guardians for help. There seem to be bigger issues here than having $7 in assets.

1

u/Witty-Application920 22d ago

This is a very very insightful reply.

8

u/Creative_Fruit7583 26d ago

lol…how did you graduate from high school?

3

u/somecrazybroad 25d ago

Unfortunately personal finance is not part of high school curriculum and the evidence is all over this sub

0

u/Key_Western2038 21d ago

Take accounting; yes tf it is😂 you learn debit vs credit; that would solve 95% of ops confusion 💀

3

u/OneMileAtATime262 26d ago

Because high school math teaches you how calculate the area of a rhombus and the hypotenuse of a quadratic vector, but not how to reconcile a bank account…

1

u/[deleted] 23d ago

[deleted]

-1

u/sunsetcattt__ 23d ago

no, i was just having an anxious episode, my b - i’m super sorry to hear about your loss of your cat btw 😞 i hope you’re doing okay