Understanding Your Credit Card Essentials Family Economics

1
Understanding Your Credit Card EssentialsFamily
Economics Financial Education

• Credit Cards
• Essentials Trivia

2
Trivia Instructions

• Divide the students into teams of 3-5
• Provide each team with a white board and a dry
  erase marker
• Have each team create a team name and write it on
  the board where points are being tallied
• Choose a team to select a category and point
  value
• Read the question and allow all of the teams 10
  seconds to write their response on the paper

3
Trivia Instructions

• Have the students hold their answers up at the
  same time
• Each time, award every team who answered the
  question correctly the money value indicated by
  the question
• If they answer incorrectly, the teacher may take
  away the point value
• Allow the next team to choose the category and
  point value
• Continue until all of the questions have been
  answered
• The team with the most money at the end wins

4
Credit Cards 101 Trivia
Final Trivia
Terminology Schumer Box Credit History Credit Card Knowledge
100 100 100 100
200 200 200 200
300 300 300 300
400 400 400 400
5
Terminology- 100

• Answer
• A yearly fee that may be charged
• for having a credit card.

6
Terminology- 100

• Question
• What is an annual fee?

7
Terminology- 200

• Answer
• When a consumer has passed
• an initial credit check.

8
Terminology- 200

• Question
• What is pre-approved?

9
Terminology- 300

• Answer
• A person or organization who has the resources
  to provide an individual with a loan.

10
Terminology- 300

• Question
• Who is the lender?

11
Terminology400

• Answer
• A plastic card that is electronically connected
  to the cardholders bank account.

12
Terminology- 400

• Question
• What is a debit card?

 
13
Schumer Box- 100

• Answer
• The cost of credit expressed
• as a yearly interest rate.

14
Schumer Box- 100

• Question
• What is the annual percentage rate (APR)?

15
Schumer Box - 200

• Answer
• Transferring debt from one
• credit card account to another.

16
Schumer Box - 200

• Question
• What is a balance transfer?

 
17
Schumer Box - 300

• Answer
• The interest rate charged right after a credit
  card account is opened.
•  

18
Schumer Box - 300

• Question
• What is introductory rate?

19
Schumer Box - 400

• Answer
• The interest rate charged on new transactions if
  the penalty terms in the credit card contract are
  triggered.

20
Schumer Box - 400

• Question
• What is penalty APR?

21
Credit History- 100

• Answer
• An individuals ability and willingness to pay
  money back.

22
Credit History-- 100

• Question
• What is creditworthiness?
•  

23
Credit History - 200

• Answer
• A record of a consumers credit history.

24
Credit History - 200

• Question
• What is credit report?

25
Credit History - 300

• Answer
• A number that summarizes an individuals
• credit record and history.

26
Credit History - 300

• Question
• What is a credit score?

27
Credit History - 400

• Answer
• An example of positive credit card use.

28
Credit History- 400

• Question
• What is
• Paying card balances in full every month
• Paying card bills on time
• Applying for only cards that are needed
• Keeping track of all charges
• Checking monthly card statement for errors

29
Credit Card Knowledge - 100

• Answer
• Outlines important information about a credit
  card, including transactions the cardholder has
  made during that billing cycle and the current
  balance on the credit card.

30
Credit Card Knowledge - 100

• Question
• What is a credit card statement?

31
Credit Card Knowledge - 200

• Answer
• The cardholders liability for unauthorized
  credit card charges under the Truth in Lending
  Act.

32
Credit Card Knowledge - 200

• Question
• What is 50.00?

 
33
Credit Card Knowledge - 300

• Answer
• The maximum amount of charges
• allowed to the account.

34
Credit Card Knowledge - 300
Question What is the credit limit?
35
Credit Card Knowledge - 400

• Answer
• To increase credit card safety, the back of the
  card should include the cardholders signature
  and this.

36
Credit Card Knowledge - 400

• Question
• What is Please see ID?

37

• Final
• Trivia

38
Final Trivia

• Answer
• An APR that may change depending on other factors

39
Final Trivia

• Question
• What is variable-rate APR?