Credit Card Understanding Your Credit Card Credit Cards 101 Trivia

Credit Card

Understanding Your Credit Card

Credit Cards 101 Trivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 2Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Credit Card

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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

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 3Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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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

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 4Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Credit Card

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Credit Cards 101 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

Final Trivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 5Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $100

Answer:A yearly fee that may be charged

for having a credit card.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 6Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $100

Question:What is an annual fee?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 7Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Answer:When a consumer has passed

an initial credit check.

Terminology- $200

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 8Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $200

Question:What is pre-approved?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 9Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $300

Answer: A loan which the borrower must

repay the amount in a specified number of equal payments.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 10Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $300

Question:What is closed-end credit?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 11Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology$400

Answer:

A plastic card that is electronically connected to the cardholder’s

bank account.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 12Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Terminology- $400

Question:What is a debit card?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 13Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box- $100

Answer:The cost of credit expressed

as a yearly interest rate.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 14Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box- $100

Question:What is the annual percentage rate

(APR)?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 15Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $200

Answer:Transferring debt from one

credit card account to another.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 16Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $200

Question:What is a balance transfer? 

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 17Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $300

Answer:The interest rate charged right after a

credit card account is opened.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 18Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $300

Question:What is introductory rate?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 19Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $400

Answer:The interest rate charged on new transactions if the penalty terms in

the credit card contract are triggered.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 20Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Schumer Box - $400

Question:What is penalty APR?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 21Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History- $100

Answer:An individual’s ability and willingness to

pay money back.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 22Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History-- $100

Question:What is creditworthiness?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 23Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History - $200

Answer:A record of a consumer’s credit history.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 24Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History - $200

Question:What is credit report?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 25Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History - $300

Answer:A number that summarizes an individual’s

credit record and history.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 26Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History - $300

Question:What is a credit score?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 27Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit History - $400

Answer:An example of positive credit card use.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 28Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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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

Credit History- $400

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 29Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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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.

Credit Card Knowledge - $100

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 30Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

Credit Card

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Credit Card Knowledge - $100

Question:What is a credit card statement?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 31Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Answer:The cardholder’s liability for

unauthorized credit card charges under the Truth in Lending Act.

Credit Card Knowledge - $200

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 32Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit Card Knowledge - $200

Question:What is $50.00?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 33Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit Card Knowledge - $300

Answer:The maximum amount of charges

allowed to the account.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 34Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit Card Knowledge - $300

Question:What is the credit limit?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 35Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit Card Knowledge - $400

Answer:To increase credit card safety, the back

of the card should include the cardholder’s signature and this.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 36Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Credit Card Knowledge - $400

Question:What is “Please see ID?”

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 37Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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FinalTrivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 38Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Final Trivia

Answer:An APR that may change depending on

other factors, such as the prime rate.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 39Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona

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Final Trivia

Question:What is variable-rate APR?