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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
Credit Card
1.4.1.G2
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
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
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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
Credit Card
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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
1.4.1.G2
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
Credit Card
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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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
1.4.1.G2
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
Credit Card
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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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1.4.1.G2
Final Trivia
Question:What is variable-rate APR?
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