Credit Intro

Review Define Credit

What is interest? How to stay out of credit debt?!

T or F : A payment is counted as a charge in the transaction section of the credit

statement?

Learning Targets!

• Label credit card parts• Analyzing credit offers and choosing the best

option• Practice reading the fine print

Parts of a Credit Card

http://www.creditcards.com/credit-card-news/anatomy-of-a-credit-card-1267.php

Why is the CVV (Card Verification Value) important?

What else can we put on the signature line besides a signature?

Shopping for a Credit Card

• Reading the fine print is tedious, but so very necessary!

• You do not want to get trapped in fees and rates you did not realize was included in the credit card plan.

• Comparing credit cards and being able to read credit offers will help you be a smart consumer when it comes to buying and managing credit!

Credit Terms to Know!

• APR (annual % rate) = Interest • Grace Period = Time allowed to pay off balance • Cash Advance = Withdrawing money • Finance Charge = Interest charge • Currency Exchange Fee = Changing $ to another

currency • Standard Rate= fixed • Balance Transfer = $ from one account to another • Default/Universal default = Failure to pay back debt,

creditor can change loan agreement in this case

“Buying” a Credit CardReading the Fine Print!

There will be 3 groups that will research 3 different types of credit card offers. You will compile all of

your information by looking through the fine print of the offer your group

has.

You group will then share their information, and as a class we will

deicide which is the best offer!