Understanding Credit Cards Note Taking Guide - personal finance [PDF]

Take Charge Today – May 2014 – Understanding Credit Cards. Funded by a grant from Take Charge America, Inc. to the N

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Page | 12  2.6.3.L1 

Understanding Credit Cards Note Taking Guide   

Total Points Earned 

 

 

Total Points Possible 

 

 

Name 

Gian  

Date   

 

Percentage 

  Class  A credit card is: 

Piece of plastic, you can buff stuff and pay for it later   The cost of credit is expressed as: 

What is the minimum payment? 

a yearly interest rate

minimum amount you can pay in a month  

 

What impact does only paying the minimum payment have on a consumer? 

increase of interest

 

Identify four positive credit card behaviors: 

What are three ways a credit card is a convenient payment tool? 

© Take Charge Today – May 2014 – Understanding Credit Cards  Funded 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

 

Page | 13  2.6.3.L1 

Why may consumers overspend when using a credit card?   

If you lose your credit  card, what should you  do?

How much are you liable  for?

Why should you check  your statements  monthly?

Summarize why credit cards are safer than debit cards for online shopping.   

Example of a credit  card reward: To offer these benefits, credit   card companies may...

To determine if the benefit is for  you, you should...

Example of a credit  card reward:

Two advantages of a credit card

Two disadvantages of a credit card

Why is reading the Schumer Box information closely important?   

© Take Charge Today – May 2014 – Understanding Credit Cards  Funded 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

 

Page | 14  2.6.3.L1 

Use the space provided to describe each section of the credit card offer and define vocabulary words.  Schumer Box‐  Interest Rates and Interest Charges  Annual Percentage  Rate (APR) for  Purchases 

 

APR for Balance  Transfers 

 

APR for Cash  Advances 

 

Penalty APR and  When it Applies 

 

How to Avoid Paying  Interest on Purchases 

 

Minimum Interest  Charge 

 

For Credit Card Tips  from the Federal  Reserve Board 

 

Fees  Set‐up and  Maintenance Fees 

 

Transaction Fees 

 

Penalty Fees 

 

* How We Will Calculate Your Balance: We use a  method called “average daily balance (including  new purchases).”  * Loss of Introductory APR‐ We may end your  introductory APR and apply the Penalty APR if you  become more than 60 days late in paying your bill 

 

 

© Take Charge Today – May 2014 – Understanding Credit Cards  Funded 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

 

Page | 15  2.6.3.L1 

Describe how an individual obtains a credit card. 

shop around

complete a credit application

What does it mean if an individual receives a pre‐ approved credit card application? 

aprove it or denied

If you are under 21, how do you receive a credit  card? 

they want you to contact

prove you have sufficient income to make   payment

   

Why is it important to read a monthly statement closely? 

make sure you are one buying stuff

 

Describe each section of a credit card statement. 

Credit Card Statement Summary of  Account Activity     Payment  Information  Late Payment  Warning     Minimum Payment  Warning  Notice of changes  to your interest  rates   Other changes to  your account terms  Transactions  Fees and Interest  Charges  Year‐to‐date Totals    Interest Charge  Calculation   

 

   

   

           

© Take Charge Today – May 2014 – Understanding Credit Cards  Funded 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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