# Student Activities. Lesson Three. Credit Cards 07/13

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1 Student Activities \$ Lesson Three Credit Cards 07/13

2 shopping for credit Credit card costs and features can vary greatly. This exercise will give you a chance to shop for and compare the costs and features of three credit cards. directions Using the attached form, research the costs and features of: Two major credit cards; and One credit card from a department store. When you re done, answer the following questions. what did you find? 1. Which credit card has the highest annual percentage rate and how much is it? 2. What method is used to calculate the monthly finance charge for the first major credit card? 3. When does the finance charge begin to accrue on the credit card from the local department store? 4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee? 5. Is there a transaction fee on any card? If so, how much is it? 6. Is there a minimum finance charge on either of the major credit cards? If so, how much is it? 7. Does the first major credit card charge a fee for late payments? If so, how much is it? 8. What is the grace period on the credit card from the local department store? 9. Rachel wants to buy a new CD player that costs \$450. According to his budget, she can afford payments up to \$62.00 per month. Which of the three credit cards you ve found would you recommend that Rachel use to purchase the CD player? Why? credit cards student activity 3-1a

3 shopping for credit (continued) use the following form to compare two or more credit cards: card one card two Type of account: Credit card Charge card Company name, address, phone Website Locations where card is accepted Annual fee (if any) Interest rate Calculation method Credit limit Minimum payment Other fees: Late payment Other features credit cards student activity 3-1b

5 how much does it really cost? (continued) Marie just used her new credit card to buy a bike for \$400. Her budget allows her to pay no more than \$25 each month on her credit card. Marie has decided not to use the credit card again until the bike is paid off. The credit card she used has an interest rate of 21%. If Marie pays \$25 each month on her credit card: 13. How long will it take Marie to pay for the bike? 14. What is the total amount Marie will end up paying for the bike? 15. How much interest will Marie pay for using her credit card to buy the bike? If Marie pays the minimum payment of \$14 each month: 16. How long will it take Marie to pay for the bike? 17. What is the total amount Marie will end up paying for the bike? 18. How much interest will Marie pay for using her credit card to buy the bike? Gary has just used his credit card to buy a new watch. He got the watch on sale for \$235. The regular price was \$290. He used a credit card that has an interest rate of 20%. If Gary makes the minimum monthly payment each month of \$10: 19. How much will Gary end up paying for his new watch? 20. How long will it take Gary to pay for his watch? 21. What is the total amount of interest Gary will end up paying? If Gary pays \$25 each month, instead of the minimum monthly payment of \$10 each month: 22. How much will Gary end up paying for his new watch? 23. How long will it take Gary to pay for his watch? 24. What is the total amount of interest Gary will end up paying? credit cards student activity 3-3b

7 lesson three quiz: credit cards true-false 1. A proprietary credit card is usually accepted by one type of store or company. 2. The average daily balance method of calculating interest is based on the opening balance of the account for the previous month. 3. The annual fee for a credit card is set by the government. 4. If your credit card is lost or stolen, you should report it to your bank immediately. multiple choice 6. A credit card issued through a credit union would be an example of a card. A. bank B. travel and entertainment C. store D. proprietary 7. The grace period refers to the time: A. taken to process a credit card application B. for paying an account without an interest charge C. allowed to notify a creditor of a billing error D. used for calculating interest 8. Comparing the APR among several credit cards allows you to obtain the: A. lowest grace period B. lowest annual fee C. lowest interest rate D. least expensive method of calculating interest 9. If a billing error occurs on a credit statement, a consumer has days to notify the creditor. A. 30 B. 60 C. 90 D. 120 case application Jack uses his credit card for almost all purchases. He charges petrol purchases, clothing, food, and other living expenses. What is your opinion of this money management habit? credit cards quiz 3-5

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