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Understanding Your Credit Card

Understanding Your Credit Card. Credit Cards 101 Trivia. 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

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Understanding Your Credit Card

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  1. Understanding Your Credit Card

    Credit Cards 101 Trivia
  2. 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
  3. 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
  4. Credit Cards 101 Trivia Final Trivia
  5. Terminology- $100 Answer: A yearly fee that may be charged for having a credit card.
  6. Terminology- $100 Question: What is an annual fee?
  7. Answer: When a consumer has passed an initial credit check. Terminology- $200
  8. Question: What is pre-approved? Terminology- $200
  9. Answer: A loan which the borrower must repay the amount in a specified number of equal payments. Terminology- $300
  10. Question: What is closed-end credit? Terminology- $300
  11. Answer: A plastic card that is electronically connected to the cardholder’s bank account. Terminology$400
  12. Question: What is a debit card? Terminology- $400
  13. Answer: The cost of credit expressed as a yearly interest rate. Schumer Box- $100
  14. Question: What is the annual percentage rate (APR)? Schumer Box- $100
  15. Answer: Transferring debt from one credit card account to another. Schumer Box - $200
  16. Question: What is a balance transfer? Schumer Box - $200
  17. Answer: The interest rate charged right after a credit card account is opened. Schumer Box - $300
  18. Question: What is introductory rate? Schumer Box - $300
  19. Answer: The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered. Schumer Box - $400
  20. Question: What is penalty APR? Schumer Box - $400
  21. Answer: An individual’s ability and willingness to pay money back. Credit History- $100
  22. Question: What is creditworthiness? Credit History-- $100
  23. Answer: A record of a consumer’s credit history. Credit History - $200
  24. Question: What is credit report? Credit History - $200
  25. Credit History - $300 Answer: A number that summarizes an individual’s credit record and history.
  26. Question: What is a credit score? Credit History - $300
  27. Answer: An example of positive credit card use. Credit History - $400
  28. 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
  29. 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
  30. Question: What is a credit card statement? Credit Card Knowledge - $100
  31. Answer: The cardholder’s liability for unauthorized credit card charges under the Truth in Lending Act. Credit Card Knowledge - $200
  32. Question: What is $50.00? Credit Card Knowledge - $200
  33. Answer: The maximum amount of charges allowed to the account. Credit Card Knowledge - $300
  34. Credit Card Knowledge - $300 Question: What is the credit limit?
  35. Answer: To increase credit card safety, the back of the card should include the cardholder’s signature and this. Credit Card Knowledge - $400
  36. Question: What is “Please see ID?” Credit Card Knowledge - $400
  37. Final Trivia
  38. Answer: An APR that may change depending on other factors, such as the prime rate. Final Trivia
  39. Question: What is variable-rate APR? Final Trivia
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