Credit Card Understanding Your Credit Card Credit Cards 101 Trivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 2 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 Credit Card G2 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 3 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 Credit Card 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 4 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 Credit Card G2 Credit Cards 101 Trivia TerminologySchumer BoxCredit History Credit Card Knowledge $100 $200 $300 $400 Final Trivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 5 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 Credit Card 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 6 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 Credit Card G2 Terminology- $100 Question: What is an annual fee?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 7 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 Credit Card G2 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 8 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 Credit Card G2 Terminology- $200 Question: What is pre-approved?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 9 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 Credit Card G2 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 10 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 Credit Card G2 Terminology- $300 Question: What is closed-end credit?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 11 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 Credit Card G2 Terminology$400 Answer: A plastic card that is electronically connected to the cardholders bank account.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 12 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 Credit Card G2 Terminology- $400 Question: What is a debit card?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 13 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 Credit Card 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 14 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 Credit Card 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 15 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 Credit Card G2 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 16 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 Credit Card G2 Schumer Box - $200 Question: What is a balance transfer?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 17 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 Credit Card G2 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 18 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 Credit Card G2 Schumer Box - $300 Question: What is introductory rate?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 19 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 Credit Card G2 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 20 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 Credit Card G2 Schumer Box - $400 Question: What is penalty APR?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 21 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 Credit Card G2 Credit History- $100 Answer: An individuals ability and willingness to pay money back.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 22 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 Credit Card G2 Credit History-- $100 Question: What is creditworthiness?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 23 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 Credit Card G2 Credit History - $200 Answer: A record of a consumers credit history.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 24 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 Credit Card G2 Credit History - $200 Question: What is credit report ?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 25 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 Credit Card G2 Credit History - $300 Answer: A number that summarizes an individuals credit record and history.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 26 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 Credit Card G2 Credit History - $300 Question: What is a credit score?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 27 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 Credit Card 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 28 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 Credit Card G2 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 29 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 Credit Card G2 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 30 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 Credit Card 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 31 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 Credit Card G2 Answer: The cardholders 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 32 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 Credit Card G2 Credit Card Knowledge - $200 Question: What is $50.00?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 33 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 Credit Card 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 34 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 Credit Card G2 Credit Card Knowledge - $300 Question: What is the credit limit?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 35 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 Credit Card G2 Credit Card Knowledge - $400 Answer: To increase credit card safety, the back of the card should include the cardholders signature and this.

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 36 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 Credit Card G2 Credit Card Knowledge - $400 Question: What is Please see ID?

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 37 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 Credit Card G2 Final Trivia

© Family Economics & Financial Education – Updated May 2011– Credit Unit – Credit Card Trivia – Slide 38 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 Credit Card G2 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 39 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 Credit Card G2 Final Trivia Question: What is variable-rate APR?