May 15th, 2015
Warm Up
- What is the amount of credit you can borrow based on? (the 3 c's)
- How does not paying your bills affect these 3 c's?
Learning Objective: Students will understand how to be financially responsible.
Success Criteria: Students will be able to explain how to use credit carefully and responsibly.
Today we are going to try to figure out which credit card is the best deal. Each group will be given a disclosure summary from a real credit card and have to answer several questions about that card.
After each group has had time to read over their disclosure summaries we will compare our options and decide which card is the best deal.
Important take-aways. Pick cards with:
- low APR
- no annual fee
- lower penalty APR (just in case)
- longer grace periods
- lower penalty fees
Avoid interest and penalties by:
- only charging what you can afford to pay back
- pay off balances in full at the end of a billing cycle
- avoid impulse buying!!!!!
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