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2.6.3.L1

UnderstandingCreditCardsNoteTakingGuide

TotalPointsEarned

TotalPointsPossible

Name

Date

Percentage

Class
Acreditcardis:

Thecostofcreditisexpressedas:

Whatistheminimumpayment?

Whatimpactdoesonlypayingtheminimumpaymenthaveonaconsumer?

Identifyfourpositivecreditcardbehaviors:

Whatarethreewaysacreditcardisaconvenientpaymenttool?

TakeChargeTodayMay2014UnderstandingCreditCards
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

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2.6.3.L1

Whymayconsumersoverspendwhenusingacreditcard?

Ifyouloseyourcredit
card,whatshouldyou
do?

Howmuchareyouliable
for?

Whyshouldyoucheck
yourstatements
monthly?

Summarizewhycreditcardsaresaferthandebitcardsforonlineshopping.

Exampleofacredit
cardreward:
Toofferthesebenefits,credit
cardcompaniesmay...

Todetermineifthebenefitisfor
you,youshould...

Exampleofacredit
cardreward:

Twoadvantagesofacreditcard

Twodisadvantagesofacreditcard

WhyisreadingtheSchumerBoxinformationcloselyimportant?

TakeChargeTodayMay2014UnderstandingCreditCards
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

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2.6.3.L1

Usethespaceprovidedtodescribeeachsectionofthecreditcardofferanddefinevocabularywords.
SchumerBox
InterestRatesandInterestCharges
AnnualPercentage
Rate(APR)for
Purchases

APRforBalance
Transfers

APRforCash
Advances

PenaltyAPRand
WhenitApplies

HowtoAvoidPaying
InterestonPurchases

MinimumInterest
Charge

ForCreditCardTips
fromtheFederal
ReserveBoard

Fees
Setupand
MaintenanceFees

TransactionFees

PenaltyFees

*HowWeWillCalculateYourBalance:Weusea
methodcalledaveragedailybalance(including
newpurchases).
*LossofIntroductoryAPRWemayendyour
introductoryAPRandapplythePenaltyAPRifyou
becomemorethan60dayslateinpayingyourbill

TakeChargeTodayMay2014UnderstandingCreditCards
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Page|15
2.6.3.L1

Describehowanindividualobtainsacreditcard.

Whatdoesitmeanifanindividualreceivesapre
approvedcreditcardapplication?

Ifyouareunder21,howdoyoureceiveacredit
card?

Whyisitimportanttoreadamonthlystatementclosely?

Describeeachsectionofacreditcardstatement.

CreditCardStatement
Summaryof
AccountActivity

Payment
Information
LatePayment
Warning

MinimumPayment
Warning
Noticeofchanges
toyourinterest
rates
Otherchangesto
youraccountterms
Transactions
FeesandInterest
Charges
YeartodateTotals

InterestCharge
Calculation

TakeChargeTodayMay2014UnderstandingCreditCards
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona