Credit Cards
101 Trivia
Understanding Your
Credit Card
1.4.1.G2
Trivia Instructions
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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 March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Trivia Instructions
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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
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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 March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Cards 101 Trivia
Final Trivia
Terminology
Schumer Box
Credit History
Credit Card
Knowledge
$100
$100
$100
$100
$200
$200
$200
$200
$300
$300
$300
$300
$400
$400
$400
$400
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $100
Answer:
A yearly fee that may be charged
for having a credit card.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $100
Question:
What is an annual fee?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $200
Answer:
When a consumer has passed
an initial credit check.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $200
Question:
What is pre-approved?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.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 March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $300
Question:
What is closed-end credit?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology$400
Answer:
A plastic card that is electronically
connected to the cardholder’s
bank account.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Terminology- $400
Question:
What is a debit card?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box- $100
Answer:
The cost of credit expressed
as a yearly interest rate.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box- $100
Question:
What is the annual percentage rate (APR)?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box - $200
Answer:
Transferring debt from one
credit card account to another.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box - $200
Question:
What is a balance transfer?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box - $300
Answer:
The interest rate charged right after a credit
card account is opened.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box - $300
Question:
What is introductory rate?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.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 March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Schumer Box - $400
Question:
What is penalty APR?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History- $100
Answer:
An individual’s ability and willingness to
pay money back.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History-- $100
Question:
What is creditworthiness?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History - $200
Answer:
A record of a consumer’s credit history.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History - $200
Question:
What is credit report?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History - $300
Answer:
A number that summarizes an individual’s
credit record and history.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History - $300
Question:
What is a credit score?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History - $400
Answer:
An example of positive credit card use.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit History- $400
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
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $100
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.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $100
Question:
What is a credit card statement?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $200
Answer:
The cardholder’s liability for unauthorized
credit card charges under the Truth in
Lending Act.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $200
Question:
What is $50.00?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $300
Answer:
The maximum amount of charges
allowed to the account.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $300
Question:
What is the credit limit?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $400
Answer:
To increase credit card safety, the back of
the card should include the cardholder’s
signature and this.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Credit Card Knowledge $400
Question:
What is “Please see ID?”
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Final
Trivia
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Final Trivia
Answer:
An APR that may change depending on
other factors, such as the prime rate.
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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
1.4.1.G2
Final Trivia
Question:
What is variable-rate APR?
© Family Economics & Financial Education –Updated March 2010– Credit Unit – Credit Card Trivia
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