Understanding Your Credit Card Credit Cards 101 Trivia Understanding Your Credit Card 1
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
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
Credit Cards 101 Trivia $100 $200 $300 $400 Terminology Schumer Box Final Trivia Terminology Schumer Box Credit History Credit Card Knowledge $100 $200 $300 $400
Terminology- $100 Answer: A yearly fee that may be charged for having a credit card.
Terminology- $100 Question: What is an annual fee?
Terminology- $200 Answer: When a consumer has passed an initial credit check.
Terminology- $200 Question: What is pre-approved?
Terminology- $300 Answer: A loan which the borrower must repay the amount in a specified number of equal payments.
What is closed-end credit? Terminology- $300 Question: What is closed-end credit?
Terminology$400 Answer: A plastic card that is electronically connected to the cardholder’s bank account.
Terminology- $400 Question: What is a debit card?
Schumer Box- $100 Answer: The cost of credit expressed as a yearly interest rate.
What is the annual percentage rate (APR)? Schumer Box- $100 Question: What is the annual percentage rate (APR)?
Schumer Box - $200 Answer: Transferring debt from one credit card account to another.
What is a balance transfer? Schumer Box - $200 Question: What is a balance transfer?
The interest rate charged right after a credit card account is opened. Schumer Box - $300 Answer: The interest rate charged right after a credit card account is opened.
What is introductory rate? Schumer Box - $300 Question: What is introductory rate?
Schumer Box - $400 Answer: The interest rate charged on new transactions if the penalty terms in the credit card contract are triggered.
Schumer Box - $400 Question: What is penalty APR?
An individual’s ability and willingness to pay money back. Credit History- $100 Answer: An individual’s ability and willingness to pay money back.
What is creditworthiness? Credit History-- $100 Question: What is creditworthiness?
A record of a consumer’s credit history. Answer: A record of a consumer’s credit history.
Credit History - $200 Question: What is credit report?
Credit History - $300 Answer: A number that summarizes an individual’s credit record and history.
Credit History - $300 Question: What is a credit score?
An example of positive credit card use. Credit History - $400 Answer: An example of positive credit card use.
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
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.
Credit Card Knowledge - $100 Question: What is a credit card statement?
Credit Card Knowledge - $200 Answer: The cardholder’s liability for unauthorized credit card charges under the Truth in Lending Act.
Credit Card Knowledge - $200 Question: What is $50.00?
Credit Card Knowledge - $300 Answer: The maximum amount of charges allowed to the account.
Credit Card Knowledge - $300 Question: What is the credit limit?
Credit Card Knowledge - $400 Answer: To increase credit card safety, the back of the card should include the cardholder’s signature and this.
Credit Card Knowledge - $400 Question: What is “Please see ID?”
Final Trivia
Final Trivia Answer: An APR that may change depending on other factors, such as the prime rate.
What is variable-rate APR? Final Trivia Question: What is variable-rate APR?