Financial Literacy Part II. Credit Cards A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services.

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Presentation transcript:

Financial Literacy Part II

Credit Cards A plastic card having a magnetic strip, issued by a bank or business authorizing the holder to buy goods or services on credit. Used for everyday purchases Make monthly payments

Interest Rate APR-Annual Percentage Rate Amount charged monthly for using credit card Varies in percentages and may hinder you from paying off the balance May effect your credit, good or bad

How not to spend… Only use if necessary Just in case of emergency Large purchases

How not to spend… Don’t spend more than you actually have Do you have a job? Can you pay the bill every month?

Homework Assignment Look up a particular credit card you could potentially apply for Research the APR and the credit limit me the results