1. Entrance Ticket Name as many credit cards as you can. Indicate which your family uses

2. Agenda 1)Announcements 2) Black Friday Follow Up 3) Intro to Credit Cards 4) Exit Ticket

3. Announcements PEET #1 was due today Substitute Tomorrow – Class will involve research and PEET #2 writing Thursday – Honors Economics 3:00 – 4:00

4. Black Friday Follow Up (1) Think-Pair-Share: Did you go to stores? Did you shop online? What did you hear about it?

5. Black Friday Follow Up (2) Make prediction: Was Black Friday more popular this year or last year? Then: Turn over and read BRIEF article and take directed notes

6. Julio’s Dilemma I ordered Beats on Thanksgiving morning thinking there would be a SHORTAGE. However, I went to the store on Black Friday and saw that there was actually a SURPLUS! The Dilemma: I have to wait until next week to receive my Beats in the mail  Question: How would an economist explain my shortage/surplus miscalculation?

7. INTRO TO CREDIT CARD (4 SLIDES OF NOTES)

8. Credit: a loan to another party with the promise of reimbursement Giving credit… Receiving credit… What is a credit card? allow you to buy items without spending any money at the time of purchase

9. How do credit cards work? 1.You purchase item with credit card. 2.Credit card company pays for it. 3.You pay back credit card company over time (with interest, of course!) Advantages : Don’t need $$ to buy Don’t need to carry cash Builds credit Disadvantages : Interest = higher cost of items Additional fees for card Can lead to debt

10. Which credit card is right for me? Factors to consider: APR (annual percentage rate): interest charged by credit card company per year Intro. APR: usually LOW APR for certain amount of time when you first get card Regular APR: APR after intro. rate is over -- usually much higher Fees  Annual fees  Late fees Credit limit: amount of $$ you can spend on card

11. Which credit card is right for you? Factors to consider: Benefits or Rewards: Cash back: % of total amount of your purchases that credit card company will “give back” to you Example: PNC offers 3% cash back on groceries. You spend $100 on groceries. PNC gives you $3 back. “Miles” or “Points”: build up miles or points by spending; cash them in later for “freebies” (cash back, airline miles, gifts, etc.)

12. Exit Ticket What are 3 factors to consider when choosing a credit card?