So you want to get a credit card huh?
You're getting older and beginning to feel more like an adult than a child. Maybe your parents/guardians want you to take on some new responsibilities by taking on a credit card. Maybe your parents/guardians don't understand how much you need a credit card. What do they know right? It's great that you want to feel all adult and such, but before getting a card, ask if you really need one and how it could impact you if it goes wrong. Take a look at these scenarios and try to decide: Do they need a credit card? Why do you think so? What information do you feel is missing to help make a more defined decision? If they choose a credit card, what should they be most careful of? Click on the pdf below for the worksheet with the scenarios. If you're doing this in a classroom, come up with your own scenarios and share them with a partner. Try making scenarios in which the subject will: benefit, suffer, or could go either way.
So you Want a Credit Card.pdf | |
File Size: | 345 kb |
File Type: |
Hearing only Good Things
What is the purpose of an advertisement? Well, it's to make a product look so awesome and essential you need to go and buy it right this second!!! Credit Cards are a product which credit card companies want you to sign up for so they're going to do their best to make their cards seem like the best way to go. Here are some credit card ads, as you watch them, try to think about these things: What special factor are they trying to sell that makes their card special? What emotions are they playing towards in their commercial? What information could they be leaving out?
|
|
Weighing your Options
So, you've looked at some credit card ads, now you want to try and compare different offers. Which one works best for me? Before you choose, conduct a little social experiment/looking inwards. Are you reliable? Have you borrowed stuff from friends and never given it back, or given it back so long after you borrowed it that they forgot? Or maybe you both forgot entirely! How do you shop? Do you go on huge shopping sprees or do you tend to save more money? Next time you go out shopping, pay attention to your habits and how much you buy. Are you a big traveler, or do you tend to stay pretty grounded? These are all things to consider when thinking about how to make a credit work in your favor and benefit your life.
Use these credit card comparison tools on Nerd Wallet and Compare Cards and fill out the chart attached bellow. Each website alters the information based on credit score. You can skip the pop up which asks to determine your credit score. For this exercise assume you have a good credit score. After, try looking at the same credit cards you chose at different levels of credit score to see how much impact it can have.
Use these credit card comparison tools on Nerd Wallet and Compare Cards and fill out the chart attached bellow. Each website alters the information based on credit score. You can skip the pop up which asks to determine your credit score. For this exercise assume you have a good credit score. After, try looking at the same credit cards you chose at different levels of credit score to see how much impact it can have.
Weighing Your Options.pdf | |
File Size: | 315 kb |
File Type: |
Time to Pay Up
So you've got a card and now you're happily using your latest toy. It feels awesome and so mature to swipe with that card at the store, but now it's time to pay. Remember, when using a credit card you're borrowing credit which you'll have to pay back. Go through the worksheet attached below and solve the problems. Need a refresher? Head back over to the Paying Your Bill and Selecting a Credit Card pages.
For a bit of extra practice check out these case files on It Costs What?! . These case files aren't about math, but determining how a group of individuals uses their credit cards and the costs each one had to pay.
For a bit of extra practice check out these case files on It Costs What?! . These case files aren't about math, but determining how a group of individuals uses their credit cards and the costs each one had to pay.
Time to Pay Up.pdf | |
File Size: | 455 kb |
File Type: |
Time to Pay Up Answer Key.pdf | |
File Size: | 579 kb |
File Type: |
The Real Deal
Like with most things in life, sometimes experience is the needed learning environment. Using a credit card is very much a learning experience, and some of the best things you can do is practice the credit managing skills described in this unit. Request a credit report and look it over! If you have a credit card or are getting one use it wisely! Keep the tips and information from this website in mind as you use your credit card. If used right, it can be a benefit to your life.