
Credit Cards
Presentation
•
Social Studies
•
9th - 12th Grade
•
Practice Problem
•
Easy
Andreas Schneider
Used 96+ times
FREE Resource
8 Slides • 3 Questions
1
Credit Cards
2
Open Ended
What do you already know about credit cards?
3
How do credit cards work?
The credit card company issues you a line of credit. You then purchase stuff and have the choice to pay your balance either in full or make a minimum payment each month.
4
Watch this video on credit cards for beginners.
https://www.youtube.com/watch?v=w1vmCfW2Udk
5
Multiple Choice
According to the video, the statement balance is...
the interest paid
the amount you owe from your billing cycle
the APR
the annual fee
6
Open Ended
What do you think the advantage is to paying your balance off in full each month?
7
You won't get charged interest if you pay your balance in full each month!
8
But what happens if you DON'T pay off your credit card every month? Let's watch a video to find out.
https://www.youtube.com/watch?v=_HfXfKLYV68
9
Let's Recap
In the video we see that there was a carryover balance of $1000 and then an additional $600 in purchases for that month. After a few calculations we find that even though you only borrowed $1600 you would still have to pay AN ADDITIONAL $18.35 in interest for that month.
10
So what's the lesson here?
11
Pay the statement balance on your credit card in full each and every month!
Credit Cards
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