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Credit Cards – Mr Poulakos, 1-31-2011

Credit Cards – Mr Poulakos, 1-31-2011. K-W-L √ Credit Card Vocabulary √ Credit Card Statement √ Calculate the Average Daily Balance √ Calculate Interest √ . Read and Report Out: Reporter Note Taker Timekeeper. Credit and Debit Cards. 1. 50 Pts. 2.

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Credit Cards – Mr Poulakos, 1-31-2011

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  1. Credit Cards – Mr Poulakos, 1-31-2011 K-W-L √ Credit Card Vocabulary √ Credit Card Statement√ Calculate the Average Daily Balance √ Calculate Interest √
  2. Read and Report Out: Reporter Note Taker Timekeeper Credit and Debit Cards 1 50 Pts 2 Paragraphs 1 and 2 (p age 193) What is a credit card? What is impulse buying? What are the advantages of using a credit card? Paragraphs 3 and 4 Define the two types of credit card accounts Compare and Contrast a revolving credit card and a charge card Paragraphs 5 thru 9 -- Protection for cardholders Truth in Lending act. What is it and How does it work? Fair Credit Billing Act. What is it and How does it work? Fair Debt Collection Practices Act. What is it and How does it work? Paragraphs 10, 11 & 12 – Debit Cards What are they and How do they work? Electronics Funds Transfer Act -- What is it and How does it work? Discussion – Compare & Contrast Charge Cards, Credit Cards and Debit Cards 3 4
  3. Since the interest charge is based on your average daily balance… let’s define and calculate it…
  4. ADB & Finance Charge Exercises (average daily balance) (for 1 and 2 assume 12% APR, for 3 and 4 assume 18% APR:) 2 1 Sept 9th Charge $ 500 Sept 10th Charge $ 50 Sept 13th Charge $ 125 Sept 30th Charge $ 75 What is the ADB for Sept? Sept 1st Charge $ 150 Sept 10th Charge $ 50 Sept 13th Charge $ 25 Sept 30th Charge $ 50 What is the ADB for Sept? 3 4 Sept 17th Charge $ 15 Sept 18th Charge $ 5 Sept 20th Charge $ 25 Sept 30th Charge $ 10 What is the ADB for Sept? Sept 1st Charge $ 150 Sept 10th Charge $ 50 Sept 13th Charge $ 25 Sept 30th Charge $ 50 What is the ADB for Sept?
  5. ADB Exercises (average daily balance): Answers 1 2 Sept 9th Charge $ 500 Sept 10th Charge $ 50 Sept 13th Charge $ 125 Sept 30th Charge $ 75 ADB= 9 days@ $ 150 3 days @ $ 50 17 days@ $ 25 1 day @ $50 ADB=(9*150+3*200+17*225+1*275)/30 ADB= $ 201.67, FncChg=$2.02 3 4 Sept 1st Charge $ 150 Sept 10th Charge $ 50 Sept 13th Charge $ 25 Sept 30th Charge $ 50 ADB= Sept 17th Charge $ 15 Sept 18th Charge $ 5 Sept 20th Charge $ 25 Sept 30th Charge $ 10 ADB=
  6. Key Vocabulary Average Daily Balance APR Late Charge Credit Minimum Payment Payment Due Date
  7. How much did Amina pay towards her credit card? The following is from Amina’s Credit Card statement. Can you fill in the blank?
  8. How much did Stephon pay towards his credit card? The following is from Stephon’s Credit Card statement. Can you fill in the blank?
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