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Review Lesson Two What is a debit card? How does it differ from an ATM card?

Review Lesson Two What is a debit card? How does it differ from an ATM card?. Lesson Three: Credit Cards Objective: Students will identify what a credit card is and some advantages of using credit. Introduction:

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Review Lesson Two What is a debit card? How does it differ from an ATM card?

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  1. Review Lesson Two What is a debit card? How does it differ from an ATM card?

  2. Lesson Three: Credit Cards Objective: Students will identify what a credit card is and some advantages of using credit.

  3. Introduction: Consumers’ use of credit to buy goods and services is growing at a staggering rate. Once used primarily for large-ticket items, credit is now used for virtually everything. With a credit card, you buy now and pay later, at the end of the month.

  4. What is Credit? Credit- the amount of financial trust extended to a person or business by a lender.

  5. What is Credit? • Credit is a loan • It can be of great help to a smart money manager • can serve as a building block to establish a great credit history. • It also can be a trap leading to financial ruin. Credit must be used with caution and managed carefully. • It is essential that credit is used wisely!

  6. Vocabulary Credit is the amount of financial trust extended to a person or business by a lender. Credit card- a card authorizing the holder to buy good and services that can be paid for later Interest- payment for the cost of using someone else’s money, usually expressed in an annual percentage rate

  7. Partner Activity • Take turns reading the bulleted ideas on View of Credit Cards from the common Drive. • Make a list of the 9 advantages to using a credit card on your notes page.

  8. Open file on common drive called “Let’s Explore Credit”

  9. Video Credit Card Debt Explained With a Glass of Water http://www.youtube.com/watch?v=Vz05A6cP6Iw

  10. Small Group Activity Scenarios Complete the 3 Scenarios on pages 14-16 of your workbook in your group. Questions should be answered on a Word Document. This will be printed and collected for a grade.

  11. Summary What is an advantage to using a credit card? What is a disadvantage to using a credit card?

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