Credit Card
Chase, Bank of America, Huntington
What is Banks?
True or False? You do not need a PIN to use a debit card
False
$5,000 of debt, pay off $2,500, how much would they owe for their next payment with a 50% APR?
$3,750
Margarito went to buy WiFi for Morton. He picked out the service plan and a new router. When paying, he had to enter a PIN. Which card did he use?
Debit Card
What is one pro for using a credit card?
Rewards, Convenient, Build Credit, Good Security
True or False? You cannot spend more money than you have on your account
True
$3,500 of debt, pay off $1,200, how much do they owe on their next payment if their APR is 25%?
$2,875
Angel was playing sports with his friends, and he accidentally tripped causing him to sprain his ankle. He decided to go to the hospital to get it looked at. After multiple tests, the doctor said that all he needed to do was put some ice on it and not stand on the leg. When he got the bill, he saw that it was way over the amount of money he had, but was still able to pay. Which card did he use?
Credit Card
What is one con to using a credit card?
Interest, Overspending, Fraud - when stolen
What is one con to using a debit card?
Spending Depends on Balance, Overdraft Fees, Does Not Build Credit Score
$3,500 of debt, pay off $1,200, how much do they owe on their next payment if their APR is 15%?
$2,645
Destiny wanted to expand her pin collection. She did research on which pins are available at different stores. She finally found the one she wanted. She went to the ATM and withdrew some cash. Which card did she use?
Could be both
Max amount of money that depends on your income, credit score, credit history
What is Credit Limit?
What is one pro for using a debit card?
No Annual Fees, Help with Budgeting, No Interest
$2,346 of debt, pay off $1,284, how much would they owe for their next payment if their APR is 14%?
$1,210.68
Victoria went to buy snacks for everyone at program. She goes to Costco to buy huge boxes of chips and candy. When paying, her card got declined. When looking at her account, she realized she did not have enough money. Which card was trying to use?
Debit Card
Extra percentage you pay if you do not pay your debt on time
What is Annual Percentage Rate (APR)?
Where money is taken from when you use your debit card
What is a Checking Account?
$1,083 of debt, pay off $675, how much do they owe on their next payment if their APR is 2.5%?
$418.20
Miguel and Eddie went to the store without Luis. Miguel did not have any money in his account or any cash. Luckily, Eddie looked at his account and he did have money for both of them. After arriving to program, Luis was very sad :( but surprise! Miguel was able to buy something for Luis. Which card did Eddie use? Which card did Luis use?
Eddie - Debit Card, Miguel - Credit Card