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Page|16 2.6.3.E2

©TakeChargeToday–May2014–UnderstandingCreditCards

FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Sample

Credit

Card

Offer

1

InterestRatesandInterestCharges

AnnualPercentage

Rate(APR)for

Purchases

12.99%,13.99%or14.99%,introductoryAPRforoneyear,basedonyourcreditworthiness.

Afterthat,yourAPRwillbe14.99%.ThisisavariableͲrateAPRthatwillvarywiththemarket

basedonthePrimeRate.

APRforBalance

Transfers

15.99%

x ThisAPRwillvarywiththemarketbasedonthePrimeRate

APRforCash

Advances

21.99%

x ThisAPRwillvarywiththemarketbasedonthePrimeRate

PenaltyAPRand

WhenitApplies

28.99%

ThisAPRmaybeappliedtoyouraccountifyou:

1. Makealatepayment;

2. Gooveryourcreditlimit;

3. Makeapaymentthatisreturned;or

4. Doanyoftheaboveonanotheraccountthatyouhavewithus.

HowlongwillthePenaltyAPRapply?IfyourAPR’sareincreasedforanyofthesereasons,

thePenaltyAPRwillapplyuntilyoumakesixconsecutiveminimumpaymentswhendue.

HowtoAvoidPaying

InterestonPurchases

Yourduedateisatleast25daysafterthecloseofeachbillingcycle.Wewillnotchargeyou

anyinterestonpurchasesifyoupayyourentirebalancebytheduedateeachmonth.

MinimumInterest

Charge

Ifyouarechargedinterest,thechargewillbenolessthan$1.50.

ForCreditCardTips

fromtheFederal

ReserveBoard

Tolearnmoreaboutfactorstoconsiderwhenapplyingfororusingacreditcard,visitthe

websiteoftheFederalReserveBoardathttp://www.federalreserve.gov/creditcard

Fees

SetͲupand

MaintenanceFees

NOTICE:SomeofthesesetͲupandmaintenancefeeswillbeassessedbeforeyoubeginusing

yourcardandwillreducetheamountofcreditavailableinitially.Forexample,ifyouare

assignedtheminimumcreditlimitof$250,initialavailablecreditwillbeonlyabout$209.

x AnnualFee:$20

x AccountSetͲupFee:$20(oneͲtimefee)

x ParticipationFee:$12annually($1permonth)

x AdditionalCardFee:$5annually(ifapplicable)

TransactionFees x BalanceTransfer:Either$5or3%oftheamountofeachtransfer,whicheveris

greater(maximumfee:$100)

x CashAdvance:Either$5or3%oftheamountofeachcashadvance,whicheveris

greater

x ForeignTransaction:2%ofeachtransactioninU.S.dollars

PenaltyFees x LatePayment:$29ifbalanceislessthanorequalto$1000OR$35ifbalanceismore

than$1000

x OverͲtheͲlimit:$29

x ReturnedPayment:$35

*HowWeWillCalculateYourBalance:Weuseamethodcalled“averagedailybalance(includingnewpurchases).”

*LossofIntroductoryAPRͲWemayendyourintroductoryAPRandapplythePenaltyAPRifyoubecomemorethan60

(2)

Page|17 2.6.3.E3

©TakeChargeToday–May2014–UnderstandingCreditCards

FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Sample

Credit

Card

Offer

2

InterestRatesandInterestCharges

AnnualPercentage

Rate(APR)for

Purchases

14.99%

ThisisavariableͲrateAPRthatwillvarywiththemarketbasedonthePrimeRate.

APRforBalance

Transfers

0%introductoryAPRforsixmonths.Afterthat,yourBalanceTransferAPRwillbe18.99%

x ThisAPRwillvarywiththemarketbasedonthePrimeRate

APRforCash

Advances

24.99%

x ThisAPRwillvarywiththemarketbasedonthePrimeRate

PenaltyAPRand

WhenitApplies

29.99%

ThisAPRmaybeappliedtoyouraccountifyou:

1. Makealatepayment;

2. Gooveryourcreditlimit;

3. Makeapaymentthatisreturned;or

4. Doanyoftheaboveonanotheraccountthatyouhavewithus.

HowlongwillthePenaltyAPRapply?IfyourAPR’sareincreasedforanyofthesereasons,

thePenaltyAPRwillapplyuntilyoumakesixconsecutiveminimumpaymentswhendue.

HowtoAvoidPaying

InterestonPurchases

Yourduedateisatleast25daysafterthecloseofeachbillingcycle.Wewillnotchargeyou

anyinterestonpurchasesifyoupayyourentirebalancebytheduedateeachmonth.

MinimumInterest

Charge

Thereisnominimuminterestcharge.

ForCreditCardTips

fromtheFederal

ReserveBoard

Tolearnmoreaboutfactorstoconsiderwhenapplyingfororusingacreditcard,visitthe

websiteoftheFederalReserveBoardathttp://www.federalreserve.gov/creditcard

Fees

SetͲupand

MaintenanceFees

NOTICE:SomeofthesesetͲupandmaintenancefeeswillbeassessedbeforeyoubeginusing

yourcardandwillreducetheamountofcredityouinitiallyhaveavailable.Forexample,if

youareassignedtheminimumcreditlimitof$250,initialavailablecreditwillbeonlyabout

$209.

x AnnualFee:$0

x AccountSetͲupFee:$20(oneͲtimefee)

x ParticipationFee:$15annually

x AdditionalCardFee:$5annually(ifapplicable)

TransactionFees x BalanceTransfer:Either$25or5%oftheamountofeachtransfer,whicheveris

greater(maximumfee:$100)

x CashAdvance:Either$25or5%oftheamountofeachcashadvance,whicheveris

greater

x ForeignTransaction:3%ofeachtransactioninU.S.dollars

PenaltyFees x LatePayment:$30

x OverͲtheͲlimit:$30

x ReturnedPayment:$30

*HowWeWillCalculateYourBalance:Weuseamethodcalled“averagedailybalance(includingnewpurchases).”

*LossofIntroductoryAPRͲWemayendyourintroductoryAPRandapplythePenaltyAPRifyoubecomemorethan60

(3)

Page|18 2.6.3.E4

©TakeChargeToday–May2014–UnderstandingCreditCards

FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona

Sample

Credit

Card

Offer

3

InterestRatesandInterestCharges

AnnualPercentage

Rate(APR)for

Purchases

11.99%,introductoryAPRforoneyear.

Afterthat,yourAPRwillbe15.99%.

APRforBalance

Transfers

14.99%

APRforCash

Advances

20.99%

PenaltyAPRand

WhenitApplies

28.99%

ThisAPRmaybeappliedtoyouraccountifyou:

1. Makealatepayment;

2. Gooveryourcreditlimit;

3. Makeapaymentthatisreturned;or

4. Doanyoftheaboveonanotheraccountthatyouhavewithus.

HowlongwillthePenaltyAPRapply?IfyourAPR’sareincreasedforanyofthesereasons,

thePenaltyAPRwillapplyuntilyoumakesixconsecutiveminimumpaymentswhendue.

HowtoAvoidPaying

InterestonPurchases

Yourduedateisatleast25daysafterthecloseofeachbillingcycle.Wewillnotchargeyou

anyinterestonpurchasesifyoupayyourentirebalancebytheduedateeachmonth.

MinimumInterest

Charge

Ifyouarechargedinterest,thechargewillbenolessthan$2.00.

ForCreditCardTips

fromtheFederal

ReserveBoard

Tolearnmoreaboutfactorstoconsiderwhenapplyingfororusingacreditcard,visitthe

websiteoftheFederalReserveBoardathttp://www.federalreserve.gov/creditcard

Fees

SetͲupand

MaintenanceFees

NOTICE:SomeofthesesetͲupandmaintenancefeeswillbeassessedbeforeyoubeginusing

yourcardandwillreducetheamountofcredityouinitiallyhaveavailable.Forexample,if

youareassignedtheminimumcreditlimitof$250,initialavailablecreditwillbeonlyabout

$209.

x AnnualFee:$15

x AccountSetͲupFee:$10(oneͲtimefee)

x AdditionalCardFee:$10annually(ifapplicable)

TransactionFees x BalanceTransfer:$0

x CashAdvance:Either$10or3%oftheamountofeachcashadvance,whicheveris

greater

x ForeignTransaction:3%ofeachtransactioninU.S.dollars

PenaltyFees x LatePayment:$35

x OverͲtheͲlimit:$35

x ReturnedPayment:$35

*HowWeWillCalculateYourBalance:Weuseamethodcalled“averagedailybalance(excludingnewpurchases).”

*LossofIntroductoryAPRͲWemayendyourintroductoryAPRandapplythePenaltyAPRifyoubecomemorethan60

(4)

Page | 25 

2.6.3.A5 

 

© Take Charge Today – May 2014 – Understanding Credit Cards 

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona  

Comparison

 

Shopping

 

for

 

a

 

Credit

 

Card

 

    Total Points Earned    Name    35  Total Points Possible    Date      Percentage    Class      Directions:  Compare at least three sample credit card offers. Identify which credit card you would choose  and why. (1 point each)   

  Card 1  Card 2  Card 3 

What is the Annual Percentage Rate (APR) for  Purchases 

     

Is the APR for purchases a fixed‐rate APR or  variable‐rate APR? 

     

Introductory APR‐ What is the rate and how  long does it last? 

     

What is the APR for Balance Transfers?        What is the APR for Cash Advances?       

What is the Penalty APR?       

Is there a minimum interest charge? If so,  how much? 

     

Set‐up and Maintenance Fees       

Transaction Fees       

Penalty Fees       

How is the balance calculated?       

 

  Which credit card would you choose and why?   (2 points) 

   

(5)

Page | 26 

2.6.3.B1 

 

© Take Charge Today – May 2014 – Understanding Credit Cards 

Funded by a grant from Take Charge America, Inc. to the Norton School of Family and Consumer Sciences Take Charge America Institute at The University of Arizona  

Comparison

 

Shopping

 

for

 

a

 

Credit

 

Card

 

Essay

 

 

  Total Points Earned   

Name 

 

21  Total Points Possible   

Date      Percentage    Class     

Directions: Write a one page essay explaining why the credit card you choose is the best choice. Your essay 

should: 

 Provide at least 3 reasons why you selected the card that you did 

 Explain the decision making process used 

 Identify characteristics of the card you must be careful about to use it responsibly 

 

 

Exemplary  Satisfactory  Unsatisfactory  No 

Performance 

Score 

Content: 

 At least three reasons why the card 

was selected is provided 

 The decision making process is 

described 

 One or more characteristics of the 

card that the consumer must be 

aware of to use it responsibly are 

described 

 Answer are thoughtful and reflective 

 

9‐7  6‐4  3‐1  0 

 

Writing Skills: 

 Sentences are fluent and effective 

 Very few errors in mechanics, 

punctuation and word choice 

 Essay includes an introduction, body, 

and conclusion 

 

6‐5  4‐3  2‐1  0 

 

Effectiveness of Presentation: 

 Clearly prepared 

 Easily read and neatly assembled 

 Minimum of one‐page, double‐

spaced with 12 font and 1‐inch 

margins. 

 

6‐5  4‐3  2‐1  0 

 

 

Total Points Earned

 

 

Total Points Available

 

21

 

Percentage

 

 

   

References

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