CREDIT CARD COMPARISON - Finance in the Classroom
[Pages:2]Name __________________________________________________________________ Date ________
CREDIT CARD COMPARISON
Evaluate different credit card applications comparing finance charges, interest, late fees, closing costs, annual fees, etc. Credit Card information: . Store Cards and Pay Day Lenders search individually on internet.
Example Credit Card
Type of Credit & Company
Visa Signature, Capital One ? No Hassle
APR (%)
0% for 9 mo, 13.9% after
Annual Fee
None
Other Fees
Cash adv. 3% Late fees $2935
Balance Transfer No fees
Finance Charge $0.50
Grace Period 20 days
Other
Earn double miles on purchases, Fly on any airline, No blackout dates, Seat restrictions
Credit Card
Store Card
Store Card
Pay Day Lender
1. Which credit option appeals to you most? Why?
2. Which piece of information (annual fees, APR, other) would you pay more attention to? Why?
3. What techniques do the credit companies use to market their credit?
4. Find three pieces of information that is in the "fine print" that you, the consumer, would need to know. a. b. c.
5. Name three things that consumers need to be aware of when applying for a credit card. a. b. c.
6. What did you learn from this exercise?
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