MODULE 9: Using Credit Cards
MODULE 9:
Using Credit Cards
PARTICIPANT GUIDE
MONEY SMART for Adults
SEPTEMBER 2018
The Federal Deposit Insurance Corporation is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system. One way we do that is by providing free, non-biased financial education materials, including this Participant Guide. For more information about our family of Money Smart products, visit moneysmart.
PARTICIPANT GUIDE
Contents
Welcome........................................................................................................................... 2 Module Purpose............................................................................................................2
Section 1: How Credit Cards Work................................................................................. 3 What Is a Credit Card?..................................................................................................3 Truth in Lending Disclosure.........................................................................................4 Rates and Fees..............................................................................................................5 Try It: Learning About Credit Card Fees.................................................................6 Rewards......................................................................................................................... 7 Other ImportantTerms ................................................................................................7 Try It: Choosing a Credit Card.................................................................................8 Apply It: My Credit Card Comparison Chart..........................................................9 Unsecured and Secured Credit Cards....................................................................... 10 Applying for a Credit Card......................................................................................... 11
Section 2: Managing Your Credit Card.........................................................................12 Reading a Credit Card Statement..............................................................................12 Try It: Finding Items in a Credit Card Statement.................................................13 Steps for ManagingYour Credit Card........................................................................16 Apply It:Tips for Using My Credit Card...............................................................18
Module Closing..............................................................................................................20 Remember the KeyTakeaways..................................................................................20 Take Action..................................................................................................................20 Where to Get More Information or Help...................................................................21
Pre-Training Survey.......................................................................................................23
Post-Training Survey.....................................................................................................25
MONEY SMART for ADULTS Module 9: Using Credit Cards
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PARTICIPANT GUIDE
Welcome
Welcome to the FDIC's Money Smart for Adults! This is the Participant Guide for Module 9: Using Credit Cards. Use it during and after training. Mark it up, write in it, take notes--it is yours to keep.
Module Purpose
This module covers how credit cards work and how to manage a credit card. This module also:
??Reviews important credit card terms ??Explains the importance of comparing credit cards ??Explains how to read a credit card statement
MONEY SMART for ADULTS Module 9: Using Credit Cards
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SECTION 1: How Credit Cards Work
PARTICIPANT GUIDE
Section 1: How Credit Cards Work
We will discuss how credit cards work, important credit card terms, and choosing a credit card based on your needs.
Key
Takeaway
Know how credit cards work so you can more effectively shop around for one that meets your needs.
What Is a Credit Card?
A credit card is a revolving line of credit. The balance on your card goes up when you make purchases. The balance on your card goes down when you make payments.
There is a limit on how much you can borrow on the card at one time. That is called your credit limit. It can also be called a credit line.
You must pay at least a portion of the bill every month, called the minimum
payment.
Use Credit Card
Debt Increases
Use Credit Card
Debt Increases
Pay Credit Card
Bill
Debt Decreases
MONEY SMART for ADULTS Module 9: Using Credit Cards
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