The purpose of this project is to prepare a dinner for four
The purpose of this project is to research different credit card options.
1.You will research 3 different credit cards and fill in the following table.
Possible resources:
www…..fill-in-your-bank-name…..com (for example, )
• Research cards specifically for students.
• Do NOT fill out any applications, surveys, forms or provide any personal information.
|Credit Card Company |Annual Interest Rate |Fixed or Variable Interest |Annual Fee |Special Deals (such as cash back, |
| |after the introductory|Rate? | |airline miles, etc.) |
| |period has expired | | | |
| | | | | |
|a. | | | | |
| | | | | |
|b. | | | | |
| | | | | |
|c. | | | | |
2. Answer the following questions:
a. Why might you want to have a credit card? Why is it important?
b. What is the best plan for buying an item on credit?
c. What is the worst plan for buying an item with credit?
3. On the website , select “Credit Cards” (at the top of the page) and then click on “Calculators”. Use the “Credit Card Minimum Payment” calculator to fill in the table below assuming you purchased a TV for $2000. You will do this for EACH of the credit cards from above and enter the “Annual Interest Rate after the introductory period has expired” from above for each credit card. Use 4% as the minimum payment percent.
Credit Card Company (from above) |Product Price
|APR-
Credit Card Rate after intro period has expired
(from above) |Minimum Payment |Monthly Payment |Balance Payoff (Months to pay off if you’re paying the minimum) |Total Payments |Calculate Interest Paid
(Total payments minus original Product Price) | |a. |
TV: $2000
| |4% | | | | | |b. |TV: $2000
| |4% | | | | | |c. |TV: $2000
| |4% | | | | | |
4. Answer the following questions:
a. What relationship do you notice between the total payments and the APR (Annual Percentage Rate) from the table above?
b. Which credit card company most interests you and why?
c. How do you think people get into financial trouble with credit cards?
d. How do credit card companies make money?
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