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Entrepreneurship 12Credit Cards/42Entrepreneurs often rely on credit (borrowed money) to start funding their businesses. Credit cards are enticing and can offer advantages for buying the things you already buy, but they can also be potentially devastating to your finances if used improperly. Lesson goal: Learn how to use credit cards responsibly and which credit cards to choose for your needs.Steps:Answer the questions below using the specific resources providedSearch up the answers if no specific source is provided You will work in assigned partners. You must be sitting next to your partners. Credit and Credit Cards/10Define the following key terms./3CreditCredit LimitAPRWrite one point for each unique feature and one point for similarities for the two terms below./3At what age can you have a credit card in Canada alone? /1At what age can you have a credit card linked to an adult account?/1Credit Scores and Credit Cards/32Your eligibility for a credit card is determined by your credit score. What is a credit score?/2Who determines your credit score?/1What is your personal credit score? Check using KreditKarma, a free service linked below./2 1 name:Partner 1 credit score:Partner 2 name:Partner 2 credit scoreKreditKarma claims that your credit score will not be affected by a “soft inquiry”. What is a soft inquiry and why does it not affect your credit score?/3What are the two most important criteria that determine your credit score?/2What other criteria are factored into your credit score? List three more/3---What is the range of a credit score?List out a bad, medium, and good credit score range./2Bad:Passable:Good:How do you and your partner’s scores stack up? Would you like to improve your credit score? If you were unable to find a credit report, reflect on that fact./2What actionable steps can you take to improve your credit score now or in the near future?/2---Research the best available Canadian credit cards using this link:/8 Which two credit cards would best suit your needs when you turn 19?Credit Card NameIssuing CompanyAnnual feeBenefits and justification for why you chose itWhich two credit cards would you like to have when you turn 30?/4Use the following to calculate the interest that would be added to a $1000 credit card charge at a 22% interest rate if you only made the $20/month minimum payment?/2 Bonus question: What is the American Express Centurion Card (aka the Amex Black Card)? What are its rumoured qualification criteria?/2 ................
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