Lesson Five Credit Cards - Practical Money Skills - macy statement pay credit card

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• (1) macy american express account statement
• (2) macy's my account statement
• (3) view my macy's statement online
• (4) macy's my account log in

Teacher's Guide
Lesson Five
$ Credit Cards
credit cards lesson outline
overview
What is APR? What is a grace period? What are transaction fees?
These and other questions will be answered in this lesson, as students learn about credit cards,
the different types of cards available (bank cards, store cards, and travel and entertainment cards)
and the features of each.
As students start to shop for their first (or next) credit card, this lesson will make them aware of
various costs and features. Included in this section is a discussion of the methods for calculating
finance charges.
Various federal laws protect our rights as we apply for and use credit cards, such as procedures
for disputes and protection from card theft and fraud. In this lesson, students will also be given
an opportunity to analyze the information contained on a credit card statement.
To assist students with making wise decisions related to credit cards, several shopping tips are
offered. Finally, once again, students are reminded of guidelines related to determining
safe debt loads.
goals
Develop skills to compare and evaluate the terms and conditions of various credit cards, the
differences between credit cards, and the legal and financial responsibilities involved.
lesson objectives
List three types of credit card accounts, and explain the uses and payment methods of each
Understand how to shop for a credit card
Read and interpret a credit card statement
Understand how to deal with billing errors
Understand the long-term results of overextending your credit usage
Determine safe personal debt loads
presentation slides
5-A applying for a credit card
5-B calculating finance charges
5-C examples of finance charges
5-D comparing credit cards
5-E what to do if you're denied credit
5-F reading a credit card statement
www.practicalmoneyskills.com credit cards teacher's guide 5-i
credit cards lesson outline
5-G dealing with billing errors
5-H other credit card protections
5-I credit card dos and don'ts
5-J how much can you afford? (the 20-10 rule)
student activities
5-1 Shopping for Credit
Discuss how costs and features can vary between credit cards, and have students
apply their findings by making a decision about which kind of card they would use
to purchase a popular electronic device.
Using the form provided, ask teams of students to shop for three credit cards (two
major credit cards and one from a local department store). When they've finished
their research, ask them to answer a series of questions about their findings.
When all the teams have finished their research and completed the questions, have
each team explain to the class how they determined which credit card they would
recommend for purchasing the electronic device (question 9). Have the class
critique the logic each team used to arrive at their decision.
5-2 What Does Your Statement Tell You?
Students can take a close look at a credit card statement and see what kind of
information it contains.
Using the credit card statement provided, have students answer the questions attached
to the statement.
5-3 How Much Does It Really Cost?
Have students calculate the total cost of items bought on credit and what the eventual
cost of those items will be if only the minimum payment is made and interest charges
accrue.
Have students answer the questions. Discuss their answers. Was anyone surprised at
their answers? Would they have made different choices about buying the items?
This can be a good time to talk about values, needs versus wants, budgeting, and
the pros and cons of using credit.
5-4 How Deep Should They Go?
Students determine safe debt loads for several consumers.
Have students answer the questions and document how they arrived at each answer.
When they're done, review the answers and the formulas used.
5-5 Lesson Five Quiz
For more information, please refer to the Appendix.
www.practicalmoneyskills.com credit cards teacher's guide 5-ii


• Key Facts Statement (KFS) Credit Cards
• Macy's, Inc. 10-K
• CREDIT CARD CARDHOLDER AGREEMENT AND DISCLOSURE …
• Lesson Five Credit Cards - Practical Money Skills
• CITIBANK, N.A. CREDIT CARD DISCLOSURES - Macy's