If you wish to make use of your card’s interest-free days, understanding your statement period is essential. Key things to look for when you read your credit card statement: Account Information: Commonly located at the top of your credit card statement, this section includes your account number, the date you opened the account, and the dates covered in that particular billing period. What is the current APR for purchases, balance transfers, and cash advances? Credit card account statements include the transactions made during the month, along with beginning and ending account balances, credit card payments, credits, and finance charges. ACTIVATING CARD,SIG N IG AUTHOR ZEDUSERS,ACCESS. It may also be added when you return something you bought with a credit card or because of rewards … “account,” unless the context clearly indicates otherwise, means the VISA credit card revolving line of credit account established by this Agreement and Disclosure Statement. 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 … A credit card has a specified amount of credit attached to it, and if a consumer tries to spend beyond the credit limit, the card will be denied. 7.Virtually every credit card company wants you to charge more on your credit card than you can afford to pay off in full each month 8. Describe how an individual obtains a credit card. Not all deposits listed in the check register are shown on the statement. § Students will then answer the reflection question. If you’ve ever looked at credit card statements, you know how difficult they can be to read. However, there is a limit to it (usually 30% of the credit limit). The Credit Card Project, Checking Account Project, Room Renovation Project, Buy a Car Project, Understanding a Paycheck and Savings Account Activities have been updated to also include a Google Classroom™ version in addition to the original print-friendly version! answer choices. Your credit history and your credit score hold the key to your financial future. 5. Continue. Ì Annual Fee: The fee a credit card company charges for the use of their credit card. Once they have the statements, they can access your account. – Cardholder: This is the full name of the person or business that owns the card.If the card is for Reading a Credit Card Statement. Credit and credit cards are an integral part of our economic system today. If your previous bill was not paid in full, then the credit card or charge account company adds on a . What is the Annual Percentage Rate (APR)? What is the current APR for purchases, balance transfers, and cash advances? No. In this continuing series, we examine key concepts, tips and best practices when it comes to credit cards. Explain to students they will be completing a worksheet to practice reading a credit card statement 7. Page | 27 1.4.1.A4 By educators… for educators Understanding a Credit Card Statement 15 Total Points You should check your statements regularly to find out how much you need to pay, when you need to pay it by, what rates you’re being charged, any fees/charges , and to make sure you recognise all the transactions listed. Income Gross salary $2,000 Total Income $2,000 ... Credit card $300 Checking account $1,250 Medical debt $400 Cash $1,000 + $75 = $1,075 Other $450 Total Monetary Assets $4,525-Total Short term Liabilities Try it risk-free for 30 days. Reduce paper waste and the resources used for printing and delivering account statements to your home, and avoid a monthly applicable paper statement … We’re available to answer your call 24/7. One common mistake many credit card users make is assuming that interest-free days start applying from the date of the purchase. Once you receive your new KeyBank credit card in the mail, step one is to activate it. To keep track of payments and monitor your credit score, it’s best to give credit card statements a close read every billing cycle. Our experts have been helping you master your money for over four decades. 5 THE FINE PRINT: Credit Card Statement Resource # SC-5.4 Select a Credit Card - Sample Completed Student Activity Packet 4 COMPARE: Select a Credit Card* *No Answer Key available - assignment is open-ended. Morgan received the following credit card statement. Learn about credit card statements by hovering over each orange dot. After careful evaluation of her finances, Credita decides to set a clothing budget not to exceed $1200 a year at the Q T Pi Fashions store. 7. Once you answer the questions submit a screenshot in the submit area. Average Daily Balance = Sum of the Ending Daily Balances ÷ Number of Days in the Billing Period (assume 30 days) Activity 1. Quickly see your month’s activity, including any fees or interest. Balance Summary. This activity is available to use with your students in both Google Docs and Google Forms. Key Principles We value your trust. Your monthly credit card bill got a makeover in 2009 thanks to lawmakers and federal banking regulators. 1. It is a single issue type card offered by Q T Pi Fashions, her favorite store! Name: Part C: Long Answer (80 marks) Show all formulas and calculations used to answer each question. , and new balance. The credit card you are using is based on the example from the Schumer Box Article. Credits are added to your account each time you make a payment. Which answer is correct? There will be a figure on your credit card statement which will tell you the total reward points you have. Then, you will answer questions using the sample Schumer Box below. A credit card allows the cardholder to purchase goods and services on demand. In this activity, you will explore a credit card agreement, called a Schumer Box, in more detail to understand its various components. Call the number on the card sticker. $ 35.50. Materials Every month, you should check your statement to be sure that the transactions that you paid were correctly listed on your credit card transaction statement. Once you answer the questions submit a screenshot in the submit area. Use the reconciliation worksheet above to answer the following questions: 1. answer key credit card statement provides information such as how and when you’ve used your credit card, how much you owe, how much interest you’re paying to use the card, how much your minimum payment is, and how much credit you have left. If you’ve ever looked at a credit card statement, you know how difficult one can be to read. Sierra Slade Financial Literacy Understanding a Credit Card Statement - 15 points Directions: Refer to the provided credit card statement to answer the following questions. Need Help. If your credit card is stolen and the thief runs up a total of $1,000 but you notify the issuer of the 1. An accounting of the credits and debits in the form of a monthly report sent to a credit card holder. * $253.17 3. Products. This is calculated by adding together the ending balance for each day in the billing period (even the days that your balance didn't change), and then dividing by the total number of days. bank account statement and calculate the costs of using a debit card irresponsibly. Print Scenario. (3 points) 16.99% 2. The maximum amount that a person can owe on a credit card at one time. credit card 6. Select: View credit card results. Continue. Once you understand the statement, answer the questions to the right. This causes a positive move in your credit rating, because again, it shows good payment habits, and it also shows you do not have any outstanding debt on your credit card. If you accidentally overpay, most credit cards will apply a statement credit toward your future purchases. debit cards -- paying at the register while credit cards promise to pay back later. 3. answer key credit card statement provides information such as how and when you’ve used your credit card, how much you owe, how much interest you’re paying to use the card, how much your minimum payment is, and how much credit you have left. Section What type of information is in this section? Describe two pieces of information on a credit card statement that you should review closely and why. My credit card company sends me checks in my statement that allow me to spend money easily. A credit card statement is a summary of how you've used your credit card for a billing period. If the customer wants to avoid paying interest, how Quiz. 3. Part II - Use the calculator: Remember the scenario above -- you charged a $1100 laptop, then stopped spending on your credit card and started paying off your debt. Visit your KeyBank branch. A statement credit is a positive amount on your credit card bill. CASH FLOW STATEMENT ANSWER KEY This chart shows the answers for the worksheet associated with the green cards. 1. But there is a lot of misinformation and misunderstandings about credit. Not a bad deal. Reduce the risk of identity theft from lost, stolen, or misdirected mail since your bank statements will only exist online. Understanding Credit Cards: How To Read a Credit Card Statement. On August 5, … Close. 6.Making the minimum payment on a credit card is a really dumb thing to do, and less you love throwing away lots of money. Include units where appropriate. b. Box 814403, Dallas, TX 75381-9711. 46. To calculate your card’s APR, multiply your Average Daily Periodic Rate (ADPR) for your card by 365. Sierra Slade Financial Literacy Understanding a Credit Card Statement - 15 points Directions: Refer to the provided credit card statement to answer the following questions. ̶Check the monthly credit card statement for errors ̶Neglec ng any of these prac cescould develop a nega creditve history Online shopping is safer with a credit card than a debit card: Online shopping with a credit card is safer than using a debit card. Understanding a Credit Card Statement Name_____ Date_____ Class_____ Directions: Refer to the provided credit card statement to answer the following questions. Exit Simulation. 3 Introducing the Credit Card – Card Brand: This is similar to the issuing bank, but it represents the credit card company that manages the card. If the statement is a benefit, draw a line under the statement. 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