Credit Cards

exactly how do they work.....

Research

Find the best credit card deal. Consider interest rates, annual fees, late charges, etc. Be sure and read the fine print.


Bankrate.com


What is the difference between fixed and variable rates?

Let's Shop!

Now the fun part! Find some items to "trick out" your ride. Try to keep your purchase total below $1000.

Paying over Time

Typically the minimum monthly payment for a credit card is 4% of the balance each month. Starting with your balance, find out how long it would take to pay off your balance by making only the minimum payment each month. Calculate how much interest you paid on your purchases. Finally, what was the total amount you paid for your merchandise - the original amount you charged on your credit card plus the interest charged.


Create a google spreadsheet similar to this example to share with your teacher.