Education Standards

Credit Card Comparison Activity

Credit Card Comparison Activity

Overview

This lesson is to help students analyze aspects and features of credit cards to know how to determine which would be best for various situations.

Credit Card Comparison Activity

PURPOSE: To analyze aspects and features of credit cards to know how to determine which would be best for various situations.

1. Hand students a slip of paper that will define their role for this activity. Each slip of paper will have a type of credit user listed. (Find ideas of credit users on www.creditcards.com under the menu categories)

2. Help students navigate www.creditcards.com and show where to find the needed information. Inform students they are looking for the 'Schumer Box' that contains all of the rates and fees associated with the card. Explain that this is hard to find sometimes and show an example or two of where to find it for a specific card. It is typically in a small link that says 'Rates and Fees' or 'Pricing and Terms' or any variation of those words. 

3. Also, help guide students' thinking in a way that will help them think like that user. Give examples such as, if I am a user with bad credit, this is most likely due to me using credit poorly and having a revolving balance on my credit card. If this is the case, I am going to be most concerned about the regular interest rate since I will be paying that from month to month. If I am a good credit user, I will most likely be concerned about receiving great rewards. 

4. Next, give students time to research credit cards, find the information and make informed decisions on which credit cards are best for their given situation. 

5. Have a class discussion at the end, so that students hear of many different situations and what types of cards are necessary for them. 

PURPOSE: To analyze aspects and features of credit cards to know how to determine which would be best for various situations.

INSTRUCTIONS: 

1. Get a slip of paper from your teacher with your assigned user.

2. Go to www.creditcards.com and look up two cards that fit your assigned user. Look for the 'Schumer Box' that contains all of the rates and fees associated with the card. This can be hard to find sometimes, but it is typically in a small link that says 'Rates and Fees' or 'Pricing and Terms' or any variation of those words. 

3. Make sure the two cards are from different companies. Next, open up the resource below to complete the comparison. 

4. Analyze the 2 cards, and decide which card is best for your given situation and write your answer at the bottom of the activity sheet. 

5. Be prepared to share out what type of card you chose based on your given situation.