Source: What's Up in Finance?: "It Costs What?!"
National K -12 Subject:
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The goal of this game is to compare the cost that interest and fees can add to a purchase when the purchase is made using a credit card. Students compare the costs of using credit cards with varying interest rates, learn about important credit card terminology, and discover ways to responsibly manage credit.
1. Explain how credit cards work. Why would a financial institution let you borrow money to finance your purchases?
2. How can interest rates vary on a credit card? How does that impact your overall repayment amount if you don’t pay it back all at once, in the grace period?
3. Talk about special offers credit card companies make, and explain whether they are as significant to the consumer as the rate and fee structure of the card.
4. Discuss whether it is a good idea to carry credit card debt if you have enough money to repay the card within the grace period. What is the best way to use a credit card responsibly?
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