Try it risk-free for 30 days. 1 Your APR will automatically default to the "Past Due Rate" of Prime Rate plus 17.99% if your payment is 30 days past due at any time. This number is what you now owe as of the statement close date. It is the amount of credit you have borrowed and have to pay off plus any finance charges. You must pay at least this much of the total you owe by the payment due date. You may, however, pay more than the minimum, up to the total balance. 2. Quickly see your month’s activity, including any fees or interest. Reading a Credit Card Statement . What typically happens if a cardholder makes a late credit card payment? * $103.69 2. Account Information: This includes the last four digits of your account number and the open and closing dates this credit card statement applies to. Account Summary: This section summarizes your transactions for this statement, including your payments and credits, purchases, interest charged, fees charged, balance transfers, and cash advances. Ì Annual Fee: The fee a credit card company charges for the use of their credit card. Key features on your credit card statement Below we've outlined the major features of your credit card statement. View Credit_Card_Statement_and_Questions.pdf from BUSINESS 6157-2 at Spencerport High School. Credit card statements are filled with terms, numbers and percentages that play a role in the calculation of your total credit card … Stealing. View Scenario. CASH FLOW STATEMENT ANSWER KEY This chart shows the answers for the worksheet associated with the green cards. Please try again. To obtain a copy of the Credit Card Agreement without opening an account, please write to: Town North Bank Nevada, N.A. the statement describes a credit card, write the statement in the left circle. You must have a bank account to have an ATM card b. (The extra day in a leap year isn’t material for this calculation.) Credit Card Statement Summary of Account Activity Payment Information Late Payment Warning Minimum Payment Warning Notice of changes to your interest rates Other changes to your account terms ... Bankrate has answers. Teacher Key In September, Credita is approved for her first credit card! Describe two pieces of information on a credit card statement that you should review closely and why. Answer the questions that follow. Reading a Credit Card Statement Art Martinez 2017-09-14T11:27:01-05:00. A credit card statement is a summary of your account activity for a set period of time, usually monthly. Credit Card Statement A credit card statement reveals a lot about what it costs to charge stuff and then pay interest on the loan. This is called a cash advance. Here's an example: Let's say your credit card company issued your statement on July 31 and the statement balance came to $525. For a newbie, credit card statements might look puzzling. Please choose an answer for each question. Your credit history and your credit score hold the key to your financial future. Your credit card statement … They steal billfolds, purses, and even mail in your mailbox (bank statements, credit card statements, preapproved credit offers, new checks, or If the statement is a benefit, draw a line under the statement. Yes. Money Instructor Bank CREDIT CARD STATEMENT Name Morgan Account Number 8184 9809 2212 7860 Statement Date FEB 28 Payment Due Date MAR 10 Credit Line $5,000.00 Available Credit $4,745.00 New Balance $255.00 Minimum Payment Due $50.00 Previous Balance $927.00 What is the current APR for purchases, balance transfers, and cash advances? A guide to reading your statement and understanding key credit terms: Account Overview. Includes general account information and the dates your bill covers. Incorrect. Which of the following statements about your credit report is most accurate? by Amy Lillard. Multiply by 365 because three of every four calendar years have 365 days. How do you get a Statement Credit? A statement credit is money credited to your account, just like a payment. But while payments are sent from the cardholder, statement credits can be issued by a merchant or by the card issuer itself. It used to be that nearly all statement credits were the result of returns. Purchase of combine tractors and mini trucks requirements of farm. 7. 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. (3 points) 16.99% 2. What is the new balance shown on the statement? statement, which lists all the items you purchased during a one-month period. In this continuing series, we examine key concepts, tips and best practices when it comes to credit cards. A 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. credit cards, select: Credit card interactive tool. Answer questions. Your monthly credit card bill got a makeover in 2009 thanks to lawmakers and federal banking regulators. 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. Say you have a card with a $10,000 limit and a $1,250 balance. 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. Reading Your Credit Card Statement Once you receive your new KeyBank credit card in the mail, step one is to activate it. Ì Credit Limit: The maximum amount of money the lender is willing to loan an applicant. Select: View credit card results. Continue. 2. Course. If your previous bill was not paid in full, then the credit card or charge account company adds on a . How much was the deposit that did not show up in the statement? 1. Understanding a Credit Card Statement Name_____ Date_____ Class_____ Directions: Refer to the provided credit card statement to answer the following questions. Select Continue to proceed to the next question. Part I: Read The Fine Print. Credit Line. If the customer wants to avoid paying interest, how The monthly statement makeover is part of a much larger series of credit card regulation reforms approved by the Federal Reserve Board in December 2008. b. You will receive your score and answers at the end. 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. Call 1-800-KEY2YOU ® (1-800-539-2968) Once your card is activated, it … (2 points) 14. card. While your milestone in years was deserving of a celebration, dealing with the $1900 in credit card charges will require some planning. question 1 of 3. Then, you will answer questions using the sample Schumer Box below. As mentioned above, some rewards programs also allow you to apply cash back to a statement credit, lowering your … Which answer is correct? The monthly statement makeover is part of a much larger series of credit card regulation reforms approved by the Federal Reserve Board in December 2008. 1. Travel Card 101. No. So, it can pay to know how to read the statement! Sample Credit Card Statement . Attention: Credit Card Agreement, P.O. Average Daily Balance = Sum of the Ending Daily Balances ÷ Number of Days in the Billing Period (assume 30 days) Activity 1. What are two differences between a debit card and a credit card? Instructions Visit MyCreditUnion.gov’s interactive credit card statement to answer the Sierra Slade Financial Literacy Understanding a Credit Card Statement - 15 points Directions: Refer to the provided credit card statement to answer the following questions. (YES!) 2. a) In order to use the card you must first activate the card by calling the telephone number accompanying the card. Credit card issuers have a legal requirement to send your monthly credit card statement at least 21 days before your minimum payment due date. 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. 1. Continue. 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! On August 5, … What is the date of the statement? Not all deposits listed in the check register are shown on the statement. We offer wide range of consumer banking services like savings account, fixed deposit, debit card, loan, Mutual funds and many more that helps you meet personal financial needs. Our experts have been helping you master your money for over four decades. Credit balance A credit balance on your billing statement is an amount that the card issuer owes you. 3. You are using 12.5% of your credit limit. To keep track of payments and monitor your credit score, it’s best to give credit card statements a close read every billing cycle. Module 1: Interest and Credit (38 marks) 1. A credit card statement is a summary of how you've used your credit card for a billing period. credit companies give you a monthly statement but debit card companies do not. If you pay your credit card balance in full each month, then your credit report will always show a zero balance at the end of the month. (3 points) 2. 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. Close. Materials Understanding Credit Cards: How To Read a Credit Card Statement. What is the current APR for purchases, balance transfers, and cash advances? Use the reconciliation worksheet above to answer the following questions: 1. Distribute the . (3 points) 16.99% 2. 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. Here’s what you should know about reading your credit card statement. Account information: At the very top of your statement, you will often find your account information, including the account number, the account opening date and the dates covered in this statement period. Account summary: Next, you'll see a box called "account summary." Write your final answers rounded to the number of decimal places indicated in the questions. Examples include Visa, MasterCard, Discover, and American Express. 1. However, there is a limit to it (usually 30% of the credit limit). umer Box and answer … This section includes lessons on consumer credit cards, credit, and paying interest. Credit Card Statement. Include units where appropriate. Whether you get your credit card statements in the mail or online, the documents have taken on a new look since the Credit Card … For more information, please refer to the Appendix. debit cards -- paying at the register while credit cards promise to pay back later. Math 1050 Credit Card Debt Assignment You have received your monthly credit card statement and must now deal with the financial realities of last month's birthday celebration. Reading a Credit Card Statement. Understanding a Credit Card Statement Total Points Earned Name 15 Total Points Possible Date Percentage Class Directions: Refer to the provided credit card statement to answer the following questions. Visit your KeyBank branch. Key Takeaways Credit cards are debt instruments. The credit card you are using is based on the example from the Schumer Box Article. CREDIT AND Credit Cards. You owe $1,000 on a credit card and choose to pay the minimum payment each month. Knowing how to read your credit card statement can also help you catch unauthorized charges and/or billing errors. How large a payment must this customer make on 4/20/12 to be considered on-time with their payment? Incorrect. Also, see our spending money category for more consumer related material. If you’ve ever looked at credit card statements, you know how difficult they can be to read. Analyze this sample Sch. Call the number on the card sticker. Page | 27 1.4.1.A4 By educators… for educators Understanding a Credit Card Statement 15 Total Points bank account statement and calculate the costs of using a debit card irresponsibly. Select the correct answer using the code given below: (a) 1, … Describe each section of a credit card statement. If you’ve ever looked at a credit card statement, you know how difficult one can be to read. Reading and Interpreting a Bank Statement Have students answer the questions regarding the sample bank statement Reconciling an Account Using the examples provided, have students reconcile the example account Lesson Six Quiz supplemental materials Banking Terms A Primer on Debit and ATM Cards . 1 Your APR will automatically default to the "Past Due Rate" of Prime Rate plus 17.99% if your payment is 30 days past due at any time. answer key www.practicalmoneyskills.com credit cards student activity key 5-2 A 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. Credit Cards: Quiz & Worksheet for Kids. 7. Print Scenario. Balance Summary. Key Principles We value your trust. 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 … Section What type of information is in this section? Exit Simulation. 4. Credit Card Vocabulary Sheet 5. Credit Report Answer Key 6. a. 9. of 25. Knowing how to read your credit card statement can also help you catch unauthorized charges and/or billing errors. Opens Dialog. credit card 6. Another way to access your credit card statement online is by logging into your bank’s net banking portal. Describe how an individual obtains a credit card. 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 If the statement describes both a debit card and credit card, write the statement in the overlap between the two circles. We’re available to answer your call 24/7. We've numbered each feature to match the attached example statement … 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. Yes, but only if you’re planning to use this card to pay off a student loan. What is the Annual Percentage Rate (APR)? Credit card issuers are required to provide the contact information for a nonprofit credit counseling agency on every statement. “account,” unless the context clearly indicates otherwise, means the VISA credit card revolving line of credit account established by this Agreement and Disclosure Statement. 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. Exploring key financial concepts A credit card gives a person access to financial credit — which ... § Next, working independently, students will use the “Sample credit card statement” handout to answer the questions in Section 2 of the worksheet. Work with a partner to locate the following information on the sample disclosure statement. Note: If you pay off the balance in full when you get the first statement there will be no interest and the carry over balance will be zero. Credit and credit cards are an integral part of our economic system today. If you accidentally overpay, most credit cards will apply a statement credit toward your future purchases. A number that appears on all checks, deposit slips, and bank statements. 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. Explain to students they will be completing a worksheet to practice reading a credit card statement 7. consumer credit accounts such as retail installment agreements. Learn about credit with an introduction to credit cards, reading a credit card statement, and advanced lessons regarding incorrect credit card transactions. 3. answer choices. If a credit card is lost or stolen, the maximum amount a credit card owner is liable for is $50. directions Use the credit card statement on the following page to answer these questions: 1. Understand Your Statement (pdf) Explanation of the different sections on a credit card statement. , and new balance. Once they have the statements, they can access your account. If you charge the items to a credit card with an 18 percent interest rate, and cover the balance in four months, the finance fees would total just $57. Account Number. 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