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WorksheetsDebit vs Credit
Total questions: 12
Worksheet time: 7mins
How well do you remember the lesson about debit cards and credit cards?
I remember a good amount
I remember a medium amount
I remember nothing
What is a credit score?
A number that multiplies your age and GPA
A number that shows how well you pay back your loans
A number that adds how much money you have across all bank accounts
What is the most effective way to raise your credit score?
Use up to 50% of your credit limit
Open a new credit card every two months
Pay off loans on time
What is a credit limit?
The maximum amount you can spend using a credit card
The APR
A number that combines your age and credit score
Your bank will send you a credit card in the mail if you lose the one you have
True
False
What is the difference between a debit card and a credit card?
Debit: use your own money
Credit: use bank's money
Debit: use bank's money
Credit: use your own money
Why should you use a credit card responsibly instead of a debit card when you are able to?
Because the bank is paying anyways
To increase my credit score
Because I might run out of money that is on the account connected to my debit card
Pick a card: You are an 18 year old who wants your first credit card
Chase Freedom:
$200 bonus after spending $500, good credit score, $0 annual fee
Capital One Student
Easy to qualify for, limited credit score, $0 annual fee
Chase Freedom
Capital One Student
Pick a card: You are an 30 year old who spends $1200 a month on purchases and does not travel often. You have a good credit score.
Chase Freedom:
$200 bonus after spending $500, good credit score, $0 annual fee
Delta Airline SkyMiles Card
Earn miles after first $3000 spent, good credit score, $550 annual fee
Chase Freedom
Delta Airline SkyMiles Card
Pick a card: You earn $90,000 a year and spend $3000 a month. You travel at least two times per year.
Wells Fargo Propel:
3x points on travel, $200 bonus after $1000 spent, $0 annual fee
Delta Airline SkyMiles Card
Earn miles after first $3000 spent, good credit score, $550 annual fee
Wells Fargo Propel
Delta Airline SkyMiles Card
When is it ever ok to max the credit card limit?
When I know I have the cash to pay it off
When I know I am going to get a new job
Never
It's always ok as long as I pay it off before I die
When should you get a credit card?
Right when I turn 18
Right when I turn 18 AND have money to pay off the card
When I get my first job
