STUDENT RESPONSIBILITIES EVERYDAY DURING THE SIMULATION:
- Login daily
- Pay bills on-time
- Adjust 401(k) contribution % and bank account type, as needed
- Read simulation communications via email, Dashboard Alert, and push notifications
- Maintain their CFS reconciled
- Take quizzes and surveys
- Review pay stubs and W-2
- Use the Student Quick Tips to help navigate the simulation and perform common tasks
- Use the Knowledge Base to answer questions about the game, scoring, website navigation, etc.
IMPORTANT: At the end of every class, please email me describing how far you got today and what you learned. This will be graded periodically. Use 3-5 sentences.
MODULE 3–Payment Types
At the completion of this module you will be able to answer the following questions:
- What is credit, and how can it be useful to consumers?
- What features of a credit card do you need to research when considering a credit card?
- How can people make sure they are using credit cards responsibly?
- What is the difference between a debit card and a credit card?
Module 3 Learning Objectives:
- Interpret the differences in payment types, including debt cards, credit cards, pre-paid cards, cash advances, and payday loans.
- Understand when & when not to use different payment types.
- Evaluate different types of credit card fees and features.
- Compare credit card offers based on different scenarios.
- Understand how items purchased with credit can end up costing more.
- Understand how paying the minimum can still lead to long-term debt repayment.
- Use a credit card bill to answer questions about the debt repayment.
HERE IS WHAT YOU NEED TO DO NOW:
- Go to Everfi and begin Module 3: TAKE NOTES…….
- Get the Credit Card Disclosure handout from your teacher & read it. What did you think? It is extremely difficult to understand credit card disclosures. Most adults do not take the time to read these through; however, understanding them will greatly benefit you in the future.
- Create a brochure to help fellow teenagers understand credit cards better. Read the instructions on the rubric & get started! You may use Word or Publisher to create it. Here are some additional resources:
- Understanding Your Statement, The Federal Reserve http://www.federalreserve.gov/creditcard
- Credit Card Notes, Indiana Department of Finance http://www.in.gov/dfi/CREDIT_CARDS.doc
- Know Before You Owe, The Consumer Financial Protection Bureau consumerfinance.gov/credit-cards/knowbeforeyouowe
- This is part of your TEST for Module 3: In the PERSONAL FINANCE Google Doc, explain what you think is positive and/or negative about credit cards.