Notes

Hi Jacob,

It's a good start, nice. I think you need to add a few more slides.

After the initial what is a credit card, I would suggest adding a few slides:

- SLIDE: Types of credit cards
- General (Visa, American Express, MasterCard)
- Store / Company cards

<< look into these, could have cool slide with pictures of all different types and
companies which issue credit cards >>

<< talking point: with minor differences, they all generally work the same way
regardless of the card >>


- SLIDE: How it works (Slide with more detail)
-- It is like a short-term loan (from credit card company to you) buy now but have to pay for it later, possibly with interest.
-- Pay full amount by due date, OR
-- Pay a smaller minumum by due date, incur interest (range of xx-xx?) on balance

-- If no payment made by due date, late fee of $25-35 (usu.) charged

-- Outstanding balance can increase dramatically if no payments made,
due to interest, fees, and additional purchases

-- There is a credit limit for each credit card, this is determined when you get
and is the maximum you can have as outstanding balance (i.e., spending limit)
<< talking point: this is why called "credit card" - it is borrowers card >>

<< research how spending limit is determined >>

- SLIDE: Typical Credit Card Bill

<< show a bill, with key elements circled - amount due, due date, minimum
payment due, credit limit, etc >>

- SLIDE: How Do I Get A Credit Card?

- Application
- Age limits
- What factors affect - income, credit history, amount of existing credit, etc.

- Result: Approval (with credit limit amount) or Declined

<< can talk about getting applications in mail, going online, etc. to apply >>

<< catch! Hard to get credit until have credit - when young, little/no income,
no prior loans, few banks account and/or low deposits.
Why is this the case? Explain >>

- SLIDE: Typical Application

<< like for Bill, have photo of application with key items circled >>

Also, I think you want to have a slide or two at the end about typical credit card usage in US - I will help find you some data.

Lastly, you could have a slide to invite and lead some class discussion...

- SLIDE: Are Credit Cards For You?

- Why or why not?
- What cards would you like?
- What about just using cash?

I also have a few more pro / con for you later (e.g. A pro is you have less cash and chance of loss)

Make sense?