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Credit Card Mania

 
 
Project Description
Credit is a major part of the American economy. Shortly, many students will be bombarded with credit card offers and before they know it, may be caught in a cycle of debt that takes a lifetime to end.

Since credit cards are so prevalent and easy to obtain, students must be taught how the credit business works and be able to weigh the pros and cons of credit card offerings so they can make intelligent decisions when obtaining and using personal credit cards.

Students will analyze credit card brochures to become familiar with financial terminology, compare rates and terms, monthly payment requirements, and other incentives offered by credit card companies. Students will learn to read the “fine print” and understand the potential problems with credit cards that are often hidden from consumers. Students will model real-life purchases using credit cards vs. cash and develop reasons for their method of purchase.

Students will document their purchases and display on a spreadsheet or poster board and present examples of when a credit card purchase is beneficial and when cash purchases are beneficial.

 
Project Goals
Essential Question:

  • How can credit cards be used to your advantage?
Specific Questions:
  • How much credit can you afford?
  • What is the cost of credit?
  • How can you pay the least amount of interest
Illinois and CPS Learning Standards and Performance Assessment Plan

State Goal #

CAS letter

CFS #

Assessment Tool(s)

Math 6

A

1-4

Oral Presentation Rubric

 

Math 6

B

1

Checklist

 

Math 6

C

1,3,4

 
 

Unit Prerequisites

  • Some familiarity with credit cards

  • Knowledge of web browser i.e., Internet Explorer, Netscape

  • Familiarity with MS Office suite – Word, PowerPoint to generate reports needed for presentation to class.
Performance Actions

Access:

  • Investigate websites credit card rules and terms offered by various lenders

  • Search the internet for lowest interest rates

 Interpret:

  • Contrast and compare the features of three credit cards and select the one best suited for your needs

  • Interpret the financial terms included in the rules and terms usually found in credit card applications

 Produce:

  • Develop a total cost for purchasing 3 items using cash vs. credit cards

  • Plan a budget to determine how much credit you can afford

  • Write a letter to students explaining why they should not apply for credit cards and avoid getting into credit card debt

 Communicate:

  • Express your concerns in writing to a credit card lending company about the risks of students obtaining credit cards and acquiring debt

  • Articulate three reasons why credit cards could be advantageous

 Evaluate:

  • Assess your decision to purchase credit vs. cash by calculating total cost of item

  • Critique the oral presentation of another student in the class

Teacher Resources
http://www.castletechnology.com/resources/connectededucator.html

http://familyeducation.com/article/0,1120,69-14997-0-6,00.html

http://www.sesd.sk.ca/teacherresource/webquest/webquest.htm

Technology Rubrics

http://www.teach-nology.com

Checklists for students:

http://www.4teachers.org/projectbased

 

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