Key Concepts
- Types of credit and debit cards - exploring a variety of options and assessing suitability based on different factors including interest rates and weekly fees, and applying for a chosen card.
This expansion is housed in the same area as the Banking Expansion and can be enabled when you feel your students are ready to advance.
How it works
1. Initial Quiz
Students will begin by taking the Credit and Debit Quiz.
- Quiz Rewards: Students earn $100 per correct answer, providing an engaging incentive to learn.
- Extra Bonus: If a student scores a perfect 10/10 on their first attempt, they will unlock the ability to open two cards instead of one.
2. Choosing a Card
After completing the quiz, students will gain access to a variety of credit and debit card options. These cards will differ in the following ways:
- Interest Rates: The cost of borrowing money on credit cards.
- Weekly Fees: Maintenance or account fees associated with the card.
- Interest-Free Days: The grace period during which purchases do not accrue interest.
- Credit Limits: The maximum amount students can borrow on a credit card.
- Rewards: Incentives such as points or cashback for using the card.
Teacher Tools
Credit and Debit overview: Via the Banking Expansion area, you can see an overview of your class, showing how many students have a credit card, debit card, both or no card at all.
See guide at the end of this article for a visual step through of this section.
Lesson Support
To help guide your class through this expansion, a comprehensive Lesson Plan is available, including:
- Step-by-step instructions.
- Linked worksheets for in-class activities.
- Vocabulary builders to introduce key financial terms.
- Discussion ideas to promote classroom engagement and critical thinking.
- For information on how to enable expansions and access these resources, please see the related article here.