Lesson Plan

Introduction

Aaron applies for every credit card he gets and maxes out their value buying things online. Gary has never once used a credit card. These are the extremes, but what about responsible credit card use in the middle? This is what we will explore in todays lesson.

Standard

Oklahoma Personal Financial Literacy Standard 8: The student will describe and explain interest, credit cards, and online commerce.

Objective

This lesson will equip the student with the necessary skills to make informed, wise decisions for both using credit cards and shopping online.

Required Materials

Materials from https://mrgragg.com/personal-financial-literacy/curriculum/online-shopping-credit-cards/

  • Vocabulary Worksheet (1 per student)
  • Which Credit Card is Best? Worksheet (1 per student)
  • Online Shopping Worksheet (1 per group)
  • Newspaper Sale Ads (1 per group)
  • Pen/Pencil
  • Tablets/Computers for students to use.

Overview

  1. Read the introduction to the students.
  2. Ask students if it is important to make wise decisions concerning both credit cards and online shopping.
    • Answers will vary, some will say no.
    • Use the “no” answers as a chance to explain to the students why this is important,
  3. Pass out the Vocabulary Worksheet to each student, then slowly read the following definitions.
    • Balance Transfer Option – Moving the outstanding debt from one credit card to another.
    • Brick & Mortar Store – A traditional physical retail store.
    • Credit Card – A plastic card that authorizes purchases in exchange for future payment.
    • Credit Card Fees – Monthly or annual payment for right to use a credit card.
    • Credit Card Interest – Fee paid for the right to borrow money.
    • Credit Card Rewards – System of cash or points to reward using a certain credit card.
    • Online Shopping – Making a purchase over the internet and having the item shipped to a store to be picked up or directly to you.
  4. Pass out the Which Credit Card is Best? Worksheet.
    • Go over the instructions.
    • Give students 15 minutes to complete the worksheet.
  5. Place the students in groups of 3-5 and pass out a sale ad and the Online Shopping Worksheet to each group.
    • Go over the instructions.
    • Give students 15 minutes to complete the worksheet.
  6. Ask students why it is important to make better decisions when it comes to using credit cards and shopping online.
    • Answers will vary.
    • Redirect students to the hidden costs and fees of both credit cards and online shopping.
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