If you have a history of paying your credit card bills in full and on-time every month, then you probably care less about the A.P.R. (or interest rate) on your credit card and more about the rewards program.  Unfortunately, this information is not provided in the Schumer Box which is the standard disclosure provided by credit card companies.  Ultimately, this means you have to dive into the fine print.

This Credit.com article provides details on the various reward programs offered by leading credit card companies, including:

• Cash-back: fixed percentage on all purchases vs. variable percentages on specific spending categories
• Hotel points
• Airline points
• Bank reward programs that offer merchandise, gift cards and travel reservations

After reading the story, you might ask your students to find “the fine print” for one of these reward programs and report back on its details.

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Check out this NGPF Credit Card activity: Let’s Find the Lowest Interest Rate Credit Card

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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