A lesson for students on on applying for their first credit card. Students learn about the steps and considerations necessary for obtaining a credit card. Discover the importance of discerning your needs and understanding why you want a credit card, be it for building credit, earning rewards, or having it for emergencies. The lesson covers the significance of checking your credit score and evaluating various card options such as secured cards, student credit cards, and rewards cards. Each of these has unique benefits and fee structures.

Learn about the vital details required for applications, including your Social Security Number, employment status, and income details. Additionally, become familiar with the convenient process of online applications. The lesson emphasizes understanding your credit limit, Annual Percentage Rate (APR), and the crucial nature of paying off balances to steer clear of overwhelming interest charges. Conclusively, students are taught the value of using credit cards prudently to ensure financial stability and freedom.

CONCEPTS

Use this video lesson on the topic of credit card basics. Learn related concepts of:

• Credit Score
• Financial Responsibility
• Researching Options
• Credit Management
• Decision Making
• Risk Management
• Financial Planning
• Consumer Protection
• Financial Institutions
• Consumer Rights

GRADE LEVEL

9-12th grades. High School. College. Adult Education.

TIME REQUIRED

45-60 minutes. It may be necessary to adjust the lesson plan and allocate more or less time to certain topics, depending on the needs and interests of the students.

PROCEDURE

Hand out the worksheet below (see the GET LESSON button near the bottom of the page).

Show students the video and have and have them complete the worksheet.  Review the questions on the worksheet.  A more comprehensive and detailed lesson plan can be accessed below for further instruction and study.

How to Apply for a Credit Card

After watching the video, have students tell what the most important things they learned from the video.

 

Lesson Plan: How to Apply for a Credit Card

 

Objective:

By the end of the lesson, students will be able to understand the process of applying for a credit card, the considerations involved, and the responsibilities of owning one.

Introduction (10 minutes):

1. Briefly explain the importance of credit cards in today’s society.
2. Share a personal story or a hypothetical scenario about the benefits and pitfalls of credit card use.

Watching the Video (15 minutes):

1. Play the video titled “How to Apply for a Credit Card.”
2. Ask students to take notes while watching.

Discussion Questions (15 minutes):

1. Why is it essential to determine your needs before applying for a credit card?
2. How does a credit score affect one’s ability to get a credit card?
3. Why is it crucial to research different types of credit cards? Can you name and describe the types mentioned in the video?
4. What information do you typically need to provide when applying for a credit card?
5. How should you handle your credit card after getting approved?

Activity: Role Play (20 minutes):

1. Divide students into pairs.
2. One student plays the role of a bank representative, while the other plays a potential credit card applicant.
3. The applicant should ask questions about the card, and the bank representative should provide answers based on the video’s information.
4. Swap roles after 10 minutes.
5. After the activity, discuss as a class what the students learned from the role-playing experience.

Using the “MI Chat chatbot” Activity (15 minutes):

1. Allow students to access the “MI Chat chatbot”.
2. The chatbot will ask questions regarding the video’s concepts, and students will respond based on their understanding.
3. After everyone has interacted with the chatbot, discuss some of the questions the chatbot asked and gather students’ responses.

Quiz (15 minutes):

1. Distribute a short quiz based on the video.
2. After students complete the quiz, review the answers together.

Conclusion (5 minutes):

1. Emphasize the importance of using a credit card responsibly.
2. Encourage students always to do their research before applying for a card and regularly review their spending habits and statements.
3. Allow students to share their thoughts and experiences if they have any.

Homework Assignment:

1. Ask students to research and find a credit card that would best suit their needs based on what they learned today.
2. They should prepare a short presentation or write-up about the card, its benefits, requirements, and why they chose it.

Lesson Resources

• How to Apply for a Credit Card

MI Chat Chatbot Tool

• How to apply for credit card questions with MI Chat chatbot – Use the MI Chat chatbot to test your students’ understanding of the lesson. The MI Chat chatbot is an interactive platform designed to deepen understanding, aligning with specific queries and thoughts. Offering personalized insights, it directs users toward a clearer grasp of topics, ensuring they match their learning pace, knowledge level, and cognitive goals.