Managing Credit Cards Wisely

Instructions
Open your textbook to p. 207 and locate the “Sample Statement.” Use the Sample Statement to answer the
questions on this worksheet. Type your responses directly into this worksheet. Save your work and then submit it
in I-Learn.

Remember, wise credit card management entails:

 Understanding and monitoring credit statements

 Correcting any billing error quickly
 Verifying the computation of any finance charges that accrue

Sample Statement Analysis

Write your answer in the space provided.

1. Billing date:03/22/15
2. Due date:04/20/15
3. Transaction and posting dates: (add rows as needed)

Transaction dates: Posting dates:

2/22 2/23
2/25 2/25
2/25 2/26
2/26 2/26
2/27 3/1
2/28 3/1
3/4 3/5
3/15 3/17
Fees
2/23 2/23
2/27 2/27
2/28 2/28

4. Grace period: 3/17-4/20

5. Minimum payment amount: $53
6. Transaction fees: $69.45
7. Credit for returns and errors: $13.45
Correct Billing Errors
After reviewing your credit card statement, you recall that this statement should reflect a $13.45 credit for
merchandise you returned. You contact the merchant and tell them you are asserting your rights under the Fair
Credit Billing Act (FCBA). Now you are ready to prepare your written notice of the error to the credit card issuer.
Complete the missing information in the letter below:

[Today’s Date]

03/23/2015

[Address from statement to send inquiries to]

PO Box XXX

Anytown, Anystate XXXXX

To Whom It May Concern:

[Explain the existence of the error including date, times, places; tell how the situation should be remedied, include
comments about enclosed photocopies and a deadline for when want this resolved]

[Thank them and remain polite here]

Sincerely,

[Your name and contact information]

Dara McAllister
104 N. Birch Circle
Janesville, Iowa 50647

Reminder: Add a copy of this completed worksheet to the “Credit” section of your Financial Records System.