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    Credit Cards

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    The President's Choice Financial World Master Card has the highest annual percentage rate of 19.97%. The Enviro Classic Visa has an annual fee of $50 while the other cards do not have annual fees. Jamel should use the Enviro Classic Visa to purchase a $450 CD player since he can afford monthly payments up to $62 and the Enviro Classic Visa has the lowest APR of 11.25%, which is advantageous since he does not plan to pay off the full purchase amount at once.

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    Credit Cards

    Uploaded by

    api-371057862
    168 views3 pages
    The President's Choice Financial World Master Card has the highest annual percentage rate of 19.97%. The Enviro Classic Visa has an annual fee of $50 while the other cards do not have annual fees. Jamel should use the Enviro Classic Visa to purchase a $450 CD player since he can afford monthly payments up to $62 and the Enviro Classic Visa has the lowest APR of 11.25%, which is advantageous since he does not plan to pay off the full purchase amount at once.

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    The President's Choice Financial World Master Card has the highest annual percentage rate of 19.97%. The Enviro Classic Visa has an annual fee of $50 while the other cards do not have annual fees. Jamel should use the Enviro Classic Visa to purchase a $450 CD player since he can afford monthly payments up to $62 and the Enviro Classic Visa has the lowest APR of 11.25%, which is advantageous since he does not plan to pay off the full purchase amount at once.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    168 views3 pages

    Credit Cards

    Uploaded by

    api-371057862
    The President's Choice Financial World Master Card has the highest annual percentage rate of 19.97%. The Enviro Classic Visa has an annual fee of $50 while the other cards do not have annual fees. Jamel should use the Enviro Classic Visa to purchase a $450 CD player since he can afford monthly payments up to $62 and the Enviro Classic Visa has the lowest APR of 11.25%, which is advantageous since he does not plan to pay off the full purchase amount at once.

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    You are on page 1of 3

    What did you find?

    1. Which credit card has the highest annual percentage rate and how much is it?

    The Presidents Choice Financial World Master Card has an annual percentage rate of

    19.97%.

    2. What method is used to calculate the monthly finance charges for the first major credit card?

    It requires a monthly payment.

    3. When does the finance charge begin to accrue on the credit card from the local department

    store?

    After the Grace Period.

    4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee?

    The Enviro Classic Visa has an annual fee of 50$.

    5. Is there a transaction fee on any card? If so, how much is it?

    No card has a transaction fee.

    6. Is there a minimum finance charge on either of the major credit cards? If so, how much is

    it?

    The third card has a financial charge of 19.97%.

    7. Does the first major credit card charge a fee for late payments? If so, how much is it?

    No, it does not specify it. However, I believe that the card company would state

    it before you purchase the card. If they didnt, then, I would make sure to ask

    them.

    8. What is the grace period on the credit card from the local department store?

    21 days.

    9. Jamel wants to buy a new CD player that costs $450. According to his budget, he can afford
    payments up to $62.00 per month. Which of the three credit cards youve found would you

    recommend Jamel use to purchase the CD player? Why?

    Jemel should use the Enviro Classic Visa because it has the lowest annual percentage rate

    of 11.25%. Since Jemel is not planning on paying off his entire purchase at once, it is to his

    advantage to use a card that has a low APR.


    Card 1 Card 2 Card 3- Presidents
    Enviro Classic Visa American Express Choice Financial
    Essential Credit Card World MasterCard

    Annual Fee $50 None None

    Grace Period 21 Days 25 Days 21 Days

    APR 11.25% 23.9900% 19.9700%

    Depends on credit Depends on credit Depends on credit


    Credit Limit
    history. history. history.

    Finance Charge None None 19.9700%

    Method of
    Calculating Monthly Monthly Monthly
    Finance
    Charges

    Transaction Fees None None None

    Fees for Late


    Not specified 8.99% Not specified
    Payment

    Emergency card and You can transfer 50% 20, 000 PC points
    cash replacement. of your assigned credit earned= to $20 in
    Other Features Lost or stolen card limit, up to a free groceries.
    protection. maximum of $7500.

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