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1. Which credit card has the highest annual percentage rate and how much is it? The Shell Gas card had the highest APR of all three cards at 25.99% 2. What method is used to calculate the monthly finance charge for the first major credit card? ?? 3. When does the finance charge begin to accrue on the credit card from the local department store? The financial charge will begin to accrue after 25 days. 4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee? The Visa card has an annual fee of $29.00, and the American Express card has an annual fee of $65.00. 5. Is there a transaction fee on any card? If so, how much is it? *View table under Other Fees 6. Is there a minimum finance charge on either of the major credit cards? If so, how much is it? No minimum finance charge on either cards, minimum payments overall include $10.00 + interest (no minimum) + overdue payments. 7. Does the first major credit card charge a fee for late payments? If so, how much is it? No, only the third card has a late fee charge of $37.00 8. What is the grace period on the credit card from the local department store? 25 days. 9. Rafael 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 that Rafael use to purchase the CD player? Why? I would recommend the Visa card provided by Scotia bank out of the three because of the overall cost of purchasing the card and the amount paid for the CD player. Both the Visa and Amex cards take the same amount of time to pay off (Shell Gas Card is only for use at Shell Gas Stations.) The Visa card has a much smaller interest rate of 11.99% (compared to the 19.99% of Amex), meaning Rafael would pay less money in interest. Not only that, the annual price to get the card is significantly cheaper ($29.00:$65.00) While you do get Reward Miles when purchasing with the Amex card, the amount that Rafael would have to spend to get even the smallest of rewards is a far estimate off of the original $450.00 being payed (3000 points at a $10:1 point ratio means that he would have to buy 67 CD players to have enough points for any basic reward).
Card Visa (Scotia American Express (Airmiles)
Bank)
Time to pay 8 months 8 months
off
Original $450.00 $450.00
balance
Interest $19.56 $33.68
paid
Annual $29.00 $65.00
Payment
Total paid $498.56 $548.98
Rewards An earn rate of 1 Reward Mile for every $10 in Card purchases at AIR MILES. ($450/10 = 45 Reward Miles)
Redeem for a wide range of rewards - everything from movie tickets to
electronics, travel and more. (3000 Reward Miles for a Shoppers Drug Mart Giftcard, etc.)
Chance to be one of hundreds of lucky contest winners to see their
favourite artists live in concert, and other special offers. Card One: Visa Card Two: American Express Card Three: Type of Credit Card Credit Card Credit Card account: Credit card Charge card Company Scotiabank Value VISA American Express AIR Shell Gas Card name, Card MILES Platinum Credit Card address, phone Website http://canada.creditcards.co https://www.americanexpress https://wallethub.co m/visa/ .com/ca/en/credit-cards/air- m/d/shell-gas-card- miles-platinum-credit- 282c/?viewReferrer= card?linknav=ca-en-amex- 5a03799304b59 cardshop-allcards-learn- americanExpressAIRMILES PlatinumCreditCard Locations All over Canada with All over Canada with Shell Gas Stations where card merchants representing the merchants representing the is accepted Visa sticker, able to be used AMEX sticker, able to be online. used online, used most often in travel. Annual fee $29 $65 None (if any) Grace 21 days 21 days 25 days period Annual 11.99% interest rate 19.99% on purchases and 25.99% (V) Percentage 22.99% on funds advances Rate (APR) Finance http://itools-ioutils.fcac- http://itools-ioutils.fcac- http://itools- charge acfc.gc.ca/CCPC- acfc.gc.ca/CCPC- ioutils.fcac- calculation CPCC/CCPC-CPCC- CPCC/CCPC-CPCC- acfc.gc.ca/CCPC- method eng.aspx eng.aspx CPCC/CCPC- CPCC-eng.aspx Credit limit Requested through Requested through American Scotiabank, needs good Express, needs good credit credit score score Minimum Interest Charges + Fees + The Minimum Payment is the Used to pay at gas payment $10.00 plus any overdue or lesser of [the total of $10 pumps, no overlimit amount. + Interest, Overlimit fees and minimum/maximum Dishonoured Payment fees + payment. if applicable, installment amounts (including installment fees) charged on the billing statement + any previously billed minimum payments that remain unpaid on the Closing Date of the statement OR the entire new balance on the billing statement. Other fees: Charged on the day the Max late fee: $37 Late To be charged on the day the transaction occurs except as payment transaction occurs (unless noted: otherwise indicated): Funds Advance: $2.75 each. Cash advance fee for each cash advance: Dishonoured Processed by Payment: $25 each. Scotiabank or any financial institution Statement Reprint: $3 per in Canada: $3.50 statement.
Obtained at any Reward Miles
Scotiabank Reinstatement: $10 for each Automated Banking reinstatement through Online Machine (ABM) in Services or $15 for each Canada: $3.50 reinstatement through other service channels (plus Obtained at any non- applicable taxes). Scotiabank ABM in Canada displaying Overlimit: $29 when you the Interac+ symmo exceed your credit limit and l: $3.50 at the end of each subsequent Obtained at any billing period if you remain ABM outside of overlimit. Canada: $7.50 Balance Transfer/Amex Processed by Cheque: up to 3% of the Scotiabank or any amount of each balance financial institution transfer and Amex cheque, if outside of offered, unless reduced for a Canada: $7.50 specific offer. Obtained at any Global ATM (ABM) Installment Program: up Alliance Bank to 8% of the amount of each outside of qualifying purchase, if Canada: $3.50 offered Cash-like transaction fee: $4.00 Balance transfer fee: $3.50 will apply to all balance transfers processed by Scotiabank Dishonoured payment fee: $48.00.
Overlimit fee: $29.00. Fee is
charged on the day your balance first exceeds your credit limit and then once per statement period (charged on the first day of the statement period) if your account remains overlimit from a previous statement period.
Other 0.99% introductory interest Earn 1 Reward Mile for every Get 25 off every features rate on balance transfers for $10 in Card purchases at gallon of Shell fuel the first 6 months other eligible grocery stores,for the first 2 months gas stations, and drugstores in after your account Canada open date Save 5 on every More than 1000 rewards to gallon of Shell Fuel choose from! Redeem for a with no minimum wide range of rewards - purchase everything from movie tickets requirements and no to electronics, travel and maximum savings more. cap.
