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.