Professional Documents
Culture Documents
1. Which credit card has the highest annual percentage rate and how much is it?
All of the credit cards have the same APR at 19.99%, except if you use the SimplyCash
2. What method is used to calculate the finance charges for the first major credit card?
The Tim Hortons credit card calculates the card`s finance charges monthly.
3. When does the finance charge begin to accrue on the credit card from the local
department store?
The finance charges begin to accrue after the 21 day grace period which begins on the
4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee?
The SimplyCash card has an annual fee of $99, the other two cards do not have an annual
fee.
6. Is there a minimum finance charge on either of the major credit cards? If so, how
much is it?
There isn`t a finance charge on any of the major credit cards or it isn`t specified if there
is.
7. Does the first major credit card charge a fee for late payments? If so, how much is
it?
The SimplyCash card by American Express doesnt specify whether the card charges for
late fees. I assume the card charges and when you are applying, American Express will
8. What is the grace period on the credit card from the local department store?
On the Tim Horton`s Double Double credit card there is a twenty-one day grace period
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?
I would recommend the RBC Cash Back MasterCard for Jamel, because of the major
cards this one doesn`t have an annual fee, it does have a twenty-one day grace period and
Annual Fee
$99 $0 $0
19.99% on purchases
APR and 22.99% on funds
advances 19.99% 19.99%
Credit Limit
Depends on credit Depends on credit Depends on credit
history history history
Finance
None None None
Charge
Method of
Calculating Monthly Monthly Monthly
Finance Charges
Transaction
Fees None None None