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Credit Card Comparison

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

credit card for advancement of funds, it is 22.99%.

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

last day of the monthly statement period.

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.

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

None of the three cards have a transaction 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

make sure you understand the fees.

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

after the last day of the monthly statement 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

it has one of the lower APRs at 19.99%.


Card 1 Card 2 Card 3
SimplyCash Preferred CIBC Tim Hortons RBC Cash Back
Card from American Double Double Visa MasterCard
Express card

Annual Fee
$99 $0 $0

21 days after the last 21 days after the last


Grace Period day of the monthly day of the monthly
Not Specified
statement period statement period

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

Fees for Late


Not specified Not specified Not specified
Payment
Car rental theft and Free food at Tim Fuel savings at
Other Features damage insurance Hortons when Petro Canada
Emergency medical you have Optional:
insurance enough points Balance
Lost or stolen baggage Can purchase protector
insurance travel insurance insurance, RBC
5% cashback on and various road assist, and
purchases in the first 5 other forms of travel insurance
months insurance

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