Professional Documents
Culture Documents
1. Which credit card has the highest annual percentage rate and how much is it?
Home Depot's consumer credit card has the highest annual percentage rate, with its highest annual
percentage rate at 26.99%.
2. What method is used to calculate the monthly finance charges for the first major credit card?
The method that is used is adding together the interest Charges , fees, $10.00 plus any overdue or over
limit amount.
3. When does the finance charge begin to accrue on the credit card from the local department store?
The finance charges 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?
On the two first major credit cards there are transaction fees. Both of them have a minimum amount of
$3.50 and the first one is 3.00% of the amount of the transaction.
6. Is there a minimum finance charge on either of the major credit cards? If so, how much is it?
Yes there is on both of them, the first one is 10 dollars. The second card takes the greatest out of $10,
2.2% of your total statement balance, or the interest charges and fees billed on the current statement
plus $1.
7. Does the first major credit card charge a fee for late payments? If so, how much is it?
8. What is the grace period on the credit card from the local department store?
The grace period on the credit card from the local department store is at the least 25 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
I would recommend the no-fee scotiabank value visa because it has no annual fees, the credit limit on
the card is $500, and the annual percentage rate is low.