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Card1 Card2 Card3

No-fee Scotiabank Presidents Choice Home Depots


Value VISA Financial World Consumer Credit
MasterCard Card

There is no annual fee There is no annual There is no annual


associated with this fee associated with fee associated with
Annual Fee this card.
card. this card.

21 days for new 21 days for new The grace period is


purchases, if you pay purchases. at least 25 days.
off your balance on
your monthly
statement in full by
the payment due
date. This grace
period will be
Grace Period automatically
extended to at least
25 days on your next
monthly statement
whenever you do not
pay your balance in
full by the payment
due date.
16.99% on purchases, 19.97% on 17.99%, 21.99%,
cash advances, purchases, 22.97% 25.99 %, or 26.99%
balance transfers and on cash advances. based on your
Scotia Credit Card creditworthiness.
Cheques.
APR
The minimum credit Depends on credit Initial credit limit will
limit on this card is history. be on the printout
$500. and may change at
Credit Limit any time.

Your finance charges Any past due Any past due


will include Interest amounts, plus: your amount. We add any
Charges on your statement balance if amount specified in
monthly statement, $10 or less, or the a promotional offer.
plus cash advance greater of: (a) $10 (b) We add any amount
fee(s), plus any 2.2% of your total required by the
dishonored payment statement balance, Promotion
fees, plus any or (c) the interest Calculation. We also
dishonored Scotia charges and fees add the largest of
Credit Card Cheque billed on the current the following: -The
fees, plus $10.00. In statement plus $1. Calculated New
Finance Charge addition, amounts Balance if it is less
showing on your than $25. -$25 if the
monthly statement as Calculated New
OVERDUE or Balance is at least
OVERLIMIT must be $25. -1% of the
paid immediately and Calculated New
will be added to the Balance plus the
minimum payment amount of your
billed interest
charges on that
balance, any
minimum interest
charge allocated to
that balance, and
any applicable late
fee.
Interest Charges + Calculate balance. They use a method
Fees + $10.00 plus any called daily balance
Method of Calculating
overdue or over limit (including current
Finance Charges
amount. transactions).
3.00% of the amount Minimum transaction None
of each transaction. fee of $3.50.
Transaction Fees
Minimum transaction
fee of $3.50.
$29.00. $29.00. The fee will $25; or
$35 for any
Fees for Late Payment
additional past due
payment during the
next six billing cycles
after a past due
payment.
Save on car rentals Up to four free No interest if paid in
with discounts of up additional cards on full within 6 months
to 20% at your account for on purchases $299
Other Features participating AVIS car family members, so or more.
rental locations you can earn PC
worldwide. points even faster.

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?

No, all the cards have no annual fee.


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

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?

Yes it does, the fee for a late payment is $29.00.

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

to purchase the CD player? Why?

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.