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