comparing credit cards

American Express CIBC Platinum Canadian

Essential Credit Visa tire options
Card Card Mastercard
None $400 $0

Annual Fee

25 days 21days 21 days

Grace Period

23.99% 19.99% 19.99%

APR

Depends on history $1,000minimum $18,00

Credit Limit

none none
Finance
Charge

monthly monthly monthly

Method of
Calculating
Finance Charges
none $4.00 none
Transaction
Fees

8.99% $30.00 none

Fees for Late
Payment

You can transfer up to Earn 30,000 bonus Collects Canadian tire

50% of your assigned points upon first money
Other Features
credit limit purchase
 what did you find?
1. Which credit card has the highest annual percentage rate and how much is
it?

American Express essential and 23.99%

2. What method is used to calculate the monthly finance charges for the first
major
credit card? It requires a monthly payment

3. When does the finance charge begin to accrue on the credit card from
the local department store? After the grace period has ended

4. Do any of the cards have annual fees? Yes

If so, which one(s) and how much is the fee?

CIBC PlatinumVisa($400)

5. Is there a transaction fee on any card? yes

If so, how much is it? $4.00

6. Is there a minimum finance charge on either of the major credit cards?

no

If so, how much is it?

7. Does the first major credit card charge a fee for late payments? yes

If so, how much is it? $30.00

8. What is the grace period on the credit card from the local department
store? 21 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? Canadian tire mastercard
Why? There is no late fees and it has the lowest APR