Credit Cards Used for Along with Current APR Questions

Credit Cards Used for Along with Current APR Questions

Assignment 3. Shopping for credit & calculate credit based on APR. Using the information from the lectures on credit cards, identify three credit cards you would be interested in applying for. Use https://www.nerdwallet.com/credit-cards to look for ones that fit your needs and lifestyle. Try to pick ones that represent different credit card networks (Mastercard, Visa, American Express, Discover). Then, answer the following questions:

(Please cut and paste the info below into your google doc and complete all
sections)
List the three credit cards used for this assignment along with current APR
● Credit Card 1:
● Credit Card 2:
● Credit Card 3:
1. Which credit card has the highest annual percentage rate and how much is it, please
specify which credit card you used to answer this question?

2. What method is used to calculate the monthly finance charge for one of your selected
credit cards, please specify which credit card you used to answer this question?

3. When does the finance charge begin to accrue on one selected credit card, please
specify which credit card you used to answer this question?

4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee,
please specify the credit card you used to answer this question?

5. Is there a transaction fee on any card? If so, how much, and specify which credit card
used to answer this question?

6. Is there a minimum finance charge on either of the major credit cards? If so, how
much is it and specify which credit card used to answer this question?

7. What is the grace period on one of the credit cards, specify which credit card is used
to answer this question?

8. Rafael wants to buy a new cell phone that costs $450. According to his budget, he
can afford payments of up to $62/month. Which of the three credit cards you’ve found
would you recommend Rafael use to purchase the cell phone?

9. Amy recently spent $500 on textbooks for her college courses. She cannot pay it all
back right away, so she needs to calculate her estimated costs.

• With a minimum payment of $15/month, which credit card (of the three you
  researched) should she use?
  ● How long will it take her to pay off her debt with each of the three credit
  cards?
  ▪ Credit Card 1 answer
  ▪ Credit Card 2 answer
  ▪ Credit Card 3 answer
• How much interest would she pay on each?

▪ Credit Card 1 answer
▪ Credit Card 2 answer
▪ Credit Card 3 answer

• Are there any incentives or rewards that come from purchasing textbooks
  based on the three credit cards you selected (cashback, reward points, extra
  discounts…)?
  ▪ Credit Card 1 answer
  ▪ Credit Card 2 answer
  ▪ Credit Card 3 answer

 

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