What did you find?

1. Which credit card has the highest annual percentage rate and how much is it?
The Shell Gas card had the highest APR of all three cards at 25.99%
2. What method is used to calculate the monthly finance charge for the first major credit
card?
??
3. When does the finance charge begin to accrue on the credit card from the local
department store?
The financial charge will begin to accrue after 25 days.
4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee?
The Visa card has an annual fee of $29.00, and the American Express card has an annual fee of
$65.00.
5. Is there a transaction fee on any card? If so, how much is it?
*View table under Other Fees
6. Is there a minimum finance charge on either of the major credit cards? If so, how much
is it?
No minimum finance charge on either cards, minimum payments overall include $10.00 +
interest (no minimum) + overdue payments.
7. Does the first major credit card charge a fee for late payments? If so, how much is it?
No, only the third card has a late fee charge of $37.00
8. What is the grace period on the credit card from the local department store?
25 days.
9. Rafael 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 that Rafael use to purchase the CD player? Why?
I would recommend the Visa card provided by Scotia bank out of the three because of the overall
cost of purchasing the card and the amount paid for the CD player. Both the Visa and Amex
cards take the same amount of time to pay off (Shell Gas Card is only for use at Shell Gas
Stations.) The Visa card has a much smaller interest rate of 11.99% (compared to the 19.99% of
Amex), meaning Rafael would pay less money in interest. Not only that, the annual price to get
the card is significantly cheaper ($29.00:$65.00)
While you do get Reward Miles when purchasing with the Amex card, the amount that Rafael
would have to spend to get even the smallest of rewards is a far estimate off of the original
$450.00 being payed (3000 points at a $10:1 point ratio means that he would have to buy 67 CD
players to have enough points for any basic reward).

Card Visa (Scotia American Express (Airmiles)

Bank)

Time to pay 8 months 8 months

off

Original $450.00 $450.00

balance

Interest $19.56 $33.68

paid

Annual $29.00 $65.00

Payment

Total paid $498.56 $548.98

Rewards An earn rate of 1 Reward Mile for every $10 in Card purchases at AIR
MILES. ($450/10 = 45 Reward Miles)

Redeem for a wide range of rewards - everything from movie tickets to

electronics, travel and more. (3000 Reward Miles for a Shoppers Drug
Mart Giftcard, etc.)

Chance to be one of hundreds of lucky contest winners to see their

favourite artists live in concert, and other special offers.
 Card One: Visa Card Two: American Express Card Three:
Type of Credit Card Credit Card Credit Card
account:
Credit card
Charge card
Company Scotiabank Value VISA American Express AIR Shell Gas Card
name, Card MILES Platinum Credit Card
address,
phone
Website http://canada.creditcards.co https://www.americanexpress https://wallethub.co
m/visa/ .com/ca/en/credit-cards/air- m/d/shell-gas-card-
miles-platinum-credit- 282c/?viewReferrer=
card?linknav=ca-en-amex- 5a03799304b59
cardshop-allcards-learn-
americanExpressAIRMILES
PlatinumCreditCard
Locations All over Canada with All over Canada with Shell Gas Stations
where card merchants representing the merchants representing the
is accepted Visa sticker, able to be used AMEX sticker, able to be
online. used online, used most often
in travel.
Annual fee $29 $65 None
(if any)
Grace 21 days 21 days 25 days
period
Annual 11.99% interest rate 19.99% on purchases and 25.99% (V)
Percentage 22.99% on funds advances
Rate (APR)
Finance http://itools-ioutils.fcac- http://itools-ioutils.fcac- http://itools-
charge acfc.gc.ca/CCPC- acfc.gc.ca/CCPC- ioutils.fcac-
calculation CPCC/CCPC-CPCC- CPCC/CCPC-CPCC- acfc.gc.ca/CCPC-
method eng.aspx eng.aspx CPCC/CCPC-
CPCC-eng.aspx
Credit limit Requested through Requested through American
Scotiabank, needs good Express, needs good credit
credit score score
Minimum Interest Charges + Fees + The Minimum Payment is the Used to pay at gas
payment $10.00 plus any overdue or lesser of [the total of $10 pumps, no
overlimit amount. + Interest, Overlimit fees and minimum/maximum
Dishonoured Payment fees + payment.
if applicable, installment
amounts (including
installment fees) charged on
the billing statement + any
 previously billed minimum
payments that remain unpaid
on the Closing Date of the
statement OR the entire new
balance on the billing
statement.
Other fees: Charged on the day the Max late fee: $37
Late To be charged on the day the transaction occurs except as
payment transaction occurs (unless noted:
otherwise indicated):
Funds Advance: $2.75 each.
Cash advance fee for each
cash advance: Dishonoured
Processed by Payment: $25 each.
Scotiabank or any
financial institution Statement Reprint: $3 per
in Canada: $3.50 statement.

Obtained at any Reward Miles

Scotiabank Reinstatement: $10 for each
Automated Banking reinstatement through Online
Machine (ABM) in Services or $15 for each
Canada: $3.50 reinstatement through other
service channels (plus
Obtained at any non-
applicable taxes).
Scotiabank ABM in
Canada displaying
Overlimit: $29 when you
the Interac+ symmo
exceed your credit limit and
l: $3.50
at the end of each subsequent
Obtained at any billing period if you remain
ABM outside of overlimit.
Canada: $7.50
Balance Transfer/Amex
Processed by Cheque: up to 3% of the
Scotiabank or any amount of each balance
financial institution transfer and Amex cheque, if
outside of offered, unless reduced for a
Canada: $7.50 specific offer.
Obtained at any
Global ATM (ABM) Installment Program: up
Alliance Bank to 8% of the amount of each
outside of qualifying purchase, if
Canada: $3.50 offered
Cash-like transaction
fee: $4.00
 Balance transfer
fee: $3.50 will apply
to all balance
transfers processed
by Scotiabank
Dishonoured payment
fee: $48.00.

Overlimit fee: $29.00. Fee is

charged on the day your
balance first exceeds your
credit limit and then once
per statement period
(charged on the first day of
the statement period) if your
account remains overlimit
from a previous statement
period.

Other 0.99% introductory interest
features rate on balance transfers for
the first 6 months
Earn 1 Reward Mile for every Get 25 off every
$10 in Card purchases at gallon of Shell fuel
other eligible grocery stores,for the first 2 months
gas stations, and drugstores in
after your account
Canada open date
Save 5 on every
More than 1000 rewards to gallon of Shell Fuel
choose from! Redeem for a with no minimum
wide range of rewards - purchase
everything from movie tickets requirements and no
to electronics, travel and maximum savings
more. cap.

Car Rental Theft and Damage

Insurance

$100,000 Travel Accident

Insurance

Purchase Protection