Name: Colby

Your Credit and You - A Lifelong Relationship

1. How old do you have to be to qualify for a credit card in BC? 19 years old

2. List the annual fees for 5 Canadian credit card companies:

Name of Credit Card Company: Annual Fee:
BMO-World elite Mastercard 120

Capital One-Aspire travel platinum 0

CIBC-Dividend Visa Infinite Card 99

RBC- Preferred world elite Mastercard 99

TD-TD cash back visa infinite card 120

3. List the annual percentage rate (APR) for 5 Canadian credit card companies:
Name of Credit Card Company: Annual APR:
BMO 20.99%

Capital One 19.8%

CIBC 19.99%

RBC 19.99%

TD 20.99%

4. What is a Line of Credit? (Hint: It is NOT a credit card).

A line of credit is a flexible loan from a financial institution that consists of a defined
amount of money that you can access as needed and repay either immediately or over
time. Interest is charged on a line of credit as soon as money is borrowed.

CLC 12 REMSS Ms. Lacroix

5. What is the difference between a SECURED line of credit and a NON-SECURED line
of credit? Provide an example.

Secured Line of Credit Unsecured Line of Credit

What is it: A way of borrowing money with use What is it: A way of borrowing money without
of collateal (eg. House) more money use of collateral. Less money

Example: RBC- From $5000 to 65% of your Example: RBC- from $5000. Based on credit
collateral. Based on collateral item. history
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