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    Card Comparison: Question Answers

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    api-313421321
    The document compares three credit cards: an RBC Cash Back MasterCard with no annual fee and cash back rewards, a CIBC Aventura Visa Infinite card with a $120 annual fee but additional perks, and an AEO Credit Card with no annual fee and the highest APR of 25.99%. The cards are compared on features like annual fees, grace periods, APRs, credit limits, finance charge calculation methods, and penalties for late payments.

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    Card Comparison: Question Answers

    Uploaded by

    api-313421321
    14 views1 page
    The document compares three credit cards: an RBC Cash Back MasterCard with no annual fee and cash back rewards, a CIBC Aventura Visa Infinite card with a $120 annual fee but additional perks, and an AEO Credit Card with no annual fee and the highest APR of 25.99%. The cards are compared on features like annual fees, grace periods, APRs, credit limits, finance charge calculation methods, and penalties for late payments.

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    The document compares three credit cards: an RBC Cash Back MasterCard with no annual fee and cash back rewards, a CIBC Aventura Visa Infinite card with a $120 annual fee but additional perks, and an AEO Credit Card with no annual fee and the highest APR of 25.99%. The cards are compared on features like annual fees, grace periods, APRs, credit limits, finance charge calculation methods, and penalties for late payments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views1 page

    Card Comparison: Question Answers

    Uploaded by

    api-313421321
    The document compares three credit cards: an RBC Cash Back MasterCard with no annual fee and cash back rewards, a CIBC Aventura Visa Infinite card with a $120 annual fee but additional perks, and an AEO Credit Card with no annual fee and the highest APR of 25.99%. The cards are compared on features like annual fees, grace periods, APRs, credit limits, finance charge calculation methods, and penalties for late payments.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Card Comparison

    RBC Cash Back CIBC Aventura Visa AEO Credit Card


    MasterCard Infinite* Card (American Outfitters)
    Annual Fee None $120 None
    Grace Period 21 days 21 days 23 days
    APR 19.99% 19.99% 25.99%
    Your initial credit limit is
    Credit Limit $6000 Threshold No limit specified in your
    package that includes
    your first Card
    Finance Charge If you dont make your If you dont make If you dont make your
    payments, more your payments within payments, more
    interests will be added 60 days, your APR will interests will be added
    to your payments go up to 27% to your payments
    Method of calculating Balance x APR x days in Balance x APR x days in Balance x APR x days in
    finance charges billing cycle / 365 billing cycle / 365 billing cycle / 365
    Average Method Average Method Average Method
    Transaction Fees $3.50 $3.50 N/A
    Fees for late payment Up to 2% more Up to $35 Up to $35
    Other features Earn Cash Back on Extended Warranty Plan Use points for
    everyday purchases Balance Protection Plan purchases

    Question Answers
    1. Highest is AEO at 25.99%
    2. The Finance Charges for a billing cycle are computed by applying the monthly Periodic Rate to
    the average daily balance of your account. To get the average daily balance, we take the
    beginning balance of your account each day, add any new purchases or cash advances, and
    subtract any payments, credits, non-accruing fees, and unpaid finance charges. This gives us the
    daily balance. Then we add up all the daily balances for the billing cycle and divide the total by
    the number of days in the billing cycle.
    3. After 23 days
    4. The visa has annual fee of $120
    5. Yes. The big companies have $3.50 cash advance fees
    6. Yes. On two, further interest will be added, and on the VISA, APR goes up to 27%
    7. Yes, up to 2% more.
    8. 23 days
    9. The MasterCard would be best. It has the benefit of cash backs and an average APR.

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