Comparing Credit Cards

Canadian Tire
CIBC Platinum Visa Scotiabank American Options
Card Express Platinum MasterCard
Card

$0 $399.99 $0
Annual Fee

21 days 21 days 21 days. If resident

Grace Period in Quebec 26 days

19.99%(purchases) 19.99%(purchases) 19.99%(purchases)

Annual Percentage 22.99%(cash) 22.99%(cash) 22.99%(cash)
Rate
$5,000 minimum $1,000 minimum Highest: $18,000
Credit Limit Overlimit fee: $29.99

19.5%
Finance Charge

Method of Monthly
Calculating
Finance Charges
$4.00 22.99%
Transaction Fees
Fees for Late $30.00
Payment
Minimum annual Earn 30,000 Collect
Other Features income: $15.00 bonus points Canadian
upon first Tire money
90-day protection purchase instantly
with purchase if it
is stolen or breaks Foreign Collect 10X
currency Canadian
conversion: Tire money
2% cash back 2.50% (4% cash
back)
What did you find?
1. Which credit card has the highest annual percentage rate and how much is it?

All of the credit cards had the same annual percentage rates.

2. What method is used to calculate the monthly finance charge for the first major credit card?

They are calculated monthly.

3. When does the finance charge begin to accrue on the credit card from the local department
store?
Every month.

4. Do any of the cards have annual fees? If so, which one(s) and how much is the fee?

Scotiabank American Express Platinum Card has an annual fee of $399.99.

5. Is there a transaction fee on any card? If so, how much is it?

For the Scotiabank American Express Platinum card, its $4.00 and for the Canadian Tire
Options MasterCard it goes by 22.99%.

6. Is there a minimum finance charge on either of the major credit cards? If so, how
much is it?
They are all in percentages. n/a

7. Does the first major credit card charge a fee for late payments? If so, how much is it?

The Scotiabank American Express Platinum Card has a $30.00 fee for late payments.

8. What is the grace period on the credit card from the local department store?

I chose the Canadian Tire Options MasterCard which is 21 days. If resident in Quebec 26 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 CIBC Platinum Visa Card because it has 2% cash back, 90 day protection
insurance, and no annual fee.