Question description
get started on the assignment by watching the which
credit card deal is best? video on the link below then answer
the following questions. note: if the link below is
incorrect, try the one entitled, should i buy or lease a
car?<?xml:namespace prefix = o ns =
"urn:schemas-microsoft-com:office:office" />
http://media.pearsoncmg.com/ph/esm/chet_cleaves_cbsm9e_12/tools/realworldcase_before.htmsharese
thinks that it is about time for her to get a credit card. she
would like to buy a car in the not-too-distant future and knows
that she needs to establish a credit history. she has received
several offers in the mail and has downloaded offers from several
card companies from card websites. as she reviews the various
offers, she finds that the process of evaluating cards is more
complicated than she expected.
what you know: credit card offer details as of 4/2004
citi® platinum select® mastercard®
·
no annual fee
·
8.99% apr on purchases
·
19.99% cash advance apr
·
cash advance fee: 3% or not less than $5 or more than $50
·
27.99% default rate
·
0% apr on balance transfers for 12 months
·
$0 liability on unauthorized charges
·
20-day grace period if your total new balance is paid in full each
billing period
·
$35 over credit limit fee
·
late fees: $15 on balances up to $100; $25 between $100–$1,000; $35
over $1,000
·
$12,000 minimum annual income required
·
free online services
·
personal information privacy
·
photocard option available
·
dedicated 24/7 customer service
blue cash® from american express®
·
no annual fee
·
0% introductory rate for 6 months
·
after 6 months, 8.99% to 13.99% depending upon payment history and
credit record
·
18.99% cash advance apr
·
cash advance fee: 4% or not less than $5 or more than $50
·
23.99% penalty apr if you do not pay your minimum payment
·
up to 5% cash back on purchases
total annual spend
cash back on everyday purchases
cash back on other purchases
up to $2000
0.5%
0.25%
$2,001–$6,000
1.00%
0.50%
$6,001–$50,000
3.00%
1.50%
bonus % if you carry a balance
2.00%
0.50%
·
late fees: $15 on balances up to $100; $29 between $100–$1,000; $35
over $1,000
·
$29 fee for bounced check payment
·
$29 over the credit limit fee
·
automatic bill pay available
·
24/7 customer service
·
online account access
·
grace period if balance is paid in full each billing cycle
·
emergency card protection
·
purchase protection plan
·
up to $20,000 personal credit limit
·
undisclosed minimum annual income
collegiate visa® card
·
$12 annual fee (waived the first year)
·
14.75% apr
·
14.75% cash advance apr
·
18.75% apr penalty apr
·
$20 late payment fee
·
$20 over the credit limit fee
·
$15 bounced payment check fee
·
$1000 credit limit
·
online account access
discover® card for students
·
no annual fee
·
17.99% apr
·
19.99–24.99% default apr
·
22.99% apr cash advance
·
cash advance fee: 3% or not less than $5 or more than $50
·
25 day grace period when balance is paid in full each month
·
1% cash back, up to 2% cash back if credits are used to buy goods
through the cash back bonus partner system
·
late payment fee $15–$35
·
over the limit fee $15–$35
·
variable credit limit
·
travel insurance
·
free discover 2go® card upon request
what you are looking for:
1.
which credit card fits sharese’s needs?
2.
which fits sharese’s needs?
3.
which fits your needs?
solution plan:
1. what
questions should a consumer ask before accepting a credit card?
2.
utilize the table below to evaluate the various credit card offers.
it is possible that not all information is available for all cards.
card name
interest rate on purchases
cash advance rate
annual fee
penalty apr
grace period
late payment fee
over credit limit fee
minimum annual income
cash back
citi platinum select
blue cash from american express
collegiate visa
discover card for students
3.
based upon the information, which credit card is the most
appropriate for sharese? why?
4. if
you were choosing a credit card from this list, which credit card
would you select? why?
5. what
are the advantages of a good credit history?
6. what
are the disadvantages of having access to credit?
7. why
is it important for most people to have a relationship with a
bank?
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