etten/Desktop/19.1_credit_card_offers.pdf Cadet Portfolio | W... 2 Top Buffett Stocks... Classic Learning Tes... A a + 1 of 3 D QD Cowgight o MGHT Blocation Reminionis granted to sproduce for chanroor Comparing Credit Card Offers Activity Goal: Being able to compare different credit card offers and understanding the details of each credit card plan will help you make intelligent decisions about what type of card to use and how best to manage your financial debts. At the end of this activity, you will have a better idea of what to look for when shopping for a credit card. Directions: To properly compare the advantages and disadvantages of each credit card offer, you need to make a careful comparison of each card's features. Use the chart below to find the information that answers the following series of questions about each card. When you are done with each step, you will have the information needed to make an informed decision about which credit card is right for your needs and financial situation. Credit Card A 3.99% APR for the life of transferred balances: 13.25% APR for all other purchases $50 annual fee; $25 fee for late payments Minimum monthly payment of $15 or 10% of balance Set your own payment date Rewards program: $10 shopping card with each $1,000 in spending Comparing Credit Card Offers Credit Card B 0.00% APR for 6 months; 19.8% APR for remaining lifetime of card No annual fee; $25 fee for late payments Monthly balance must be paid in full each month Must pay card by the 15th day of the month Rewards program: Earn 1% cash back on all purchases Credit Card C 14.99% APR $85 annual fee; waived for the first year, $35 fee for late payments Minimum monthly payment of $25 Must pay card by the 10 day of the month Rewards program: 25.000 initial airline miles for signing up and 1 mile per additional dollar spent Credit Card D 0.00% APR for the first year: 19.9% APR for remaining lifetime of card $65 annual fee; $30 fee for late payments Minimum monthly payment of $35 Sel your own payment dale Rewards program: 50,000 hotel points if you spend $1,000 within the first three months, 1 point per additional dollar spent Step 1: What is the Annual Percentage Rate (APR) of each credit card? Q Search L L a FDE 19.1 cashdebit_or_credit.pdf x + ten/Desktop/19.1_credit_card_offers.pdf Cadet Portfolio | W... 2 Top Buffett Stocks... Classic Learning Tes... Aab + 2 of 3 D Q Coperight MidGrave 145 Education here he is granted to price for charcore cre Step 2: a) What other fees are associated with each credit card? b) How do these fees impact your total monthly bill? Step 3: What are the requirements for paying your credit card each month? Step 4: What would the minimum monthly payment be for each credit card for balances of $15, $130, $180, and $3007 Step 5: a) What benefits or rewards does each card offer to make it more attractive for the consumer? b) How do these characteristics affect your evaluation of each card? Q Search PRE L= a TEC Compement Perm PDF Pass Wonderbir NAME DATE Financial Literacy Activity cont. Comparing Credit Card Offers CLASS networks Step 6: If you have a fixed amount of income each month, and your expenses are very close in dollar amount to your income, which of these credit card offers would be a safer choice? Explain your Q Search L