Unit 3 - Lesson MELJE - Mathematics for Everyday Life Key Question #12 (continued) American Express Costco Platinum Cash Rebate Card Earn an Annual Cash Rebate of up to 2% No Annual Fee 499% on balance transfers for the first six months of Card membership, provided you buy you minimum montly payments on time? Up to $50,000 Credit Limit $15.000 Minimum Personal Income to Apply Free Supplementary Cards Option to Transfer a Balance Provided you pay your minimum montly payments on time 4.99% on balance transfers for the first six months of Card membership +18.25% on Purchases and Funds Advances: a. What is the annual fee for each of the credit card offers? b. Why do you think the annual fee varies from card to card? C. What is the minimum credit limit of the Mosaik mastercard? d. What is the maximum credit limit of the American Express? e. What are the annual interest rates for each of the credit cards? 3. Suppose you are charged interest on an item that you purchased on a credit card. Which of the two cards would be the best to use? Explain. (3 marks) 4. Credit limits are the maximum you are allowed to owe on the card at any one time. You can request a credit limit increase. If you do, the card issuer checks to see if you owe money on other loans and credit cards before giving the increase. Why do you think the card company does this? (3 marks) Unit 3 - Lesson MELJE - Mathematics for Everyday Life Key Question #12 (continued) American Express Costco Platinum Cash Rebate Card Earn an Annual Cash Rebate of up to 2% No Annual Fee 499% on balance transfers for the first six months of Card membership, provided you buy you minimum montly payments on time? Up to $50,000 Credit Limit $15.000 Minimum Personal Income to Apply Free Supplementary Cards Option to Transfer a Balance Provided you pay your minimum montly payments on time 4.99% on balance transfers for the first six months of Card membership +18.25% on Purchases and Funds Advances: a. What is the annual fee for each of the credit card offers? b. Why do you think the annual fee varies from card to card? C. What is the minimum credit limit of the Mosaik mastercard? d. What is the maximum credit limit of the American Express? e. What are the annual interest rates for each of the credit cards? 3. Suppose you are charged interest on an item that you purchased on a credit card. Which of the two cards would be the best to use? Explain. (3 marks) 4. Credit limits are the maximum you are allowed to owe on the card at any one time. You can request a credit limit increase. If you do, the card issuer checks to see if you owe money on other loans and credit cards before giving the increase. Why do you think the card company does this
