Sangster Math class, December 7

 As of Monday, I only have two people handed in the George Brown College search.

If you choose not to do work online, you will be further behind those who work hard.

There will be a test before the winter holidays on financial literacy. I will give a pre-test before that.

Today's lesson is about credit cards.  Find the following information 

 Part C: Interest rate on loans, credit cards, payday loans as well as price of goods/services

 

How do banks make money? Even they pay very little interest in your saving account, the charges on loans and credit cards are very high.  Let’s take a look at the rate for the following banks

https://www.td.com/ca/en/personal-banking/products/credit-cards/

https://www.rbcroyalbank.com/credit-cards/index.html

https://www.cibc.com/en/personal-banking/credit-cards.html

https://www.bmo.com/main/personal/credit-cards/low-interest-rate/

https://www.scotiabank.com/ca/en/personal/credit-cards/compare-cards.html

https://www.nbc.ca/personal/mastercard-credit-cards.html

 

Banks	Interest on purchases	Interest on cash advance	Annual Fee
TD	19.99%	22.99%	$0 to $139
Royal Bank
BMO
Scotia Bank
CIBC
National Bank

 

Kwok’s note: After you purchase something, there is a grace period that you don’t have to pay interest charges. That grace period is usually 3 weeks or 21 days, and you must pay off your entire monthly bill by that time. Otherwise, interest will be charged on all the purchases.

 

- Pick one credit card that you need. Give three reasons to explain how you need that card

 

- ask parents why they pick the credit cards that they have (travel rewards, cash back, free food from supermarkets etc)