November 30, 2022

Study for Health test tomorrow. Open book, 40 mins to complete a Google Form 

Complete Financial Literacy assignment below on credit cards:

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)