7B, December 5, 2022

 Department Store cards

Part D: Now, the department store cards>

https://www.capitalone.ca/credit-cards/compare/?filter=all

https://hudsonsbaycredit.capitalone.ca/credit.html

https://www.pcfinancial.ca/en/credit-cards/

https://mastercard.canadiantire.ca/content/dsa/en.html?cardType=OMX&pcid=G0002&_ga=2.185006496.847090361.1615917243-1695351800.1615917243&_gac=1.162526414.1615917243.Cj0KCQjwrsGCBhD1ARIsALILBYoAfkUSsQ7EipL8-VmzqiL-vtoWL7_HlZDOMyh5C4a8OZlzgEnyESMaAoHfEALw_wcB

 

 

 

 

Dept Store	Interest on purchases	Interest on cash advance	Annual Fee
Costco  (CIBC)
Hudson Bay
Canadian Tire (Triangle Mastercard)
PC Financial (Loblaw)

So, let’s calculate how much more you will have to pay if there is an outstanding balance of $750 on your department store card.

 

Interest rate for outstanding balance is 26.99%.

 

Step 1: convert 26.99% into decimal = 26.99/100 = 0.2699

 

Step 2: use outstanding amount multiply by interest rate 750 x 0.2699 = $202.42

 

Step 3: so your $750 purchase turns out to be $750 + $202.42 = $952.42 (really expensive)

 

Step 4: if you still cannot pay that off by the end of the year, more interest will be added to the $952.42

 

Your turn to calculate the interest charges

a. iPad, $666.00 @ 30%                                              b. Air fare, $1500 @ 19.5%

c. Smart phone, $450.50 @ 9.99%                             d. Chromebook $325 @ 18.88%

e. A car, $32000 @ 7.99%                                          f. BBQ, $750 @ 29.99%