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MM 255 Business Math Unit 5 Project




Question;Directions for Submitting Your Instructor Graded AssignmentYou must show your work on all problems. You may type your answer right into this document. Totalpoints for project: 45 points. Projects must be submitted as a Microsoft Word document and uploadedto the Dropbox for Unit 5. All Projects are due by Tuesday at 11:59 PM ET of the assigned Unit.NOTE: Project problems should not be posted to the Discussion threads. Questions on the projectproblems should be addressed to the instructor by sending an email or by attending office hours. Youwill be able to come back to the Dropbox and view your graded work or in the Gradebook after yourinstructor evaluates it.ProjectGet started on the assignment by watching the Which Credit Card Deal is Best? video on the linkbelow then answer the following questions. Note: if the link below is incorrect, try the one entitled,Should I Buy or Lease a Car? thinks that it is about time for her to get a credit card. She would like to buy a car in the nottoo-distant future and knows that she needs to establish a credit history. She has received severaloffers in the mail and has downloaded offers from several card companies from card websites. As shereviews the various offers, she finds that the process of evaluating cards is more complicated than sheexpected.What you know: Credit Card Offer Details as of 4/2004Citi Platinum Select MasterCardNo Annual Fee8.99% APR on purchases19.99% Cash Advance APRCash advance fee: 3% or not less than $5 or more than $5027.99% Default Rate0% APR on balance transfers for 12 months$0 liability on unauthorized charges20-day grace period if your total new balance is paid in full each billing period$35 over credit limit feeLate Fees: $15 on balances up to $100, $25 between $100$1,000, $35 over $1,000$12,000 minimum annual income requiredFree online servicesPersonal information privacyPhotocard option availableDedicated 24/7 Customer ServiceBlue Cash from American Express1MM255 Business MathUnit 5 Instructor Graded ProjectNo Annual Fee0% introductory rate for 6 monthsAfter 6 months, 8.99% to 13.99% depending upon payment history and credit record18.99% Cash advance APRCash advance fee: 4% or not less than $5 or more than $5023.99% penalty APR if you do not pay your minimum paymentUp to 5% cash back on purchasesTotal Annual SpendCash Back on Everyday Purchases Cash Back on Other PurchasesUp to $20000.5%0.25%$2,001$6,0001.00%0.50%$6,001$50,0003.00%1.50%Bonus % if you carry abalance2.00%0.50%Late Fees: $15 on balances up to $100, $29 between $100$1,000, $35 over $1,000$29 fee for bounced check payment$29 over the credit limit feeAutomatic bill pay available24/7 Customer ServiceOnline account accessGrace period if balance is paid in full each billing cycleEmergency Card ProtectionPurchase Protection PlanUp to $20,000 personal credit limitUndisclosed minimum annual incomeCollegiate Visa Card$12 annual fee (waived the first year)14.75% APR14.75% Cash Advance APR18.75% APR Penalty APR$20 late payment fee$20 Over the credit limit fee$15 Bounced payment check fee2MM255 Business MathUnit 5 Instructor Graded Project$1000 credit limitOnline account accessDiscover Card for StudentsNo annual fee17.99% APR19.9924.99% Default APR22.99% APR cash advanceCash advance fee: 3% or not less than $5 or more than $5025 day grace period when balance is paid in full each month1% cash back, up to 2% cash back if credits are used to buy goods through the CashBack Bonus Partner systemLate Payment fee $15$35Over the limit fee $15$35Variable credit limitTravel InsuranceFree Discover 2GO card upon requestWhat you are looking for:1.Which credit card fits Shareses needs?2.Which fits Shareses needs?3.Which fits your needs?Solution plan:1.What questions should a consumer ask before accepting a credit card?2.Utilize the table below to evaluate the various credit card offers. It is possible that not allinformation is available for all cards.Card NameInterest Rateon PurchasesCashAdvanceRateAnnualFeePenaltyAPRGracePeriodLatePaymentFeeOverCreditLimit FeeMinimumAnnualIncomeCashBackCiti PlatinumSelectBlue Cash fromAmericanExpressCollegiate VisaDiscover Card forStudents3. Why? Based upon the information, which credit card is the most appropriate for Sharese?4. If you were choosing a credit card from this list, which credit card would you select? Why?5. What are the advantages of a good credit history?6. What are the disadvantages of having access to credit?7. Why is it important for most people to have a relationship with a bank?


Paper#60271 | Written in 18-Jul-2015

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