Credit Card Assignment


Credit Card Comparison
Planning 10
Mrs. Durand

Explain/define the following terms:

Credit –
Spending money before you actually have it.
Credit Card –
A card which you can purchase items on credit.

Annual Fee –
A fee you get charged annually (yearly) most common fee.

Interest Rate –
 A proportion of a loan that is charged as interest to the borrower.

Minimum Payment –
The smallest amount of a credit card bill that someone can pay.

Grace Period –
Period of time companies give you to pay your new charges without having to pay interest on the new balance.
Answer the following questions.

Why would a credit card company let you borrow money?

Because they make money off interest and a lot of people now a days need to spend lots of money but they cant unless they get their paychecks, so credit card companies give you the money before you make it.






  Credit Card #1

Credit Card #2 Credit Card #3

CIBC Aerogold VISA infinite card RBC Rewards Visa Gold Platinum Class Mastercard

(Ex. Visa, Mastercard, etc.)

Visa Visa Mastercard

First: $120

Extra card: $50

No fee First: $150

Extra card: $40


19.99% AND 22.99% 19.99% and 21.99% 19.49%

Earn 1 aeroplan mile for every $1 spent

Earn 1.5 Aeroplan Miles for every $1 spent at gas stations, grocery stores, drug stores and on purchases at®3 (excluding Air Canada® Vacation packages)

Use Aeroplan Miles to cover taxes, fees and surcharges associated with your flight reward

Get exclusive Air Canada and Visa Infinite travel benefits


No annual fee

Earn RBC points for every $1 and $2 spent

More rewards if you bank with RBC

Up to 3,500 bonus RBC rewards for going digital

Purchase protection

Exclusive gift card redemption offer


5000 welcome bonus points

Earn rewards faster, receive 2 points per every $1 spent on eligible purchases

3.99% promotional AIR on balance transfers for 10 months

Elite level of benefits** including MasterTrip®, MasterRental®, MasterPurchase price protection, concierge service and travel medical insurance



What card do you prefer and why? Explain in multiple sentences your reasoning.
In this case I would use the platinum class mastercard. Because it has a low interest rate and it covers medical and travel insurance, which is important because I travel a lot which also works out perfectly for this card gives travelling and air benefits.
What card do you NOT prefer and why? Explain in multiple sentences your reasoning.


Probably the RBC rewards visa gold. Because they don’t have many perks/benefits and the interest rate is very high.  Even though there is no fee its not worth the high interest rate.

Leave a Reply

Your email address will not be published. Required fields are marked *

Skip to toolbar