Purchase Solution

Comparing cost of credit cards

Not what you're looking for?

Ask Custom Question

Bobby is trying to decide between 2 credit cards. One has no annual fee and an 18% interest rate,and the other has a $40 annual fee and and 8.9% interest rate. Should he take the card that's free or the one that costs $40?

Purchase this Solution
Solution Summary

This solution compares the cost of two different credit cards.

Solution Preview

Credit Cards involves some other charges like late payment fee, cash advance fee, over-the-limit fee etc, which should be equally considered while making a choice. Let us assume that these are same for both ...

Solution provided by:
Lokesh Jain, MSc
Education
  • BEng (Hons) , Birla Institute of Technology and Science, India
  • MSc (Hons) , Birla Institute of Technology and Science, India
Recent Feedback
  • "Thank you"
  • "Really great step by step solution"
  • "I had tried another service before Brain Mass and they pale in comparison. This was perfect."
  • "Thanks Again! This is totally a great service!"
  • "Thank you so much for your help!"
Purchase this Solution
Free BrainMass Quizzes
Marketing Management Philosophies Quiz

A test on how well a student understands the basic assumptions of marketers on buyers that will form a basis of their marketing strategies.

Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

Situational Leadership

This quiz will help you better understand Situational Leadership and its theories.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Lean your Process

This quiz will help you understand the basic concepts of Lean.

View More Free Quizzes
Related BrainMass Solutions

  • debit and credit cards

    442371 debit and credit cards If cash is abolished and everything is paid with debit and credit cards, how can this stimulate the economy and reduce unemployment?

  • Banks: Solicitations for Credit Cards

    The problem is that banks keep finding ways to otherwise hide the terms of the cards, making it difficult for consumers to know what the actual terms really are, and how much the credit card is really going to cost them.

  • Methods of Payment

    Some small businesses stick to cash sales as the method of payment at the storefront, while others include debits and credit cards as well. Credit cards seem to bring in sales, since many people use credit cards for purchases.

  • Itemized deductions: which interest paid is deductible

    On November 1st she obtained an equity line of credit on the home from Wells Fargo Bank for $75,000. She immediately advanced the entire amount to pay off her credit cards.

  • Budgeting & Forecasting

    The expert examines budgeting and forecasting for retail stores use of credit cards. The advantages of accepting Visa and MasterCard as opposed to issuing credit is determined.

  • problems with the use of credit cards

    373344 Explore the use of credit cards today. Why do you think people are having problems with the use of credit cards today?

  • Controls Over Cash Collections and Cash Disbursements

    The employee verifying the accuracy of the debit card and credit card statements should not also be the employee responsible for actual purchases. 5. Set maximum purchase limits on debit cards and credit cards.

  • Advantages and disadvantages of credit cards

    Compose a letter to your son explaining the advantages and disadvantages of credit cards. In your letter, provide guidance to your son on the responsible use of credit.

  • American Express

    Credit card processing software is available at a low cost. Almost every website accepts payments through credit cards. In fact, a person cannot pay in cash!

View More Related Solutions