The Shumer Box

What is the introductory APR for purchases made during the first six months?

• 15.24% to 23.24%

• 25.24%

• 0.00%

• 30.24%

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After the introductory period, what will the APR for purchases be on the Platinum Card?

• 0.00%

• 15.24% to 23.24%

• 25.24%

• 30.24%

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What is the APR for cash advances on the Platinum Card?

• 15.24% to 23.24%

• 0.00%

• 25.24%

• 30.24%

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What is the minimum interest charge for the Platinum Card?

• $0.00

• $1.00

• 3% of the transaction

• $10 or 4% of the transaction

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What is the fee for a balance transfer on the Platinum Card?

• $5 or 3% of the transfer, whichever is greater

• $10 or 4% of the transfer, whichever is greater

• 3% of the U.S. Dollar amount of each transaction

• No fee

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What is the penalty for a late payment on the Platinum Card?

• Up to $35

• $1.00

• 3% of the U.S. Dollar amount of each transaction

• No fee

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Jordan gets confused and uses his credit card to get $40 in cash from an ATM instead of using his debit card. Based on this agreement, what is the impact of this decision?

• There is no impact since credit card and debit card terms tend to be the same.

• A $10 cash advance fee will be charged ONLY.

• An A.P.R. of 25.24% will be applied on the $40 until it is paid back ONLY.

• A $10 cash advance fee will be charged AND an A.P.R. of 25.24% will be applied on the $40 until it is paid back.

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Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past year. The A.P.R. on her credit card for the past year was 19.99%. Approximately how much interest would Louisa have paid over the course of the year?

• She would have paid interest charges of $2,000.

• She would have paid interest charges of $20.

• The credit card company would have paid Louisa $20.

• She would have paid interest charges of $200.

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After the introductory period, all consumers who have this Platinum Card will...

• Pay the same A.P.R.

• Qualify for an A.P.R. based on their creditworthiness

• Pay the Penalty A.P.R. of 30.24%

• Be charged an Annual Fee

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As you will see from this agreement, there are different A.P.R.s applied based on how the credit card is used. Which transaction type has the highest A.P.R.?

• A.P.R. triggered by a late payment

• A.P.R. applied on Purchases made during the Introductory Period

• A.P.R. applied to a Balance Transfer

• A.P.R. applied to a Cash Advance

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