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Essay / Research Paper Abstract
A 3 page paper about the cost of credit cards. The four basic types of credit cards are identified. Five credit cards are compared in terms of interest rates, grace periods and fees. The costs of one virtual bank is explained. The writer alerts consumers that different banks and companies have different costs even when the credit card is a Visa or MasterCard. 1 Table included. Data included. Bibliography lists 5 sources.
Page Count:
3 pages (~225 words per page)
File: MM12_PGcrdin.rtf
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Unformatted sample text from the term paper:
Of Financial Institutions, 1996). To confound matters, many businesses offer rewards, rebates, frequent flyer miles and other incentives to get the consumer to use their particular credit card. There are
four basic types of credit cards: bank cards (MasterCard and Visa), travel and entertainment cards, such as American Express and Carte Blanc, retail store cards and oil company credit cards
(McKenna and Makela, 2002). Some companies use banks to sponsor their own card, such as the Visa card offered by the American Automobile Association (McKenna and Makela, 2002). This option
is becoming more and more popular (McKenna and Makela, 2002). However, the cost of the MasterCard or Visa is not the same with all banks. The following table compares
the terms for Visa cards offered by two different banks, the American Express "Blue" card, . Bank Annual Fee APR Other Bank One Platinum Visa None 12.99% (fxd)
Grace period: 20 days Late fee: $29 Over limit fee: $29 Fidelity National Gold Visa None 11.65% (var) APR: Prime + 8.90% Grace period: 23 days. Late fee: $25 Over
limit fee: $25 American Express "Blue" card None 9.99%-14.99%* (Fix) Grace period: 20 days. Late fee: $29 Over limit fee: $29 APR based on consumers credit Premium Wal-Mart
MasterCard (from Chase Manhattan Bank) None 10.99% (fxd) Purchases outside of company APR is prime + 3.99% Grace Period: 22 days 0% financing for 3 months for $200
+ purchases at Wal-Mart/Sams Barnes & Noble Platinum Plus MC (from MBNA) None 12.99% Grace Period: 25 days Purchases at B&N = 2 points per $1.00; 1,000 points = $10.00
reward certificate (Sherry, 2002; How To Benefit From Your Credit Cards, 2002). While most banks are now offering a variety of Online services, there are some banks that have
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