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Credit Card Project

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by

Kara Parr

on 30 March 2018

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Transcript of Credit Card Project

Credit Card Project
Kara Parr and Esther Kim
Chase Sapphire Preferred Credit Card
Annual Fee: $0 Intro for the First Year, then $95
Features: Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening and no foreign transaction fees
Regular APR: 17.24% - 24.24%
Bank of America Cash Rewards Credit Card
Annual Fee: $0
Features: Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account and if you're a Preferred Rewards client, you can increase that bonus to 25% - 75%
Regular APR: 14.24% - 24.24%
Capital One Quicksilver Cash Rewards Credit Card
Annual Fee: $0
Features: Earn unlimited 1.5% cash back on every purchase, pay no annual fee or foreign transaction fees and no late payment fee
Regular APR: 14.24% - 24.24%
"Big Ticket" Item: Forum PowerReclineXRw+™ Full Reclining Sofa
Total Cost: $2,459.00

The credit card we choose:
Capital One Quicksilver Cash Rewards Credit Card
because we will pay for the couch in cash and you get 1.5% cash back with every purchase made and there is no annual fee as well as late payment fees. The APR was also one of the lowest of the three. This card had the best advantage for our needs as a college student.

Monthly Payment: $49.18
It will take 385 months to pay off our purchase.
We learned a valuable lesson through this project about choosing your credit cards wisely according to your situation. We also learned that paying the minimum payment can actually be harmful to our credit in the long run.
Full transcript