10. Finance
Lesson
Credit cards and consumer contracts
Banks offer their clients a choice of credit cards. However the interest rates and fees for credit cards vary so it is important to consider your options.
Banks
The main four banks in Canada are:
- Scotiabank
- CIBC
- Toronto Dominion
- Royal Bank of Canada
Task 1
a) Look up each of the above banks, and choose your preferred credit card from each bank, then fill out a table similar to the one below:
| Bank | Credit card fees | Credit card interest rate | Credit card interest free period | Credit card benefits and rewards |
|---|---|---|---|---|
| Scotiabank | ||||
| CIBC | ||||
| Toronto Dominion | ||||
| Royal Bank of Canada |
b) Based on your findings, state which bank and credit card most suits your needs and explain why you have made the choice.
c) Find someone in your class that made a different choice than you did, and discuss why you both made your choices and the pros and cons of both choices. Did anything your partner said make you reconsider your choice?