Credit Card Project By: Cortez Bates & Destiny Clark
No Annual Fee
Flexible Due Date
1.25% Reward Rate
Interest
Pay off purchases within 25 days of the billing cycle to avoid paying interest.
Penalties
Paying late won't raise your APR
No overlimit fee
$35 fee on late payments
Good Grades Rewards: $20 cash back each school year your GPA is 3.0 or higher for up to the next 5 years.
Earn 5% cash back in new bonus categories like gas, restaurants, Amazon and etc
Fees
No Annual Fees
Interest
Pay off purchases within 25 days of the billing cycle to avoid paying interest.
No less that $50 interest charge.
APR
13.24% - 22.24% after 1st 6 months.
Penalties
Paying late won't raise your APR
No late fee for your first late payment, up to $35 after.
Returned payment up to $35
No overlimit fee
Credit Building Benefits with Responsible Use
Minimum Security Deposit of $200 in Credit
No Annual Fee
APR
24.99%
Interest
Pay off purchases within 25 days of the billing cycle to avoid paying interest.
Penalties
Late fee up to $35
Get Cash Back Instead of Rewards- 6% U.S. supermarkets up to $6,000 per year in purchases (then 1%); 3% U.S. gas stations & select U.S. dept. stores; 1% other purchases.
Fees
$75 Annual Fee
APR
13.24% to 23.24% after 1st 12 months
Penalties
29.49% penalty when late on payments or made a payment that was later returned.
Late Payment of fee up to $37
No Over the Limit Fee
Points are worth 25% more if you redeem for travel booked through Chase’s tool. Your effective rewards rate, then, can be as high as 1.25% base and 2.5% for travel and restaurant spending.
Fees
No annual fee for the 1st year, then $95 afterwards
Interest
No minimum interest charge.
Pay off purchases within 21 days of the billing cycle to avoid paying interest.
APR
16.24% to 23.24%
Penalties
Late payment up to $15 if the balance is less than $100 or $27 if the balance is $100 to less than $250 or $37 if the balance is $250 or more.
Return payment up to $37
Scenario 1
Scenario 2
Sources
- https://www.nerdwallet.com/student-credit-cards
- http://www.creditcards.com/bad-credit.php
- https://www.nerdwallet.com/blog/top-credit-cards/nerdwallets-best-rewards-credit-cards/
- https://www.discover.com/credit-cards/compare/index.html?srcCode=RJQX
- https://www.discovercard.com/application/displayLanding?pageFileId=double-listingsite_student&sc=RJRY&cmpgnid=ls-dca-cj-nerd-student-it-rjry-dtop&aid=12460405&pid=3842381&sid=2feacfdbfada3afd
- http://www.bankrate.com/calculators/managing-debt/minimum-payment-calculator.aspx