Create 3 credit cards that are suitable to the needs of various groups of people. These people have full-time jobs and their credit card spending will be used mainly for personal use.
CREDIT CARDS
You are to create 3 credit cards that are suitable to the needs of various groups of people. First, create a card that a post-secondary student would want to use. Keep in mind post-secondary students aren’t big spenders! Second, create a card that would be useful to a professional such as a teacher, doctor, or an engineer. These people have full-time jobs and their credit card spending will be used mainly for personal use. And finally, create a card that would be useful to a business person. This person will be charging some personal items on the card, but will mainly use the card for business purposes.
You will want to customize each card so that they are more useful for the different groups. Write the paper in a REPORT format with proper section headings such as Introduction, Post- secondary Student Card, Professional Card, … Conclusion. But keep the following questions in mind when creating the card and writing the paper.
How much credit should be granted to each group? You might want to think in this direction: how much monthly payment can each group afford if they use the card and not paying the balance in full. You can answer the question using the future value and present value concepts here.
What interest rate should the credit card company charge each of the group? Why?
Which credit card offers a better rate of interest? Why? You might want to examine the
effective rate of interest for the credit card of each group.
Note: This project has no clear-cut answer – answer will vary. The goal is to apply the concepts that you have learned in the Mathematics of Finance chapter and other chapters where appropriate. Grading criteria:
How well you apply the concepts learned in the course and justify the usage of each type of the credit card
Demonstrated critical thinking skills:
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