ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Chase Sapphire
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A merican Express
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You pay the same amount of interest for both
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All of the above
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Detailed explanation-1: -0% intro APR on purchases and balance transfers for 12 months from the date of account opening, then a variable APR, 18.49% to 29.49%.
Detailed explanation-2: -When you pay your credit card bill more than 60 days late, card issuers may penalize you with an interest rate that’s significantly higher than your regular APR. For instance, the Chase Sapphire Preferred has a 18.24%-25.24% variable APR (based on credit worthiness), but the penalty APR is a variable up to 29.99%.
Detailed explanation-3: -Amex will multiply the average daily balance by the daily periodic rate, which is the APR listed on your account divided by the number of days in a year. Next, Amex will multiply that daily periodic rate by the number of days in the billing period.
Detailed explanation-4: -Any interest accrued from carrying the balance. A flat cash advance fee, plus any interest on the cash that you withdrew. Any foreign transaction fees (a percentage-usually 3%-of each transaction in a foreign currency, sometimes plus a flat fee as well)