3) Thomas lives in Quebec and Concordia was his first-choice university where he started in January of this year. He is looking for a student credit card with no annual fee to help him build credit history, collect rewards, and pay for his everyday student purchases. He is researching to find the best starter card and likes the credit card comparison site:
Thomas knows however that it is always best to go directly to the site for credit card information and to read the fine print especially as credit card details can be different for Quebec residents. He is interested in the BMO CashBack® Mastercard® as the card offers some great features. Which of the following statements are true for Thomas? Hint: use the credit card link as well as 365 days for compounding.
I. The effective annual interest rate on purchases is 20.99%
II. The effective annual interest rate on cash advances is 24.59%
III. Cashback rewards are: 3% on groceries, 1% on bills and 0.5% on other purchases
IV. In the first 3 months, a maximum welcome cashback reward of $125: $25 on groceries, $25 on bills and $75 on other purchases
V. No annual fee
a) I, II, III and V
b) II, III, IV and V
c) III, IV and V
d) I, III, IV and V
e) All the responses
e) All the responses
I. The effective annual interest rate on purchases is 20.99%
II. The effective annual interest rate on cash advances is 24.59%
III. Cashback rewards are: 3% on groceries, 1% on bills and 0.5% on other purchases
IV. In the first 3 months, a maximum welcome cashback reward of $125: $25 on groceries, $25 on bills and $75 on other purchases
V. No annual fee