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Angie has received an offer in the mail to transfer her $5,000 credit card balance to a new provider. The offer is ‘low rate and no fees’. The rate offered is 3.99% p.a. compounded monthly for 6 months with no application fees or transaction fees. However, in the terms and conditions it says:

• after the 6-month introductory period, the interest rate will revert to 19.5% p.a., which is a variable rate

• the transferred balance will be repaid first

• government charges and a late payment fee may apply

• minimum monthly repayments are required to be 3% of the outstanding loan amount or $30, whichever is the greater.

a. What advice can you give Angie?

b. Why might Angie consider switching to the new provider?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92833907

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