Final answer:
The Effective Annual Rate (EAR) on the credit card is approximately 19.07%.
Step-by-step explanation:
To calculate the Effective Annual Rate (EAR) on a credit card, we need to convert the monthly interest rate to an annual rate. The formula to calculate the EAR is:
EAR = (1 + Monthly interest rate)^12 - 1
Substituting the given monthly interest rate of 1.46% into the formula:
EAR = (1 + 0.0146)^12 - 1
Using a calculator, the EAR on the credit card is approximately 19.07%.