RBS APR's NOT consistant

[charlie*]

Not sure where to post this, I tried the RBS room, but it doesn't seem to attract much attention.

 

Something curious caught my eye the other day that caused me to compare RBS APR's and APR's as applied to Sainsbury... what follows below doesn't seem right so any opinions would be well received... perhaps other members might also check to see if they have similar arrangements...

 

Two RBS cards, different issuers, same monthly interest rate, but different APR's

 

RBS, RBS cr/card

CASH ADVANCES

Monthly Rate - variable 1.313%

APR - 18.7%

 

and for one of ours.....

 

RBS, Sainsbury cr/card

CASH ADVANCES

Monthly Rate - variable 1.313%

APR - 19.3%

 

Which is right and which is wrong and does it make a difference?

 

Not certain but I think I saw something last year in here about APR's and that if they're wrong, the creditor has problems.

 

Appreciate any thoughts here - hopefully more grist to the mill

 

charlie

Edited July 19, 2010 by charlie*

[sleepingdog]

Hi charlie*, It may be that the monthly interest rates are the same but on calcalating the APRs that the time before interest is added is different or that some other small thing like balance transfer or money advance fee or interest differs slightly , you may need to look at how they state they calcalate the APRs to find if there indeed is a difference or in fact a mistake.

sleepngdog

[charlie*]

Thanks, SD, I will look into this - well, I'll try - LOL