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Donel261

APR's on Credit Cards?

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This is probably going to sound really daft but how do APR's work on cards?

 

If for example you spent £100 on your card, and your APR was 19.90% would you have to pay £19.90 in interest on that one month alone? :?:


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No, an APR is the annual percentage rate and can be used to compare one product with another on a like for like basis. If you borrowed £100 then the interest over a year would be £19.90. Your credit card usually quotes the monthly rate on your statement.


Pam.

 

If anything I've said helps you then please feel free to tip my scales!

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Further info some credit cards play it a little crafitly when they change the interest rate. MBNA sent me a letter mentioning only the monthly interest. It's easy enough to convert but I don't see what that sort of info shouldn't be communicated clearly.


The views I express here are mere speculation based on my experience. I am not qualified nor insured to give legal advice and any action you take will be at your own risk.

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When they quote the Monthly interest rate it of course does not look that high, until you calculate the APR and see the real Rate.

 

It is a sneaky way of doing it of course.


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Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.

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