credit card interest rates to 2 decimal points?

monkey03

has anyone heard about the loophole where you can reclaim interest if the card company has not displayed your interest rates to 2 decimal points?

Most of the cards i have only displayed interest ratesd to 1 decimal point until recently.

i've heard there is a loophole to claim back the interest, but don't know where to find nfo on this?

can anyone help??

POSSETTE

mmmmm..no not heard it...but is this ANOTHER " i want you to give me money with an agreement i am happy with but i dont want to pay it back" thread??

bengal-stripe

monkey03 wrote: »

.......the loophole where you can reclaim interest if the card company has not displayed your interest rates to 2 decimal points?

That’s likely to join the ‘grassy knoll’ as one of the great urban myths.

If there is no second figure after the decimal point, then this will be a zero,
just as the third and fourth figure will be a zero.

It is the same, whether you write APR = 16.9 % or APR = 16.90 %.
The zero is redundant. (Just as £13.50 is exactly the same amount of money as £13.5.)

nomoneytoday

Should my debts be unenforceable (sp) if the bank I borrow from doesn't have a letter z in their name?

TheExpert

Unfortunately, most posters above did not understand the question.

Most banks advertise APR to 1 decimal place, but the true APR is actually done to 2 decimal places. This practice is common to almost all banks and is legal.

So when you see an APR of 9.9% advertised, this would almost always be 9.94%, which rounds down to 9.9 to 1 decimal place.

nzseries1

What about the loophole whereby if as you sign the CC agreement, the Earth is aligned exactly with Mars and therefore the agreement is null and void?

POSSETTE

nzseries1 wrote: »

What about the loophole whereby if as you sign the CC agreement, the Earth is aligned exactly with Mars and therefore the agreement is null and void?

No ..your thinking of Uranus not Mars..and its when the sun shines out of it,as you sign the agreement,THEN and only THEN is it unenforceable;)

nzseries1

POSSETTE wrote: »

No ..your thinking of Uranus not Mars..and its when the sun shines out of it,as you sign the agreement,THEN and only THEN is it unenforceable;)

Really? Then I better start ringing all my CC companies !!!!

monkey03

Thankyou expert for the only sensible reply on this question!
One of my customers said her legal representative was disputing the percentage with her card company. I wasnt sure if it was a legal mis-representation of the actual rate but your reply indicates it is legal to round down (as in accountancy).

Robert_Sterling_3

TheExpert wrote: »

Unfortunately, most posters above did not understand the question.

Most banks advertise APR to 1 decimal place, but the true APR is actually done to 2 decimal places. This practice is common to almost all banks and is legal.

So when you see an APR of 9.9% advertised, this would almost always be 9.94%, which rounds down to 9.9 to 1 decimal place.

9.9% could be 9.49% rounded down or 9.99% truncated.

nomoneytoday

Robert_Sterling wrote: »

9.9% could be 9.49% rounded down or 9.99% truncated.

Pedant mode on - don't you mean 9.94% rounded down