Sky Card interest rate offer - is it per month?

Tracyk_2

dh and I got a letter each this morning from Sky Card.

His says 2.9% till 1st Nov. Is that 2.9% a month? or in total?

and mine is 4.9% for lob - again is that a month or a year?

dhassen

Does it say APR?

I'd assume your 4.9 LOB is definatley APR, yearly. 4.9% a month would be ridiculous!

Tracyk_2

No it doesn't say APR anywhere - I've looked everywhere in the letter. It even says standard rate of 19.9% applies after the end of the term - not even APR after the 19.9%.

dhassen

hmm still pretty sure it'll be APR (yearly). If it's an offer that is. Ring them and check! but I've had a 2.9% offer from MBNA before and it was yearly. 2.9 a month is 40 + % yearly - not much of an offer and 4.9 monthly would be 58.9 - not much of a LOB deal! It'll be yearly, I'm pretty sure of it.

Tracyk_2

Thanks for that - I'm just being stingy - didn't want to pay day time rates to phone their 0844 number.

I'll phone them after 6 -or get dh to phone from work.

dhassen

No worries....... nowt wrong with being stingy, very MSE

anotherpaul_2

dhassen wrote: »

hmm still pretty sure it'll be APR (yearly).

It's not strictly APR. They can only quote an APR rate based on the normal interest rate (the 19.9% is likely to be APR - assuming there are no annual fees on the account). The 2.9% and 4.9% will be per annum, which are 0.2385% and 0.3994% per month (roughly).