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AA Credit Card introduces Compound Interest.
flupeb
Posts: 7 Forumite
in Credit cards
AA Credit Card is to start charging Compound Interest on purchases from June 09.
The current charge is 24.93% pa - the Compound Interest charge will cost an extra 30p per month for every £100 unpaid/outstanding on an account.
Needless to say I have closed my account.
The current charge is 24.93% pa - the Compound Interest charge will cost an extra 30p per month for every £100 unpaid/outstanding on an account.
Needless to say I have closed my account.
0
Comments
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"Start charging"?
I thought, being a credit card and all, if it wasn't paid off completely every month, you'd effectively have compound interest on it anyway.
Got a link?Conjugating the verb 'to be":
-o I am humble -o You are attention seeking -o She is Nadine Dorries0 -
Informed by letter from AA,
The current charge for outstanding balance is 24.93% pa - but from June they will be charging compound interest thus increasing the monthly payment by an extra 30p for every £100 still owing.0 -
If you had the money to pay off the card, then you wouldn't need to pay any interest.0
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