Got approved for new credit card...but APR is 93.4%!

LeeSouthEast

ElkyElky wrote: »

Have you tried calling them and ask why your rate is 93%? That is unbelievably ridiculous. Cancel this card if they don't rectify the rates otherwise it'll cost you an absolute fortune.

Won't cost a penny if you pay it in full, regardless of APR. Credit cards with any rate will cost an absolute fortune for revolving balances!

PNPSUKNET

camellia_c wrote: »

The Accessory Card.

what adverse do you have?

camellia_c

PNPSUKNET wrote: »

what adverse do you have?

None

but my cra reports me as using 87% of my available credit.

YorkshireBoy

camellia_c wrote: »

but my cra reports me as using 87% of my available credit.

With several accounts(?) to your name, surely you know already that 93.4% APR is most definitely not "reasonable"?...especially when their 'typical' rate is 19.9% APR.

What's your percentage for used/available credit against stated income?

And, a basic question, why did you apply for this particular card?

PNPSUKNET

Its worse than vanquis even, it sounds like you shouldnt use it and bin it as you maybe at the start of a slippy slope

never-in-doubt

camellia_c wrote: »

Is this a reasonable APR? My credit files are good though a lot of accounts

Sygma do not issue a card at that APR. You have definitely read it wrong. They simply decline you, they would not issue it.

What limit have you got?

Either way, read the paperwork again or ring them and check - but you'll see it will be nearer to 20-30% - nowhere near the 93% you quote :eek:

Here you go: Summary Information It will be either Rate A (19.9%) or Rate B (24.9%) - Rate C is excluded as they would decline you!



** Taken from step 1 of apply now next to the photo of the card - Card Information - Here

marksoton

I really wouldn't bother. When posted in conjunction with this :



http://forums.moneysavingexpert.com/showthread.html?t=1972241

I think you can get an idea of the posters motives.

londonuk2008

Sygma's highest is around 24.9% if my memory serves me right?three tiers depending on your status.

edit;just noticed already said!Been a long day!

never-in-doubt

londonuk2008 wrote: »

Sygma's highest is around 24.9% if my memory serves me right?three tiers depending on your status.

edit;just noticed already said!Been a long day!

Too slow mate - have a wispa and wake up lol :eek:

londonuk2008

Thanks - just been accepted for the 'Silver Card' from sygma - well last week awaiting the card.