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

cse

never-in-doubt wrote: »

No, actually cards with such high APR's *do not* exist!! Compounding all charges and fees then yea, I see what you're trying to achieve but I am specifically referring to the part that is entitled APR - Annual Percentage Rate. Not compounded charges, interest and assumptions of expenditure/card usage but pure and simple APR!

Look up the Amex British Airways Premium Plus credit card [can't post link due to n00b status] - APR of 40.6%. It is not a charge card and has an interest rate of 19.9%, but the ANNUAL FEE of £150 is included in the APR calculation, as required by the Consumer Credit Act.

There is no such thing as a "pure and simple" APR; annual fees, typical credit limits of <£1500 and repayment periods of less than a year can all cuase the advertised APR to be dramatically out of step with the actual cost of credit. 90%+ isn't beyond the realms of possibility

But in this case, it's still more likely to be a misprint

marksoton

cse wrote: »

Look up the Amex British Airways Premium Plus credit card [can't post link due to n00b status] - APR of 40.6%. It is not a charge card and has an interest rate of 19.9%, but the ANNUAL FEE of £150 is included in the APR calculation, as required by the Consumer Credit Act.

There is no such thing as a "pure and simple" APR; annual fees, typical credit limits of <£1500 and repayment periods of less than a year can all cuase the advertised APR to be dramatically out of step with the actual cost of credit. 90%+ isn't beyond the realms of possibility

But in this case, it's still more likely to be a misprint

I take your point to an extent, however i would be amazed to find anyone with that ( or any other amex card for that matter ) card who only had a £1500 limit.

camellia_c

never-in-doubt wrote: »

Too much detail.... lol

Was Vanquis good then? Satisfy your needs satisfactory? ahem lol..... :whistle::whistle:

Vanquis has left me feeling very fulfilled, yeah. I hope they give me some more (limit increase) action, along the line:D:D

camellia_c

Also have just been told that my APR is now in fact 24.9% and in fact 0% for the first three months. In fact the blokey on the phone said it has never been 94% and that I must have been misinformed by the customer service girl who told me that.

never-in-doubt

camellia_c wrote: »

Also have just been told that my APR is now in fact 24.9% and in fact 0% for the first three months. In fact the blokey on the phone said it has never been 94% and that I must have been misinformed by the customer service girl who told me that.

LOL, as I said in my first reply to you