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Can anyone explain Life of Balance?
Comments
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Was this a Credit Card LoB offer? If so, possibly better ask in the CC Board. 6.9% APR LoB offers are quite common; perhaps there are some up-front charges in the first month?I took an offer of 6.9% life of balance....but it seems that it is more like 13% I don't quite understand it. I thought it was 6.9 APR but it is 6.9 every month on the amount owing. Is that right?
soljakeAre you for real? - Glass Half Empty??
:coffee:0 -
if you mean you have a LoB credit card charging an APR of 6.9% then it means you get charged 6.9% per annum
so on a balance of 1000 you would be charged 1000 x 6.9%/12 = £5.95 in interest per month0
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