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Monthly payment store clubs
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fiftydd
Posts: 15 Forumite
in Credit cards
My partner has received their monthly account throught the post. With it is a notice of a change in terms and conditions. They are changing the monthly payments to every 28 days. This converts 12 payments/year into 13, effectively raising the yearly interest rate through the back door. Is anyone else aware of this?
Everyone concerned should be aware.:think:
Everyone concerned should be aware.:think:
0
Comments
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What's a monthly payment store club?0
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Why does it raise the yearly interest rate? Yes there will be an extra payment, but then it and the other 12 will contain slightly less interest than before.0
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