what is a monthly purchase interest rate?

chickenfeet

Thanks everyone, I think what started me off was being told one interest rate on the phone and then another in a different way in the letter that came with the card.

So, I'm happier now I have the card as it has a better rate than I thought it did. Do other credit companies have access to what rate I was given through my credit file? Or is it just that I get green ticks?

callum9999

chickenfeet wrote: »

Thanks everyone, I think what started me off was being told one interest rate on the phone and then another in a different way in the letter that came with the card.

So, I'm happier now I have the card as it has a better rate than I thought it did. Do other credit companies have access to what rate I was given through my credit file? Or is it just that I get green ticks?

You've probably figured it out now, but those interest rates are (proportionately) exactly the same - one is just displayed as a monthly rate and one as a yearly rate. I guess the reason they put the smaller one on the statement is so the less well informed read it and think they are only paying 3% interest so are more likely to hold a balance on it!

No they don't - they have access to your credit limit (and assuming vanquis report accurately) and your balance on the card (can't remember how accurate the balance is - I though it was just monthly but I'm sure 1 of my cards had the current balance reported at any time).