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Is This the highest ever credit card interest rate!!!!!!!
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mandi
Posts: 11,932 Forumite


Hi everyone,
BEWARE!!!! this morning I received an application from VANQUIS Bank, They are offering a Credit Card with a Whopping great APR of......59.9% on a MAXIMUM credit limit of £150 !!!yes thats One Hundred and Fifty pounds ...and they are throwing in an annual fee of £19 and a cash handling charge of 2.5% . Now forgive me if Im wrong but is this legal??? These people are regulated by the Financial Services Authority( Ive checked)
This is the highest interest rate I have ever seen!.. unless someone out there knows different?????
BEWARE!!!! this morning I received an application from VANQUIS Bank, They are offering a Credit Card with a Whopping great APR of......59.9% on a MAXIMUM credit limit of £150 !!!yes thats One Hundred and Fifty pounds ...and they are throwing in an annual fee of £19 and a cash handling charge of 2.5% . Now forgive me if Im wrong but is this legal??? These people are regulated by the Financial Services Authority( Ive checked)
This is the highest interest rate I have ever seen!.. unless someone out there knows different?????
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Yep unfortunately this is perfectly legal, I dont think there is a ceiling on the rate of interest that can be charged. I think there was something about this card on MSE when it first came out. If its the same one its targetted at those with poor credit histories (read poor) and if the charges are added into the APR it becomes 70 odd % !! If I remember correctly its something to do with a subsidary of Barclaycard. If you have a choice stay well clear - if you dont just use it to build a credit history but I think Capital One is a better option.~A mind is a terrible thing to waste on housework~0
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Hi Chgalug,
Thanks for the advice. Im not planning to apply, the application is just one of dozens I receive each week! However your right about aiming at those with a poor credit history, cos to be honest mines not brilliant! ... probably due to the fact that I didnt subscribe to Martins site at the time..0 -
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Did Martin not start a thread on this once to find the highest, think it was higher than that2p off is still 2p off!0
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Indeedy. If you consider loans as well as credit cards, you can find much higher rates ...
PayDay Loan Company: Go to http://www.paydayloan.co.uk/ and click the Our Charges button. APR 1,734%. See how they write "APR: 1734" - without the % sign it looks more like a reference number that a frightening interest rate.0 -
I received some junk mail from Vanquis this morning but shredded it without even reading it! ... wish I'd had a look at it now :doh:"An Ye Harm None, Do What Ye Will"
~
It is that what you do, good or bad,
will come back to you three times as strong!
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Yes your right
Martins giving away a bottle of bubbly for the highest APR. Thing is I dont know how to post this to him... Im not stupid .. just a bit of a pc phobic.. So can ya tell me how youpost him? would really appreciate the advice..
Thanks0 -
I have received a few of these now (my credit rating must be bad!!), I was so digusted I can't believe they are allowed to charge an interest rate this high.0
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Surely MSEers don't carry debt at all, or if they do, it's at 0%. In which case, the APR for borrowing is irrelevant, as we'll never carry a balance on any card
The annual fee is the "extortionate" charge - plenty of fee free cards out there. The cash handling fee is the standard rate and just about all CCs charge it.
On a serious note, I'd like to see all CC promotional mail including a link to this siteWarning ..... I'm a peri-menopausal axe-wielding maniac0 -
mandi wrote:Yes your right
Martins giving away a bottle of bubbly for the highest APR. Thing is I dont know how to post this to him... Im not stupid .. just a bit of a pc phobic.. So can ya tell me how youpost him? would really appreciate the advice..
ThanksTheir - possessive pronoun (owned by them e.g. "They locked their car").
They're - colloquial/abbreviated version of 'They are'
There - noun (location other than here e.g. "You can buy groceries there") OR adverb (in or at that place e.g. "They have lived there for years") OR adverb (to or towards that place e.g. "Go there at noon") OR adverb (in that matter e.g. " I agree with you there").0
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