How do I know my APR?

pmartin86

Hi

I'm fully aware this is a very stupid question, but I've been hiding my head under the ground for about a year while I was out of work and the mere thought of finding cash for anything scared me, I've recently (about 3 months ago) got a job again and started to make a dent in the debts I've built up. Basically, I'm onto my credit card now, and I'm trying to find out what my APR is? Its a "Natwest Platinum" if that helps, I can find the basic comparison rates, but I'm struggling to find my personal rate, does anyone know how I can find out?

Regards
Paul

talana

Have a look at your statements or other paperwork or ask Natwest.

unimaginative_user_name

The back of your statement is the best place to look. Multiply by twelve if the rate is less that a couple of per cent as some cards give you the monthly rate! Sometimes you'll get a different rate for purchases and cash advances.

chattychappy

The APR isn't shown on the Natwest Platinum statements, but the monthly rate is. (Silly really.)

But you can calculate the APR. For example, mine is 1.019% per month.

Very roughly, you can multiply by 12 to get the APR.

If you want the exact figure, convert to a decimal and add 1. In my example, 0.01019 + 1 = 1.01019

Then raise this to the twelfth power. Ie 1.01019^12 = 1.1294 (rounded). So the APR is 12.94%.

On windows, you can do powers by using the calculator. Go to "view" and switch to scientific mode. Then use the xy button. (Type in 1.01019, then "xy", then 12, then "=". Or on a normal calculator type in 1.01019 (or whatever) and hit "X" twice and then "=" eleven times.

You can see the rough method is accurate for lower percentage rates, but it will begin to drift for higher rates because it ignores compounding.

Fruit_and_Nut_Case

chattychappy wrote: »

The APR isn't shown on the Natwest Platinum statements, but the monthly rate is. (Silly really.)

But you can calculate the APR. For example, mine is 1.019% per month.

Very roughly, you can multiply by 12 to get the APR.

If you want the exact figure, convert to a decimal and add 1. In my example, 0.01019 + 1 = 1.01019

Then raise this to the twelfth power. Ie 1.01019^12 = 1.1294 (rounded). So the APR is 12.94%.

On windows, you can do powers by using the calculator. Go to "view" and switch to scientific mode. Then use the xy button. (Type in 1.01019, then "xy", then 12, then "=". Or on a normal calculator type in 1.01019 (or whatever) and hit "X" twice and then "=" eleven times.

You can see the rough method is accurate for lower percentage rates, but it will begin to drift for higher rates because it ignores compounding.

Or you could type the number in to the appropriate box on this page.

pmartin86

OK, managed to find it out! I found the monthly rate at the bottom of my statement and used the calculator linked to find out it yearly. It's 17.95, less than i thought as I expected it to be at the upper end I've seen (30-35%) due to my poor credit rating.

Thanks all