Great Champagne 'highest Apr' Credit Card Hunt!

MSE_Martin
MSE_Martin Posts: 8,273
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Money Saving Expert
OK not so much a what's best but what's worst hunt. What's the highest APR leaflet trying to flog you a credit card you've found. Vanquis is 49.9% but there are higher.

Champagne rules. To get the champagne you must first post on here the APR for the UK card in question and you must have a leaflet that you can send in (but only if you're the winner, we'll ask you for it). I'll send you the bubbly. If more than one person says the same card, the first to post (who has a leaflet) will win.

What if I don't have a leaflet? Please do still tell us what the highest you've seen is. However for obvious reasons i can't send you the champagne or everyone would just put 1,002,2033% interest
Martin Lewis, Money Saving Expert.
Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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Comments

  • newfoundglory
    newfoundglory Posts: 1,912
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    Its not a leaflet... but Provident (owner of Vanquis I beleive), does loans which it gives to its customers on a visa electron card (okay, technically not a credit card... but this is credit on a card! :D ).
    Loan amount: £290
    55 Weekly repayments of: £8.70
    Total amount payable: £478.50
    Typical APR: 177.0%

    Of course, that is a cheap APR apparently :rolleyes:

    If you borrowed the same amount over 23 weeks, according to its website:
    Loan Amount: £290
    23 Weekly Repayments of: £18.56
    Total Amount Payable: £426.88
    Typical APR: 497.4%

    A whopping 497.4% !! :eek: :eek: :eek:

    http://www.providentpersonalcredit.com/loancalculator.php
  • Munki_2
    Munki_2 Posts: 168
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    Provident Finance do a 69.9% card I believe.....
    Nice to save.
  • Munki_2
    Munki_2 Posts: 168
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    oops... that is the Vanquis I think... or the same company... hmm...
    Nice to save.
  • sedso
    sedso Posts: 96 Forumite
    Hi

    I got a leaflet from Vanquis the other day offering me a typical APR of 59% and an annual fee of £19, shocking.

    Cheers
    Simon
  • Munki_2
    Munki_2 Posts: 168
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    They also had an advert in Januarys Soldier magazine aimed at older people at 110%...
    Nice to save.
  • Munki_2
    Munki_2 Posts: 168
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    ... trouble is, I had the magazine through the post from the British Legion and have probably chucked it. So nows someones chance to dig out that magazine and grab themselves a bottle of champers... (unless I can get to the legion and dig out an old copy before you lot! hehe)

    Munki.
    Nice to save.
  • Jabes
    Jabes Posts: 13 Forumite
    It's on their web site: http://www.natwestblack.com/natwestblack/common/summarybox.asp

    50.7% APR.

    However, this is a bit of an unfair reflection on their interest charges - see their statement.
  • Jabes
    Jabes Posts: 13 Forumite
    53.9% APR

    http://www.couttsworld.co.uk/fees.asp

    Same as the NatWest black card, it's the charge which makes it look so bad.
  • I can't beat 497.4% but I do have the leaflet (had to go and dig it out the bin) and it is a credit card. Oh! and yes it's from Vanquis again!

    32.9% to 59.9% variable on purchases

    Credit limit up to £2000 - typical credit limit of £250!

    All this for an annual fee of £19!

    The leaflet also says they are regulated by the Financial Services Authority.

    Can anyone tell me what is the point of the Financial Services Authority when they let banks offer deals like this?
  • grumbler
    grumbler Posts: 58,606
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    Balestra wrote:
    Can anyone tell me what is the point of the Financial Services Authority when they let banks offer deals like this?
    This is general law of finance: the higher the risk, the higher the interest. Do you think that the Financial Services Authority or somebody else can change a law of nature? All they can do is to set up some limit on interests. The only result will be that high-risk borrowers cannot get any credit.
    I do not justify high interest rates, but I think the only problem here is that borrower must have clear understanding of the deal from the very beginning. Then it is up to the borrower to decide whether to take the deal or to leave it.
    We are born naked, wet and hungry...Then things get worse. :(

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
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