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Great Champagne 'highest Apr' Credit Card Hunt!

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Great Champagne 'highest Apr' Credit Card Hunt!

edited 30 November -1 at 1:00AM in Credit Cards
48 replies 22.6K views
MSE_MartinMSE_Martin Money Saving ExpertMoneySaving Expert
8.3K posts
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edited 30 November -1 at 1:00AM in Credit Cards
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.
Don't miss out on urgent MoneySaving, get my weekly e-mail at www.moneysavingexpert.com/tips.
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Replies

  • 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_2Munki_2 Forumite
    165 posts
    Provident Finance do a 69.9% card I believe.....
    Nice to save.
  • Munki_2Munki_2 Forumite
    165 posts
    oops... that is the Vanquis I think... or the same company... hmm...
    Nice to save.
  • sedsosedso Forumite
    96 posts
    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_2Munki_2 Forumite
    165 posts
    They also had an advert in Januarys Soldier magazine aimed at older people at 110%...
    Nice to save.
  • Munki_2Munki_2 Forumite
    165 posts
    ... 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.
  • JabesJabes Forumite
    13 posts
    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.
  • JabesJabes Forumite
    13 posts
    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?
  • grumblergrumbler Forumite
    52.8K posts
    Part of the Furniture 10,000 Posts Photogenic
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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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