29.9% APR on barclaycard? ('fair' credit rating)

Essro

Hi there,

I recently applied for a barclaycard to use while away on honeymoon. we have the cash saved for spending money but I thought it might be useful to have a little extra.

The thing is, the card they offered me has an APR of 29.9%! This seems a little high to me. According to experian I have a credit score of 874 and no negative indicators on my account, indeed apparently I am only using 48% of my available credit.

Any ideas as to why the rate of interest is so high? In truth it shouldn't really matter as I will be using it in an interest free period and paying it off/cutting it up very soon after, but I am still a little confused.

Thanks.

[Deleted User]

You're using a lot of your available credit, so you will be seen as higher risk.

Look also at your available credit against your income. That may also be too high.

BugsyBrowne

Essro wrote: »

Hi there,

I recently applied for a barclaycard to use while away on honeymoon. we have the cash saved for spending money but I thought it might be useful to have a little extra.

The thing is, the card they offered me has an APR of 29.9%! This seems a little high to me. According to experian I have a credit score of 874 and no negative indicators on my account, indeed apparently I am only using 48% of my available credit.

Any ideas as to why the rate of interest is so high? In truth it shouldn't really matter as I will be using it in an interest free period and paying it off/cutting it up very soon after, but I am still a little confused.

Thanks.

Whatever sort of BC were you offered.

CLAPTON

what's your salary
what debt's do you have

stephane_2

BugsyBrowne wrote: »

Whatever sort of BC were you offered.

Must be the Initial....

BugsyBrowne

Essro wrote: »

Hi there,

I recently applied for a barclaycard to use while away on honeymoon. we have the cash saved for spending money but I thought it might be useful to have a little extra.

The thing is, the card they offered me has an APR of 29.9%! This seems a little high to me. According to experian I have a credit score of 874 and no negative indicators on my account, indeed apparently I am only using 48% of my available credit.

Any ideas as to why the rate of interest is so high? In truth it shouldn't really matter as I will be using it in an interest free period and paying it off/cutting it up very soon after, but I am still a little confused.

Thanks.

stephane wrote: »

Must be the Initial....

Agree must be surely.

Essro

Hello all,

My income is about £28,500, and my combined debt is about £5000 (no mortgage).

I'm wondering if it's because I have a joint account with my wife. The above debt is mostly due to us consolidating what little I had before marriage with her credit card and student overdraft.

BugsyBrowne

Essro wrote: »

Hello all,

My income is about £28,500, and my combined debt is about £5000 (no mortgage).

I'm wondering if it's because I have a joint account with my wife. The above debt is mostly due to us consolidating what little I had before marriage with her credit card and student overdraft.

What BC do you have?

Essro

BugsyBrowne wrote: »

What BC do you have?

Please excuse my ignorance, but what do you mean by BC? Barclaycard? In which case none. I have an existing RBS credit card with a small limit on it.

YorkshireBoy

Essro wrote: »

Please excuse my ignorance, but what do you mean by BC? Barclaycard? In which case none. I have an existing RBS credit card with a small limit on it.

So you haven't actually "applied" for a Barclaycard, despite saying you had in the first line of your opening post!

Did you do the 'eligibility checker' and then decide not to proceed?

Or what?

Essro

YorkshireBoy wrote: »

So you haven't actually "applied" for a Barclaycard, despite saying you had in the first line of your opening post!

Did you do the 'eligibility checker' and then decide not to proceed?

Or what?

I have 'applied' for a card, and been accepted; albeit with quite stringent conditions (see the aforementioned APR rate). I have the paperwork in front of me. I simply have not signed said paperwork and sent it back to the company. I thought I might check with a group of experts as to why it was such a high rate before I did that.

Does this not constitute an application?