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

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.
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Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    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
    BugsyBrowne Posts: 5,697 Forumite
    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
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    what's your salary
    what debt's do you have
  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    Whatever sort of BC were you offered.

    Must be the Initial....
  • BugsyBrowne
    BugsyBrowne Posts: 5,697 Forumite
    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
    Essro Posts: 5 Forumite
    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
    BugsyBrowne Posts: 5,697 Forumite
    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
    Essro Posts: 5 Forumite
    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
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    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
    Essro Posts: 5 Forumite
    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?
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