Why am I offered 9.9% apr on a 6.9% sainsburys credit card?

khampson

I recently applied for a sainsburys low apr credit card advertised at 6.9% apr, when it come through it said congratulations on your application and were are pleased to offer you 9.9% apr, I have checked my credit rating and its superb, I have never missed a payment in my lifeon any bills, credit cards or loans, the only thing showing was my mortgage of £68500 and thats it so why am I being offered 9.9% apr and not the advertised 6.9%, I called them and cancelled the application, if I reapply will it change?

Keith

[Deleted User]

If you reapply the rate would probably go up.

Only 51% of accepted customers need to get the headline rate.

guesswho2000

Also, why cut off your nose to spite your face? 9.9% is still a fantastic rate for a credit card.

khampson

Thought it was too good to be true, I will stick with my Halifax credit card at 11.9% apr.I would prefer for them to just decline my application for the low rate card as others were offering better than 9.9%

khampson

It said only people with good credit rating will be accepted, I checked 2 sites one said 5/5 and other gave me a score of 999 and both comfirmed that I had never missed a payment.

Keith

[Deleted User]

khampson wrote: »

Thought it was too good to be true, I will stick with my Halifax credit card at 11.9% apr.I would prefer for them to just decline my application for the low rate card as others were offering better than 9.9%

That makes no sense.

9.9% is better than 11.9%.

And if they have declined you, you would still have had the search on your report, but without the option to have the card.

londonTiger

thats a good rate, you would be hard pressed to find a personal loan with a better rate than that.

khampson

Yes I know 9.9% is very good but Barclays are offering a credit card for 7.9% apr, I dont want a handful of credit cards till I get 1 I want. I only intend to have low balances less than £1000.

Keith

gb12345

khampson wrote: »

Yes I know 9.9% is very good but Barclays are offering a credit card for 7.9% apr,

And there is no guarantee that you would have got that rate either - they might have accepted you and offered you 10% or 11% or even 15%.

khampson

Also on money saving website I putting my details and it said chance of approval 9/10.

Keith

gb12345

khampson wrote: »

Also on money saving website I putting my details and it said chance of approval 9/10.

Keith

You were approved - just not for the APR that you wanted.

Anyway, credit agency and website opinions are irrelevant - the lender has access to other information that they don't, which will be used to make its decision.