We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Capital One Progress - APR Question?
Simon7685
Posts: 1,117 Forumite
in Credit cards
Last month I applied for and was accepted for Capital Ones Progress card. At the time I was expecting the advertised starting APR of 29.9% reducing every 6 months for the next 3 years.
The card duly arrived and so now has my first statement. Although I owe nothing on it as I haven't used it yet, I logged on to download the statement for my own records. To my surprise the APR stated on the statement is 26.480%.
Now I am not complaining by any means but wondered if anyone else had come accross this?
From everything I have managed to find online, the APR starts at 29.9% and I can't find anything that says it is variable. I don't really want to beg the question by ringing them, in case they put it up, hence deciding to ask on here.
The card duly arrived and so now has my first statement. Although I owe nothing on it as I haven't used it yet, I logged on to download the statement for my own records. To my surprise the APR stated on the statement is 26.480%.
Now I am not complaining by any means but wondered if anyone else had come accross this?
From everything I have managed to find online, the APR starts at 29.9% and I can't find anything that says it is variable. I don't really want to beg the question by ringing them, in case they put it up, hence deciding to ask on here.
0
Comments
-
Last month I applied for and was accepted for Capital Ones Progress card. At the time I was expecting the advertised starting APR of 29.9% reducing every 6 months for the next 3 years.
The card duly arrived and so now has my first statement. Although I owe nothing on it as I haven't used it yet, I logged on to download the statement for my own records. To my surprise the APR stated on the statement is 26.480%.
Now I am not complaining by any means but wondered if anyone else had come accross this?
From everything I have managed to find online, the APR starts at 29.9% and I can't find anything that says it is variable. I don't really want to beg the question by ringing them, in case they put it up, hence deciding to ask on here.
The APR is 29.9%. The 26.48% is the simple annual rate and
stated in the summary box under "Your interest rates". Probably done deliberately to confuse.:D0 -
Thanks for the reply, can someone please explain to me what the simple rate of interest is then?
Thanks0 -
It's not compounded. APR is the effect of interest being charged on interest.0
-
It's 12 times the monthly rate.Thanks for the reply, can someone please explain to me what the simple rate of interest is then?
You can play around with APRs, non-compounded (simple) annual rates, and monthly rates with this calculator...
http://www.stoozing.com/calculator/apr-rate-converter.php0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.8K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.2K Spending & Discounts
- 246.8K Work, Benefits & Business
- 603.4K Mortgages, Homes & Bills
- 178.2K Life & Family
- 260.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards