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better than representative rate?
Lomast
Posts: 880 Forumite
in Credit cards
I have just applied for a Sainsbury's Bank Credit card for the extra Nectar points as i shop at Sainsburys (It will be paid off in full each month).
The odd this is the representative rate is 17.9% and the website states
Thereafter, your personal APR will be either 17.9% APR (variable), 19.9% APR (variable), or 22.9% APR (variable). At least 51% of customers are offered our best and representative rate of 17.9% APR (variable). We'll let you know your interest rate as soon as we've assessed your application.
However when i recieved the Credit agreement to sign they have offered me 16.9% APR, why would they have 17.9% as a headline rate if they then offer a better price
The odd this is the representative rate is 17.9% and the website states
Thereafter, your personal APR will be either 17.9% APR (variable), 19.9% APR (variable), or 22.9% APR (variable). At least 51% of customers are offered our best and representative rate of 17.9% APR (variable). We'll let you know your interest rate as soon as we've assessed your application.
However when i recieved the Credit agreement to sign they have offered me 16.9% APR, why would they have 17.9% as a headline rate if they then offer a better price
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Comments
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Because if you are part of a 1% that get offered 16.9%, it's not fair to advertise it at 16.9%. The likelihood of you accepting the rate is part of the calculation when making the offer.0
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Because your experience is based on the rate offered to one person - you. There are rules about what the 'representative rate' refers to (at least 51% of those offered cards have to be offered the rate).loose does not rhyme with choose but lose does and is the word you meant to write.0
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Because your experience is based on the rate offered to one person - you. There are rules about what the 'representative rate' refers to (at least 51% of those offered cards have to be offered the rate).
Whilst you're correct, it's slightly strange they don't mention the lower rate in the list of possible APRs. In particular, their claim "offered our best and representative rate of 17.9%" is false, 17.9% isn't the best APR they offer.0 -
Whilst you're correct, it's slightly strange they don't mention the lower rate in the list of possible APRs. In particular, their claim "offered our best and representative rate of 17.9%" is false, 17.9% isn't the best APR they offer.
You're right, I hadn't spotted that.
Maybe they had had a general reduction in interest rates between the OP seeing the offer and being accepted.loose does not rhyme with choose but lose does and is the word you meant to write.0
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