First credit card

Nothadoth

Hello,

I just got a new barclaycard initial to try and build my pot refit score and wanted to know a little about APR. I've never had one before.

I think my APR is around 37%. Is this automatically applied to my balance after each purchase? Or the end of the month? Or is it on my statement date?

Regards,

Tom

CLAPTON

if you pay the balance on your statement in full before the pay by date then you pay no interest

maybe set up a DD for the full amount so you never foreget

Nothadoth

Thank you :-)

Trapezius

Your APR is per year so it ends up something around 3% each month.

Be warned, it doesn't sound high but it mounts up.

As said, ensure you set up a DD.

Nothadoth

Thank you very much. Makes sense now.

wiseshark

Nothadoth wrote: »

Hello,

I just got a new barclaycard initial to try and build my pot refit score and wanted to know a little about APR. I've never had one before.

I think my APR is around 37%. Is this automatically applied to my balance after each purchase? Or the end of the month? Or is it on my statement date?


Tom

Your APR "around 37%" , but don't worry for a Barclaycard initial seems a little higher than normal, currently it is 34.9% APR, I think, but it does fluctuate.

You must make sure that at the very least pay the minimum amount each+ £1 to ensure your are managing your responsibilities.

If you manage your account well and meet your commitments over a period of approximately one year, then you can always phone them and ask politely if they would reduce your interest to their standard rate.

Always make sure you pay on time by the required time or you will trash your credit file.

PS, Barclaycard is one of the best credit cards in the UK, so make certain that you pay on time without going over your limit, build a good profile and before you realise , you will be upgraded to a great card with all the benefits.:cool:

CLAPTON

wiseshark wrote: »

Your APR "around 37%" , but don't worry for a Barclaycard initial seems a little higher than normal, currently it is 34.9% APR, I think, but it does fluctuate.

You must make sure that at the very least pay the minimum amount each+ £1 to ensure your are managing your responsibilities.

If you manage your account well and meet your commitments over a period of approximately one year, then you can always phone them and ask politely if they would reduce your interest to their standard rate.

Always make sure you pay on time by the required time or you will trash your credit file.

PS, Barclaycard is one of the best credit cards in the UK, so make certain that you pay on time without going over your limit, build a good profile and before you realise , you will be upgraded to a great card with all the benefits.:cool:

only rather stupid or desperate people pay 30% APR interest on a regular basis