Silly question

Fruit_and_Nut_Case

Onwardsandupwards wrote: »

Hi, thanks for the reply it's a loylds tsb one

Would that not be either Lloyds or TSB now that they've gone their separate ways?

CLAPTON

Onwardsandupwards wrote: »

The only percentage figure I can find is one that says 25.44% pa (variable) if it helps we owe £3500 on it it and currently get charged £60 interest. I really appreciate everyone's help and sorry if this is obvious stuff I just can't seem to make sense of it.

apporximately

if you owed 3500 for the full month at 25.44% pa then you would expect to pay

3,500 x 25.44%/12 = £74 per month in interest

the actual interest is calculated on the daily balance so will differ from this if we are using the card and the balance varies over the month

CLAPTON

Deleted_User wrote: »

Your APR is 25.4% in that case. Does it say that it is for purchases, or cash, or both?

the 25.4% is probably the simple annual rate and not the APR which will be a little higher as it will include compound interest

Onwardsandupwards

Thank you for all your help it's says the same % for cash and purchases. It's a lloyds tsb as was given to us when they were joined. We have not received a new one since the change. Am I best to look for a 0% card? As I'm guessing this one is quite high?

jimjames

Onwardsandupwards wrote: »

Thank you for all your help it's says the same % for cash and purchases. It's a lloyds tsb as was given to us when they were joined. We have not received a new one since the change. Am I best to look for a 0% card? As I'm guessing this one is quite high?

I just checked my statement as I assumed it would be quite obvious - wrong!

On the 2 I checked one didn't have interest rate at all, the other only had monthly rate on the back page, I was really surprised that they don't have to show APR clearly on a statement.

Unless you are borrowing it doesn't matter what the APR is. I pay off every month so the rate of interest is irrelevant. If you are looking to use a credit card to borrow then yes a 0% one is the best option.

Onwardsandupwards

Thank you for saying that James as I was begining to think I was missing the obvious. I don't want to borrow more just didn't know if Im best to transfer the lloyds tsb to a 0% card if we can get one as at the minute it feels we're barley making a dent on it. I am clueless when it comes to these things which is why I would rather not have one at all which the bank knows but unfourtounately they also know they can make nearly anything sound like a good idea to my parter which Is how he ended up getting it in the first place. Then with it there it gradually got spent. Sorry gone totally off topic there.

datlex

I don't think this is a silly question at all. It would be more silly not knowing to not ask. Just because someone here knows an answer doesn't mean everyone does. I suspect some people will find your question helpful in the future too. Please note credit card companies can review your APR too so it can change from previous statements both up and down. I personally if I want an up to date APR I would contact the card company and ask them, if it is via a bank and not clear from the statements or online pop into the branch.

Onwardsandupwards

Thank you datelex I will ask him to ring them on Monday. If I enter it on the snowball calculater would I put the 25% figure in or as that is p.a should it be another percentage figure