Creation 12.9% apr

Andybez38

Had a couple of emails now off creation. They're basicly saying they review your account reguarly blah blah. They also said they could also look at reviwing your Apr. Has anyone got a lower Apr than 12.9% on their everyday card.

[Deleted User]

I would be amazed if anyone has tbh, I have a halifax cc from way back and the interest rate is 2.9%, but all my other cc's are around 17%

A4445

I've only had the card for 3months £5000 limit at 12.9% not sure about the APR but you have to have the card 6 months before limit increases.

chanz4

they wont, had them for years with a very good profile

Missus_Hyde

Andybez38 wrote: »

Had a couple of emails now off creation. They're basicly saying they review your account reguarly blah blah. They also said they could also look at reviwing your Apr. Has anyone got a lower Apr than 12.9% on their everyday card.

I like the Creation card very much, but told them right at the beginning that they wouldn't be making any money from me, as I always pay the full amount owing on the card every month, so it matters little to me what interest rate they charge.

eDicky

Missus_Hyde wrote: »

I like the Creation card very much, but told them right at the beginning that they wouldn't be making any money from me, as I always pay the full amount owing on the card every month, so it matters little to me what interest rate they charge.

Actually they make money from you every time you use the card, in the form of interchange and other fees to the merchant accepting it for payment. This may not be a direct cost to you, but in effect you (and every shopper) are paying it in the form of prices adjusted by merchants to take into account these costs.

A4445

Roughly how much do the make from merchant fees?

System

A4445 wrote: »

Roughly how much do the make from merchant fees?

Very little now with EU fee cuts. Remember they have to service your card, provide you with the interest free period and absorb bad debts.

Missus_Hyde

eDicky wrote: »

Actually they make money from you every time you use the card, in the form of interchange and other fees to the merchant accepting it for payment. This may not be a direct cost to you, but in effect you (and every shopper) are paying it in the form of prices adjusted by merchants to take into account these costs.

That's as maybe, but I'm going to be paying those costs anyway (as is every other shopper) whether I use the card or not, so if I don't use my cards, it won't result my paying lower prices.

It would result in them making money from me however, if I didn't pay the full amount every month and thus paid interest to them.