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Interest Rates?
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jimbo26
Posts: 954 Forumite
in Credit cards
I am trying to compare my three credit cards, but all describe the interest rates differently, making it difficult to compare. I get APR on card 2 but have no idea what the others mean and how to convert them to APR. A quick Google hasn't helped either. Any ideas?
Card 1
Annual Simple Interest Rate
Annual Compound Interest Rate
Card 2
Annual Percentage Rate (APR)
Card 3
Purchase Interest Rate (this is not APR too low a figure 1.75%
Card 1
Annual Simple Interest Rate
Annual Compound Interest Rate
Card 2
Annual Percentage Rate (APR)
Card 3
Purchase Interest Rate (this is not APR too low a figure 1.75%
0
Comments
-
Annual compound rate is the same as APR.
Annual simple rate (sometimes termed annual non compounded rate) is 12 x monthly rate.
Google 'APR converter'.
Card 3 quotes a monthly rate.0 -
Many thanks YorkshireBoy0
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