Capital One - Charge For Credit?

Donel261

Evening all,

Just wanted some advice. I am applying for a capital one credit card and have just been reading through the credit agreement first. I noticed this statement (does anyone know what this means, do you have to pay for a capital one card? I have noticed this statement on all cards they offer with varying amounts) - very confused
Total charge for credit:
At the time the agreement is made, is
£123.63

Comprising interest in the sum of:
£123.63


APR:

HeadInSand_2

Was that part of an example, showing how much you'd pay if you borrowed £x ?

YorkshireBoy

Donel261 wrote: »

Total charge for credit:
At the time the agreement is made, is
£123.63

Comprising interest in the sum of:
£123.63


APR:

Which goes on to say...

See section 11 for assumptions for total charge for credit

...which says...

11. Financial Particulars.

In calculating the APR and Total Charge for Credit we are required by law to assume that:

• the credit limit will be £1,500 unless we know the credit limit when this agreement is made, in which case we will use that credit limit;
• the credit is provided for a period of one year beginning with the date of the agreement;
• the rate of interest payable in relation to the whole of the credit under this agreement is that applying to purchases;
• and that the credit is repaid in twelve equal monthly instalments, beginning one month after the date of this agreement.

ie, it's an example only of what you'd repay under a certain set of hypothetical circumstances.

Donel261

Thanks for that... :T its all alien to me.