Merchandise Interest really high

DullGreyGuy

greggo1410 said:

DullGreyGuy said:

greggo1410 said:

So it seems that the Merchandise Interest is the Interest Rate.
It's just badly written on Nationwide as it does not show a percentage on the app.
I cant simply up my payments as I can't afford to pay any more than what I am.

I suspect the "merchandise" is meant to tell you this is the rate for purchase of products or services, ie where you have paid a merchant.  The standard NW is 24.9% so fairly normal. 

If you were to take a cash advance or a "cash like transaction" (eg buying foreign currency) then you would be charged an additional fee and get no interest free period. Some banks also charge a higher interest rate but that doesnt appear to be the case for NW

If you cannot afford more then you need to look at the possibilities of a Balance Transfer card or Loan to lower the APR however if your at your limits its fairly unlikely you will be accepted or at least accepted with a decent APR or limit. 

I have a very good credit rating so could get accepted on a loan or new Transfer card.
I just don't know which would be the better option.
I owe £3200, and can't afford more than £100 a month. After 24 months, I would have £800 to pay if I transferred.
However with a loan I'd have nothing to pay off the card but the payments would be higher.

All depends on what you will be offered on both... if you got a 24 month BT card with say a 4% fee then that will be much lower than any loan. If however they'll only offer you 12 months and not a high enough limit to transfer the full balance then a loan may be cheaper if it's in the 5-6% range. 

Soft searches are going to be your friend here, however several card issuers won't give you any idea on credit limits before the full application.