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What's the apr on mhy capital one card?
Calamity22
Posts: 4 Newbie
I can't figure this out!
It doesn't give an annual amount on the statement, just the monthly interest rate - presumably to hide the extortionately high interest rate they charge!
It says, the interest you're paying this month is based on the following monthly interest rates
Cash withdrawal interest - 2.570%
Purchase interest - 2.313%
I've no cash withdrawals to pay interest on, so it's just the purchase interest.
I'm sure it's not as simple as just multiplying the monthly amount by 12 is it?
It doesn't give an annual amount on the statement, just the monthly interest rate - presumably to hide the extortionately high interest rate they charge!
It says, the interest you're paying this month is based on the following monthly interest rates
Cash withdrawal interest - 2.570%
Purchase interest - 2.313%
I've no cash withdrawals to pay interest on, so it's just the purchase interest.
I'm sure it's not as simple as just multiplying the monthly amount by 12 is it?
0
Comments
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It isn't quite that simple but it gives a reasonable figure to work with. If you call them up they will tell you your actual APR
EDIT: And here is a handy online tool for you: http://www.stoozing.com/mon2yr.htm£34,547 (Dec 07); Current debt: £zilch (Debt free December 2010)
Sealed Pot #389 (2010=£133)0
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