WHERE TO START WITH CREDIT CARD QUESTIONS

freckles_2

I hope this is the right place to put this question.
Can anyone provide a formula for converting APR to monthly interest rates so that I can compare card interest rates.
This is how my confusion has come about:
RBS website re Classic, Gold credit cards--
Monthly= 1.313, Annual Rate= 16.9

January statement from RBS announcing Rate Changes after Feb. statement:
"purchases, balance transfers and money transfers will be 1.385% (16.620% p.a.)"

since 1.385 is MORE than 1.313, how can that be 16.62 p.a.?

RBS, along with other providers seem to have adopted various methods for displaying their interest rates, omitting terms like A.P.R. etc. so comparisons are harder to do.

In the same vein has anyone else found that the discounted credit card rate for RBS Royalties account holders who have RBS credit cards has not been applied? If so how did you get it corrected? I've been tackling this with RBS since last December and as yet still have no satisfactory conclusion.
Thanks in advance.

grumbler

freckles wrote:

Can anyone provide a formula for converting APR to monthly interest rates

A% - APR; P% - p.a.
M% - monthly

M/100=(1+A/100)^(1/12)-1; ____ A/100=(1+M/100)^12-1
OR
M=P/12

(1+16.90/100)^(1/12)-1=0.013097=1.31%

1.385%=16.620%/12

HTH

coo_2

Hello there,

I have a Halifax one credit card with £1200 dept
I also have an Abbey current account with a £900 overdraft
I wanted to pay these debts off together and have a lump sum at the end. I thought i could use a credit card to do this and not pay it for 9 months as i have recently been made redundant!!
Because i am unemployed at the moment will i have difficulties?
Whats my best option?
Thanks for the awsome site!!!

Coo

Andybez38

I have applied for the co op flat rate platinum card recently and have had a letter today saying i have been refused. However to contact their cs number as they would consider an alternative. When phoning the number provided i was offered a co op clear credit card with an apr of 9.9%. Has anyone got this card and what credit limit was they offered as it says credit limit starts from £500 with a minimum income of £15000

basketcase1002

Can anyone tell me. I was in th process of changing cards and it looked as though the new card may not be through on time, so I made a payment of £300. As it was everything came through on time so the balance was paid in full by the new company. I now have £300 sitting in my old credit card company, the Question is this:- will the card company charge me to withdraw my own cash from it?

grumbler

basketcase1002 wrote:

the Question is this:- will the card company charge me to withdraw my own cash from it?

Yes, if you use ATM or a branch. Phone them and ask either to send you a cheque or to transfer the money to the account you paid from.

Lychee

How long should I wait before asking Nationwide for an increase on my credit card limit? Or is it usually done automatically at their discretion, I just best wait?

new_girl

I have just been accepted for a 9 month interest free no balance transfer charge with lloyds telebanking

Our other card is in my husbands name with me as an extra card holder so can i transfer this balance on to my new card by just writing in the details on the formthey have sent me to sign

YorkshireBoy

new_girl wrote:

Our other card is in my husbands name with me as an extra card holder so can i transfer this balance on to my new card by just writing in the details on the formthey have sent me to sign

There shouldn't be a problem as long as the other card is not also run by LTSB.

mightyj4ck_2

My husband and i are thinking of getting a credit card for emergencies only,
we have a good income but woulnt always clear the balance of the card if used each month. Any suggestions grately received