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  • FIRST POST
    count20
    Thou shalt not pay more than 7.9% APR on a credit card balance
    • #1
    • 21st Oct 07, 10:25 PM
    Thou shalt not pay more than 7.9% APR on a credit card balance 21st Oct 07 at 10:25 PM
    Called two of my credit card companies - mint and barclays.

    I racked up over 8k on my mint card and have been paying between 300 and 500 a month for over a year now but have hardly dented the balance. moved some of it to barclays some weeks ago on 6.9%. Last time i used the mint card was in july and i spent £12 on it. I have since cut it up and hardly used it before then.

    Called mint to confirm the transfer to barclays and asked some questions on my credit card balance and found my APR for purchases is over 22% and on cash withdrawals almost 30%! Mint i also discovered do not show the annual APR on their statements but the monthly APR - which if you multiplied by 12 would give you the annual APR. I swore and threatened to leave them and was told they could reduce everything to 7.9% and perhaps less than that if i called back tommorrow.

    This prompted me to call barclays too and they were equally willing to offer me a better rate on my outstanding cash balance but i would have to call tommorrow.

    You'll be shocked to know that my first degree is in stats and i should be pretty smart with APR and all that stuff. Thing is i had a rough 2005/ 2006 financially and drew a lot of cash on my credit cards. Prior to this i used to pay back my balances in full.

    I am now going to shuffle my cards to, fro, here, there and everywhere. I am now a rate tart and will never pay more than 7.9% on any card!

    Insert from Martin:
    If you're new to this, check out the credit card shuffle article

    Last edited by MSE Martin; 30-10-2007 at 7:30 PM.
Page 1
    • CLAPTON
    • By CLAPTON 21st Oct 07, 11:01 PM
    • 41,651 Posts
    • 30,691 Thanks
    CLAPTON
    • #2
    • 21st Oct 07, 11:01 PM
    • #2
    • 21st Oct 07, 11:01 PM
    As you're a stats graduate you might like to note that the APR takes into account compound interest and is in fact given by ((1+monthly rate)power12)-1 rather than times 12.
    • bigstevex
    • By bigstevex 21st Oct 07, 11:04 PM
    • 819 Posts
    • 377 Thanks
    bigstevex
    • #3
    • 21st Oct 07, 11:04 PM
    • #3
    • 21st Oct 07, 11:04 PM
    Lol, well done, i never pay more than 6.9% though :P

    p.s don't swear at customer service people, they won't help you if you do and its not their fault, its the money grabbing company remember!!
    • A Nice Englishman
    • By A Nice Englishman 21st Oct 07, 11:06 PM
    • 2,135 Posts
    • 1,194 Thanks
    A Nice Englishman
    • #4
    • 21st Oct 07, 11:06 PM
    • #4
    • 21st Oct 07, 11:06 PM
    What on Earth is a "monthly APR"?

    I though the A in APR stood for Annual?:confused:
  • count20
    • #5
    • 21st Oct 07, 11:20 PM
    • #5
    • 21st Oct 07, 11:20 PM
    meant monthly rate not APR.
  • hypno06
    • #6
    • 22nd Oct 07, 7:35 AM
    • #6
    • 22nd Oct 07, 7:35 AM
    The card companies do rely on people just plodding along, paying the rate that they are given and never challenging them about it.

    Generally speaking, if you do challenge them, they will reduce it.

    Sadly, I am not that lucky, and mine are still at extortionate rates, but for most people it is well worth a phone call!
    Successful women can still have their feet on the ground. They just wear better shoes. (Maud Van de Venne)
    Life begins at the end of your comfort zone (Neale Donald Walsch)
    • immoral_angeluk
    • By immoral_angeluk 22nd Oct 07, 9:07 AM
    • 23,754 Posts
    • 22,635 Thanks
    immoral_angeluk
    • #7
    • 22nd Oct 07, 9:07 AM
    • #7
    • 22nd Oct 07, 9:07 AM
    I would LOVE to pay 6.9% but it's not going to happen. Minimum I pay is 16.9% and that's good for me!
    Good luck with reducing your APR's though.
    Total 'Failed Business' Debt 29,043
    Que sera, sera. <3
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