Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

    • jimbo26
    • By jimbo26 28th Jun 18, 2:10 PM
    • 639Posts
    • 466Thanks
    Interest Rates?
    • #1
    • 28th Jun 18, 2:10 PM
    Interest Rates? 28th Jun 18 at 2:10 PM
    I am trying to compare my three credit cards, but all describe the interest rates differently, making it difficult to compare. I get APR on card 2 but have no idea what the others mean and how to convert them to APR. A quick Google hasn't helped either. Any ideas?

    Card 1

    Annual Simple Interest Rate
    Annual Compound Interest Rate

    Card 2

    Annual Percentage Rate (APR)

    Card 3

    Purchase Interest Rate (this is not APR too low a figure 1.75%
Page 1
    • YorkshireBoy
    • By YorkshireBoy 28th Jun 18, 2:26 PM
    • 30,531 Posts
    • 18,478 Thanks
    • #2
    • 28th Jun 18, 2:26 PM
    • #2
    • 28th Jun 18, 2:26 PM
    Annual compound rate is the same as APR.

    Annual simple rate (sometimes termed annual non compounded rate) is 12 x monthly rate.

    Google 'APR converter'.

    Card 3 quotes a monthly rate.
    • jimbo26
    • By jimbo26 28th Jun 18, 2:37 PM
    • 639 Posts
    • 466 Thanks
    • #3
    • 28th Jun 18, 2:37 PM
    • #3
    • 28th Jun 18, 2:37 PM
    Many thanks YorkshireBoy
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,816Posts Today

8,090Users online

Martin's Twitter