Variable purchase rate, currently 14.9% what does this mean?
2006-06-17 05:45:25 · 13 answers · asked by warlick19 2 in Business & Finance ➔ Credit
The interest rate at this time 14.9%. As the economy changes, that interest rate can go up or it can go down. It will most likely go up. Also, according to the fine print, if you're ever late on a payment or go over the credit line, they probably have the right to raise the rate to the maximum permitted by law in the state in which the credit card is based. That could be as high as 29%.
2006-06-17 05:51:03 · answer #1 · answered by Mama Pastafarian 7 · 1⤊ 0⤋
What that means is that when your husband uses the card to make any purchase the current interest is 14.9% but that the interest rate can change due to many variables.
2006-06-17 05:55:13 · answer #2 · answered by tomdcardplayer 1 · 0⤊ 0⤋
You don't want a Capital One credit card. They still charge an annual membership fee of $59.00. The 14.9% percent rate is ok but remember, if you ever miss not making a payment or it is received after the due date they will penalize you $35.00 for each incident. I did collections for Capital One for a short time. It bothered me that so many people were hurting themselves because of this little plastic card.
If you can't make a pymt which you are required to do whenever you have a balance, beware there are consequences.
2006-06-17 06:12:31 · answer #3 · answered by Jayhawkfan1988 2 · 0⤊ 0⤋
It means that that is the rate now, usually banks use the Wall Street Jounal Prime rate as the base and then add a percentage onto that. As the Fed meets the WSJ rate usually changes at the moment rates are generaaly increasing, if you are planning to carry a balance on the card you might want to look for a fixed rate card, the initial rate may be more..... but rates a re continuing to go up so you may save in the long run. If you don't carry a balance on the card it will make no difference.
2006-06-17 05:52:15 · answer #4 · answered by mdjohnsonusc 2 · 0⤊ 0⤋
It means that they can raise or lower the interest rate on the credit card at any time. The APR at the time the application was printed as 14.9%. You should receive an explanation of how the rate will be determined when you receive the credit card. It is generally pegged to publicly quoted rates.
2006-06-17 05:51:18 · answer #5 · answered by NotEasilyFooled 5 · 0⤊ 0⤋
He should be applying for his own card. Incidentally the Purchase Rate, varies from the Cash Rate.
Purchase rate is the interest rate< which in this case is variable, Attached to things you purchase with the card.
Cash rate... is the rate applied to cash advances... The interest rates are different than the purchase rates.
I think you can only apply for a credit card yourself, get yours and let him get his own..... Or better yet, wait for an advertisment that offers a 0% rate on balance transfers and purchases.
2006-06-17 05:55:07 · answer #6 · answered by missstressjade 1 · 0⤊ 0⤋
means the interest rate right now is 14.9 %
variable means it will go up or down whenever the prime rate goes up or down
2006-06-17 08:10:45 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It's 14.9% now, but when it says variable, it probably means that it will go up in the future.
2006-06-17 05:48:47 · answer #8 · answered by rudegrrl 3 · 0⤊ 0⤋
An interest rate that moves up and down based on the changes of an underlying interest rate index.
2006-06-17 07:25:13 · answer #9 · answered by donsabe 3 · 0⤊ 0⤋
It means your rate will vary but currently its at 14.9% next month it may be 21.99% or 12.8% or whatever else they decide to make it
2006-06-17 05:49:46 · answer #10 · answered by laura468 5 · 0⤊ 0⤋