mate of mine is being charged 19% interest by BC is this right when they advertise at a much lower figure.surely this is misleading
2006-11-12 03:14:00 · 7 answers · asked by zanny 2 in Business & Finance ➔ Credit
He should not confuse the interest rate with the APR.
He should do a transfer to a card that will charge 0% for at least 6 months. After 6 months he can do another transfer to a different card with 0% interest. He should also not add anything further to the balance until the debt is cleared.
By the way a person changing cards in this way to get 0% interest are called Credit Card Tarts.
2006-11-12 04:00:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The APR your are charged on your credit card is usually individual to each person or done on a tier system depending on the provider. The APR show in the 'typical' rate. That is the rate the majority (over 50%) get on that card (apparently), it doesnt necc mean that you yourself will be able to get that rate. The rate charged is usually dependent on a credit check, past history with the company and personal circumstanses etc. However I have found talking to friends that BC is one of the more expensive credit cards out there. Its a good idea for people to shop around.
2006-11-12 03:23:31 · answer #2 · answered by Laure 2 · 1⤊ 0⤋
I have a goldcard with barclays and it charges 19.9%, Hardly ever use it and if i do i then do a balance transfer to another card at around 6% on offer, Just become a rate tart it cheaper!
2006-11-12 03:29:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
He needed to chek out their APR, although I think Barclaycard are something like 25% so maybe he got a bargain!
2006-11-12 03:16:34 · answer #4 · answered by toothache 3 · 0⤊ 0⤋
There are many bargins out there. Some cards give cashback when you spend a certain amount using cards, whilst others have APR as low as 8%.
2006-11-12 03:21:13 · answer #5 · answered by Oz 4 · 0⤊ 0⤋
I have BC but always pay full, so doesn't bother me what the interest rate is. Should never use CC for credit unless you got extreemly rate.
2006-11-12 10:30:27 · answer #6 · answered by Lilu 3 · 0⤊ 0⤋
Your mate should look for another card with incentives.
2006-11-12 03:16:26 · answer #7 · answered by Ollie 7 · 0⤊ 0⤋