I just transferred a credit card balance for 5.99% nominal APR (and .01641% periodic rate). But I noticed on my statement that it says the Annual Percentage Rate for this balance is 33.432%.
That doesn't sound good. What's going on?
2006-12-13 09:17:48 · 4 answers · asked by awoods_mu 2 in Business & Finance ➔ Credit
nominal is probably the intro rate, & after it expires, it goes to the 33%
2006-12-13 09:32:34 · answer #1 · answered by ricks 5 · 0⤊ 0⤋
It's hard to tell exactly what you did here, but it sounds like you transferred a high-interest credit card to a 5.99% APR card.
The nominal rate is usually just the interest rate, whereas APR is a more exact figure that takes into account any fees associated along with the interest rate.
Either way, there are plenty of 0% APR credit cards you should transfer your balance to for free. Citi Cards offers a 0% APR for 12 months, and no balance transfer fee or annual fee.
Learn about mortgage, credit, and finance:
http://www.thetruthaboutmortgage.com
2006-12-13 17:29:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You just got screwed, that's what's going on.
Typical bait and switch tactics by the credit card companies. They get you to transfer a balance, then use something on their review of your credit report to jack up your rate to the max possible.
Find another card. Quickly.
2006-12-13 18:04:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋