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Your knowledge of credit cards
- Thread starter Pah
- Start date
Master Vigil
Well-Known Member
Wow. I answered 6, and I clearly know my way around a credit card statement. I haven't even had a credit card for a year. HAHA...
I tried to do the test, having to guess most of the answers because I was trying to multiply amounts etc to use my knowledge of the U.K credit cards, but at the end, I came across a 'could'nt find answer page.....pah said:
In the U.K some 75% of the public are totally unaware of how much interest they pay, how it is calculated, and the amounts of 'default' fees. The average Interest rate on credit cards here is in the 14% -22% APR range. However, this does not 'factor in' additional charges made for withdrawing cash, late payments..etc.
This is AFTER the F.S.A's ruling back in the 1970's that all borrowing should be 'transparent, easy to read and comprehend, and that it must include any fees/charges included in the APR total.
I remember that at that time, when borrowing interest rates on Bank loans(Much cheaper than credit cards) were in the 15-20%(for non-essentials, like for example a car) -repayable over five years, customers were often required to take out insurance against loss of earnings, and would pay a set up fee. Since 2 out of 5 borrowers defaulted at some stage each year of the loan, my colleagues and I sat down one evening, and calculated the true APR on Mr'Average''s loan for his nice car was actually working out at a minimum of 25% APR.:sarcastic
Quoth The Raven
Half Arsed Muse
I tried to do it, but you guys seem to have a really weird system. They can raise your interest because you get a loan? Bugger me...and I thought card providers over here were sharks.