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credit card interest / rates question

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  • 26-08-2010 6:21pm
    #1
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭


    can someone help me out with this please?

    the apr on credit card 1 is 11.4% apr.
    the annual interest rate is 9.11% for purchases and 19.68% for cash.
    it notes that these are variable rates.

    the monthly rate on credit card 2 purchases is 1.4%.
    the monthly rate for cash is 1.64%.

    so, does this mean that the rate for purchases on card 1 is 9.11% and on card 2 it's 16.8%? does this mean that if the balance is not cleared in full then card 1 is the better option?

    thanks for the help.


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    #2
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Random you need to go back to cc2, by law they must quote the APR. That is the only way you or anyone else can look at the costs on a like for like basis.


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    #3
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    cc1 is a click visa card and cc2 is a be mastercard. both with aib. i've looked at my statements on the be one (cc2) and can't see apr. i'm considering a switch to the click (cc1) as it seems much cheaper in terms of interest.


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    #4
    eagle_i
    Closed Accounts Posts: 89 ✭✭eagle_i


    Contact AIB regarding the mastercard (cc2) and ask them for the APR, by law they must clearly show the APR!


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    #5
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    can't do anything with the rates above then?


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    #6
    dobsdave
    Closed Accounts Posts: 1,814 ✭✭✭dobsdave


    Random wrote: »

    so, does this mean that the rate for purchases on card 1 is 9.11% and on card 2 it's 16.8%? does this mean that if the balance is not cleared in full then card 1 is the better option?

    thanks for the help.

    The purchases rate on card 1 looks alot better than card 2, as you have pointed out.
    Need to watch out for Interest free days though.
    Some low interest cards will start charging interest on purchases alot quicker.
    If you're not buying anything, and just talking in terms of paying off an outstanding balance, then CC1 looks the best.


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    #7
    Random
    Closed Accounts Posts: 19,080 ✭✭✭✭Random


    so assuming there's no purchases and it's just a matter of paying off o/s balance then the lower the apr the better?


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