Credit card interest question?

[robfosters]

Managed to upgrade my CC slightly after a year or so on a horrific interest rate bad credit card. Still not great but a lot better.

Anyway, I dont get the difference between APR and interest rate. The terms are telling me that the APR is 27.5 but when I look at the interest rates, they are cash 33%, Balance transfers 24%, Purchases 24%.

If I use the card solely for purchases and balance transfers and incur no late payment charges or anything, am I paying 24% or 27.5% interest. The card has no annual fee.

 

[tom_e]

http://www.moneysavingexpert.com/banking/interest-rates

 

[Jono]

I wouldn't bother with a balance transfer at anything other than 0%. Obviously that's not entirely helpful to you. I think my Purchases are maybe 14.9%, but I haven't checked. I just pay off the balance in full each month if I ever buy anything on my CC (for insurance purposes as much as anything - maybe they're not insured from purchase, but they used to be back in the olden days).... and never pay interest.

 

[Energize]

Wow that's a high interest rate, my bog standard card that came with my current account is around 19.5%.