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Is 9.9% APR on a credit card the same as 9.9% on a fixed loan i.e £5000. Would u pay the same amount back over 3 yrs if u paid the same 36 * £££ every month?
cheers
cheers
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Would imagine the interest / cpaital ratio on repayments is different but depends on conditions or credit cards.
LOAN 9.9% 161.1x36 payments over 3 years
CREDIT CARD 9.9% 200 a month takes 10years1month
CREDIT CARD 9.9% 200 a month takes 10years1month
If the amount borrowed and paid back is the same shouldn't make any difference. 9.9% APR is 9.9% APR.
You should be able to get a lower APR on a personal loan however.
You should be able to get a lower APR on a personal loan however.
Ask anybody in finance how APR works out! They get so confused :)
All banks use their own versions so its useless.
All banks use their own versions so its useless.
Plus you would think that equal APR borrowing over equal terms would mean that what you repay should be equal. Think again.
fixed loan apr or aer is FIXED and stay at 9.9 the card could be subject to change and 29.9 this time next year
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