Advert for credit card...

Where an advertisement is shown for a credit card with a promotional APR expiring sometime in the future, must the advertisement also show what the APR will be after the promotional period has expired and if so, in which Act is this proscribed?

Marcus

Reply to
Marcus Fox
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"Marcus Fox" wrote in message news:YbVtf.21400$ snipped-for-privacy@newsfe7-win.ntli.net...

Many cards don't have fixed rates, but advertise a 'typical rate.' The rate you actually get depends on their assessment of your credit-worthiness. So they cannot give an APR as they wont know it until they have assessed you.

Neb

Reply to
Nebulous

The advert just says 0% until February 2006, with no typical APR shown.

Marcus

Reply to
Marcus Fox

See schedule 1 of The Consumer Credit (Advertisements) Regulations

2004 -
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This suggests that the highest rate to be charged in the three year period after the start of the agreement must be shown.

David

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Reply to
David

In message , Marcus Fox writes

It need only show the typical APR for the first year using the highest rate of interest that may be charged during that period.

Reply to
john boyle

In message , Nebulous writes

That isnt what the advertising regs state which is that they must state a 'typical' APR which is the rate at which at least 66% of the applicants are likely to be charged.

Reply to
john boyle

In message , Marcus Fox writes

If the advert is current (i.e. not one a year old) then it contravenes the advertising regs.

Reply to
john boyle

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