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
"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
The advert just says 0% until February 2006, with no typical APR shown.
Marcus
See schedule 1 of The Consumer Credit (Advertisements) Regulations
2004 -David
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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.
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.
In message , Marcus Fox writes
If the advert is current (i.e. not one a year old) then it contravenes the advertising regs.
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