Hello you wonderful helpful lot.
I've just received a new credit card which has a low interest rate for 6 months then goes up to around 12% after that time. Standard stuff. However when I rang to ask what the apr equivalent was for the first 6 months the young man couldn't tell me, he just kept saying it's 1.9% per month. When I said I wanted to compare the difference he couldn't understand what I was asking, then eventually said that you just multiply the monthly figure by
- But that doesn't add up, it isn't cheaper then than the eventual cost, so can't be right. I didn't think it would be anyway as he sounded so vague. Felt quite sorry for him actually - specially when I didn't want to buy all the other financial products he was offering.
Is there a simple formula for calculating apr from monthly rates? I've done a google and all I could find were very complicated figures. Could someone help please?
Thanks
Liz