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Mon, 10 Oct, 2016 12:10:07 AM
Credit card rates high and disparate
FTimes – STT Report, Oct 10
File Photo – Lehtkuva.
The annual percentage rate (APR) and costs of different credit cards differ too much, no matter if a credit card is used or not, found a study by the financial product comparison site
The comparison that covered 17 types of credit cards found that the least expensive one in terms of APR is the S-bonus Visa card.
The site’s Managing Director Lauri Timgren said from the ordinary consumer’s point of view, the surprise is in how high the APR can be combined with the bank’s commissions and fees.
For example, the marginal rates ranged from 5 per cent to 14 per cent, and the APRs ranged from no annual fee to the range of less than 10 per cent to over 20 per cent.
“The average credit card user could save up to 300 to 400 euros a year if the APRs were not so dear. The most thoughtful action would be to choose a suitable credit card for personal use,” said Timgren.
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