Capital One charges 70% interest?
Boy I hope this is a typo. Click for the actual, redacted statement.
Related: BusinessWeek on Capital One’s Credit Trap,Credit card cos. encouraging bankrupts to be ashamed of themselves?,Payday loans: countering the spin,
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Tags: APR, Capital One, credit card, interest, rate
Filed under: Coping With Credit & Debt
Tags: APR, Capital One, credit card, interest, rate
Filed under: Coping With Credit & Debt
3 Comments on “Capital One charges 70% interest?”
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The complete statement isn’t visible, but it appears to me that the $11.29 in finance charges probably includes $1.29 in interest at 19.9% plus a $10 fee, probably for writing a convenience/cash advance check. The issuer is required to include that $10 fee when computing the finance charge and corresponding APR to disclose on the statement.
I think DES is right. Just goes to show you how fast those fees add up.
I want to say thats a typo. Good thing that you look at your statements. I know so many people that don’t look at their statements. Keep us updated there is no way that can be right.