My father took out a Capital One Credit card recently over the phone to balance transfer from his 24.5% Halifax card.
Whilst on the phone he was quoted an interest rate of 0.8% so duly accepted the card and transferred the balance.
I've been taking a look at his cards in order to best tackle paying some of them off, and noticed the statement said 9.6% APR. "I was told almost 0%, 0.8" he told me.. I realised they have quoted over the phone a MONTHLY rate of interest rather than APR.
I told him to ring them up to confirm his interest rate, the lady on the phone told him "0.8%" to which I asked him to confirm if it was the APR, she then confirmed the APR was 9.6..
He spoke to a few people - including the manager who claimed this was standard practise - they always quote the monthly rate NOT APR.
Is this a legal way to sell a card? Its certainly not the standard practice when taking out a card on their website - where everything is quoted as APR.
Whilst on the phone he was quoted an interest rate of 0.8% so duly accepted the card and transferred the balance.
I've been taking a look at his cards in order to best tackle paying some of them off, and noticed the statement said 9.6% APR. "I was told almost 0%, 0.8" he told me.. I realised they have quoted over the phone a MONTHLY rate of interest rather than APR.
I told him to ring them up to confirm his interest rate, the lady on the phone told him "0.8%" to which I asked him to confirm if it was the APR, she then confirmed the APR was 9.6..
He spoke to a few people - including the manager who claimed this was standard practise - they always quote the monthly rate NOT APR.
Is this a legal way to sell a card? Its certainly not the standard practice when taking out a card on their website - where everything is quoted as APR.