Know your APR?
Seek out the APR
Lenders are required to give just 51% of applicants the advertised APR.
The remaining applicants can be offered a range of APRs, often higher than the one advertised. The trouble is, if you don't know where to look, it can be hard to find out whether the APR may be different to the one advertised.
If you're applying for a credit card, you need to read all the details to understand what you're getting. It's worth looking to see what benefits you're entitled to, what you need to do to keep those benefits, and what you need to do to avoid any unexpected costs.
There's one check that you really need to do before you apply – find out whether you could be offered a different APR to the one advertised. Getting a higher APR could result in you paying more money back if you don't clear your balance every month.
Let's be clear
Your APR shouldn't be a surprise
- 1
APR Check
Lenders have to state the APR and make it really obvious so that you're able to compare prices for credit. Any advert for a credit card will have an APR on it – make sure you know what that is. A higher APR means it will cost you more to borrow if you don't clear your balance monthly.
- 2
Delve a little deeper
Does it say you could be offered a different APR once you've applied? To find this out, you'll need to read all the information provided, for example look at the summary box, the credit card agreement and the product information on the website.
- 3
Eligibility check
Apply for a credit card through an eligibility checker to see if you'll be accepted without affecting your credit rating. Our eligibility checker QuickCheck will also tell you the APR you'll get once you've applied, no surprises, just 100% clarity.Capital One Classic credit card34.9% APR representative variable.