tag:blogger.com,1999:blog-10023572.post8127041034109598675..comments2024-03-26T18:28:53.305-04:00Comments on Sean's Ramblings: My Brother's Battle with the Credit Card CompanySeanhttp://www.blogger.com/profile/08811858639259602946noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-10023572.post-84346956510284061732007-07-18T21:40:00.000-04:002007-07-18T21:40:00.000-04:00messiah, all i can say is that there should not 3 ...messiah, <BR/><BR/>all i can say is that there should not 3 APRs, one which apparently is meaningless according to the credit card companies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-10023572.post-61219715949303883272007-07-18T09:31:00.000-04:002007-07-18T09:31:00.000-04:00Um, yeah, I'm all with Nick on the SSN thing, but ...Um, yeah, I'm all with Nick on the SSN thing, but this APR thing is a little ridiculous. It's essentially to show a consumer the actual rate you're paying, including various costs. That way, the credit card company can't bamboozle you by advertising a low rate but then hit you with hidden fees. However, non-certain fees such as late fees are not included in the calculation (maybe the monthly calculation on the bill is meant to take these fees into account). APR is indeed mandated by the gov't in order to help consumers understand the true nature of their loans and to compare the true cost across lenders. The Truth in Lending Act provides the <A HREF="http://a257.g.akamaitech.net/7/257/2422/12feb20041500/edocket.access.gpo.gov/cfr_2004/janqtr/12cfr226.14.htm" REL="nofollow">calculation</A>.Messiahhttps://www.blogger.com/profile/15752240196521813060noreply@blogger.comtag:blogger.com,1999:blog-10023572.post-42456711941999853152007-07-18T08:24:00.000-04:002007-07-18T08:24:00.000-04:00I don't have any help, but it is probably similar ...I don't have any help, but it is probably similar to the APR shown on the Truth in Lending Disclosure with mortgages.....If you have a mortgage at 6%, the APR shown could be 6.75% because the APR takes into account all of the "closing costs" that you pay to get the mortgage and they factor those costs (even though most people pay those when their mortgage closes) into the APR percentage to show you interest-wise what you mortgage "costs."Daisyhttps://www.blogger.com/profile/00001892443242209532noreply@blogger.com