The representative examples you see in our offers give you an idea of how much it could cost if you borrowed £1,200 in a year.
Lenders show representative examples on their financial promotions, or adverts, to follow industry laws and regulations. This helps you compare different products and provides a guide on how much taking out credit could cost.
Here’s what a typical Representative example looks like:
The approval of your application depends on your financial circumstances and borrowing history, so do the terms you may be offered. The balance transfer period and interest rates, may differ from those shown.
The assumed credit limit of £1,200 is a figure that lenders use so you can easily compare products. If your application is successful, the credit limit you actually get will depend on your circumstances.
APR (Annual Percentage Rate) is a rate that shows you how much you’ll pay back in interest over a year. The APR figure includes any annual fee you have to pay for taking out the card.
p.a. stands for per annum which just means yearly or annually.
Purchase rate is the interest rate we charge when you use your credit card to buy something. You won’t be charged interest on purchases if you pay off your full balance each month. Our purchase rate is a compound rate which you can find out more about in our understanding interest section.
A variable rate isn’t fixed, so it can change in certain circumstances, for example, if you miss your monthly payments. It will also move in line with the Bank of England Base Rate.