# confused about standard variable rate



## nudda (Oct 28, 2008)

I remember being able to convert an SVR into a monthly rate so if Ive got an svr of like 17% then monthly would be 1.4% or something. Cant work it out for sure and googled but cant find what im looking for 

I know SVR can change at any time but id like an indication of how much i am paying in interest to the cred card company per month.

Thanks :thumb:


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## SausageStick (Apr 15, 2008)

Just ran this by my mortgage advisor wife who confirms SVR is for mortgages, you are thinking of APR which is why your search is finding nowt. 
Regards,
Jason


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## nudda (Oct 28, 2008)

Thanks Jason.

I did feel the same because my searches kept coming up with mortgages in the results. But on my egg money card, it says "17% standard annual variable rate for Purchases and Transferred Balances"

Is that the same as APR ?


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## SausageStick (Apr 15, 2008)

Again running it by the boss, she says that the wording they use is to reaffirm that it is a variable rate but it is APR.


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## nudda (Oct 28, 2008)

Thanks again.

In that case, found this http://mathz.com/apr.php

And according to this Im only paying 1.317 % of my balance as interest each month. Doesnt look right though a its only a few quid and I swear they charge about 3 times more !


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## The Big Yin (Apr 8, 2006)

Bear in mind most credit cards will charge you interest from the first day your statement starts then continue to charge it til your payment due date this could be around 56 days worth of interest if you don't clear off the balance each month in full


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