Consumer right now a strong warning against using the so-called Red-the credit cards from Santander Consumer Bank.
medical director Jorge Jensen’s call for a boycott:
– Cut the card in two, and find a bank that charges you for the loan you actually have. The bank’s practice is directly kundefiendtlig, ” says Jensen.
– This is the only card we know of in the market today that has such interest, he says to E24.
Santander responds by emphasising that they have among the market’s “most favourable credit cards in all parameters”.
If there is anything that should be cut in two, it is possibly Forbrukerrådets calculations, writes the officer Cecilie Miller in Santander in an email to E24.
Horne will have gjeldsregister in place from the fall of the
– Payment provides rentehopp
When taking up the loans tend interest rates, to be calculated from the balance you owe. It means that the interest burden in the money becomes less the more you pay down on the loan.
But for the Red cards to Santander works it is not so, contends Jensen. He says the bank requires interest rates for the entire the loan, even after most of it is paid down.
such A construction means that interest rates go up as your outstanding debt shrinks.
the Norwegian Consumer council have counted on what happens as you pay down nok 30,000 in debt on a Red credit card.
A billion percent
- Once you have paid back the 20,000 dollars and has 10,000 dollars in restgjeld, the annual interest rate on the outstanding amount be 45 per cent.
- the Interest rate go up to 224 per cent when you have 2000 money in restgjeld, and doubled to 448 per cent when you have a tusenlapp again on the debt.
- And when you only have ten bucks in restgjeld, you will be charged 4.476 percent annual interest.
the Consumer calls the remaining amount-interest “would”. At the same time argue they are “good guys” against Santander in the calculations above, because conservative assumptions are applied.
When they instead assume the effective interest rate on restbeløpene, the rates astronomical:
– Should you be so unfortunate to have 100 million left on a loan of 30 000, the effective interest rate of a billion per cent”, states the Norwegian Consumer council.
Yes, we are citing them correctly. It should be a billion.
– wrong
It rejects Santander:
All 10 calculations is directly wrong. In the Consumer theoretical example, where they claim that the effective interest rate will be over a billion per cent, is the correct number about one billion lower, type Miller in the email to E24.
Warns about the growth in consumer loans – is itself the greatest of credit card debt
– This is one of the market’s most favourable credit cards in all parameters, but if you do not pay the entire debt, you will not receive interest-free period”, she writes.
Consumer does not have knowledge of how many norwegians who use the card, but the medical director Jensen points out that Santander is a major provider of consumer loans and credit cards in the Norwegian market.
Should be allowed
Santander received a letter from the Norwegian Consumer council with several questions about kortbetingelsene before christmas.
First and foremost, we were looking for answers as to why they believe this is appropriate for the customer. That they answered us not, ” says Jensen.
They’ve also got the lawyers to check the legality.
What you found out?
– It is kundefiendtlig, but within the law.
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