Dumb Question of the Day

[Anonymous]

My current Orchard Bank Gold statement shows APR 0% (last statement it showed 30.99%). It also has Nominal Annual Percentage Rate (purchases) 26.99%.  What is the difference?

Edited to correct terminology

Message Edited by PurpleHaze on 03-28-2008 01:46 PM

[Anonymous]

Do you have a balance? If not, it's likely similar to my WAMU statement, which shows an "effective" APR of 0.00%. That's because there's no interest accruing on a 0-balance account.

Otherwise, I dunno...

[Anonymous]

That makes sense then.  I just PIF.  Thanks