Annual Percentage Rate of Charge and Credit Table
Debit interest 10% per year
If you pay in instalments, you pay debit interest. The current rate is 10%. This rate is variable, which means we can change it. If we do, we’ll always notify you in advance. The interest rate is variable because it’s related to the statutory interest for non-commercial transactions.
The debit interest is calculated per day, so the amount of interest can vary per month depending on the number of days in the month.
The Annual Percentage Rate of Charge (APR)
The Annual Percentage Rate of Charge (APR) is a percentage that indicates how much you pay a lender – in this case ICS – for credit on an annual basis. It’s a percentage of the amount you borrow. The law determines how the APR is calculated, so you can use it to compare credit from different lenders.
At ICS, the APR includes
- the interest you pay and
- the annual fee for your card
An example calculation
The way the APR is calculated is determined by law. To show how the calculation works, here is an example:
|Spending limit||Monthly amount due||Annual fee||APR||Effective debit interest||Theoretical duration in months||Total price of the credit|
This example is based on the following situation:
- you use the entire available credit of €2,500 at once
- you repay the full amount and added interest in monthly instalments of 2.5% of the spending limit
- you pay 10% effective annual interest
- you pay the card fee every year during the Withdrawal period
- you don’t use the card for any other payments
This example shows that in this situation, credit of €2,500 including the amount borrowed costs €3,128.
Please note: this is only an example. You decide yourself how you use your credit, and that ultimately determines how much you pay for it on an annual basis.
- Credit Table
The APR changes if the interest rate, spending limit or annual card fee changes. To find the APR that applies to your type of card, see the table below.
This table shows the Annual Percentage Rate of Charge (APR) for each spending limit and for each card fee.
ABN AMRO MasterCard €20.40 11.56% 10.79% 10.53% 10.40% ABN AMRO MasterCard Gold €46.80 13.43% 11.78% 11.20% 10.91%
Total cost of your credit
The total amount you pay for your credit depends on the spending limit on your card, on the applicable interest rate, on the annual fee, and on the number of instalments in which you repay the amount you have spent.