This is for anyone who has an AMEX LOC. We all know they do their APR's in the usual, Prime + 1.99, 2.99, 3.99 etc format. When I call in via the phone, the system gives me my information and then says, "Your Daily Interest Factor is 1.4234%." The folks at AMEX can't explain what the heck this means, so I thought someone here can help me figure this out. I mean, this "Factor" looks like it has nothing to do with the actual APR (in my case, 8.75%). The Daily Periodic Rate is a very small number, WAY less than 1.x% a day of course. Any accountants out there? Thanks, Joe
Actually they have P+2.99%, P+3.99% and P+5.99%. Very strange indeed. This interest rate corresponds to a 1000.00% APR. I'm not kidding. Something there is VERY wrong. Saar
I know it not the dpr they are quoting. I'm not sure exatly what it is though. it's called a daily interest factor not a daily periodic rate. I have a credit balance right now (at least until my last written check clears) and my daily interest factor is -1.something.
