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Credit Card Agreement...Please help!
shahidemran
Posts: 416 Forumite
in Credit cards
I am Newbie & just going to sign my first Credit Card Agreement for Halifax One Card, but little bit confused about their condition # 3. i.e
Other Financial Information: (3.1) "The total charge for credit is £123.32 consisting of £123.32 intrest. This is based on credit of £1500 being borrowed at the start of the agreement over one year at the standered intrest rate for purchases set out in condition 3.2 below and repaid in equal monthly instalments beginning one month after the start of the agreement."
Can any body explain what does it means?
Other Financial Information: (3.1) "The total charge for credit is £123.32 consisting of £123.32 intrest. This is based on credit of £1500 being borrowed at the start of the agreement over one year at the standered intrest rate for purchases set out in condition 3.2 below and repaid in equal monthly instalments beginning one month after the start of the agreement."
Can any body explain what does it means?
"Money saving is often a science, investment is often an art."...MSE
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shahidemran wrote:I am Newbie & just going to sign my first Credit Card Agreement for Halifax One Card, but little bit confused about their condition # 3. i.e
Other Financial Information: (3.1) "The total charge for credit is £123.32 consisting of £123.32 intrest. This is based on credit of £1500 being borrowed at the start of the agreement over one year at the standered intrest rate for purchases set out in condition 3.2 below and repaid in equal monthly instalments beginning one month after the start of the agreement."
Can any body explain what does it means?
It's an example of the credit charge that you may incur if you choose not to pay back in full every month.
So.....if you borrow £1500 (by using your card to make a purchase) and pay it back in equal monthly installments over 1 year, the amount of interest you will pay os £123.32.
Any better?"I Assume I Need No Introduction"0 -
Thanx, Now Its cleared...I'm going to jump in this world now. Actully i want to improve my credit scoring and my morgage consultant advised me to apply for cerdit card. I am willing to pay in full every month. Anyway thank you very much"Money saving is often a science, investment is often an art."...MSE0
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