Credit Card Question

tryingmybest_3

Ok, I'm new to the credit card game and I recently got a Barclay card 29.7%apr one to build my credit history up.

My question is that if I put 300 on it and paid it off low payments how much interest would that be? I'm not planning to do that but just wondering. :snow_grin

Thanks.

abe999

Hi,

Depends on how long you plan to spread the payments over.

The way I see it, as a rough guide:

If you borrow £300 and pay back about £13 per month it seems to work out to 3yrs plus £156 interest.

HTH

tryingmybest_3

I'm going to pay it off in full each month! I read to many stories on here about people in big debt and It makes me not want to spend on it at all...

tryingmybest_3

abe999 wrote:

Hi,

Depends on how long you plan to spread the payments over.

The way I see it, as a rough guide:

If you borrow £300 and pay back about £13 per month it seems to work out to 3yrs plus £156 interest.

HTH

Btw, how did you work that out?

grumbler

tryingmybest wrote:

Btw, how did you work that out?

http://www.finaid.org/calculators/loanpayments.phtml:
[font=ARIAL, HELVETICA]

[font=ARIAL, HELVETICA]Loan Balance: [/font][font=ARIAL, HELVETICA]$300.00 [/font]
[font=ARIAL, HELVETICA]Loan Interest Rate: [/font][font=ARIAL, HELVETICA]29.70%[/font]
[font=ARIAL, HELVETICA]Loan Term: [/font][font=ARIAL, HELVETICA]3 years[/font]
[font=ARIAL, HELVETICA]Minimum Payment: [/font][font=ARIAL, HELVETICA]$5.00 [/font][font=ARIAL, HELVETICA]
[/font][font=ARIAL, HELVETICA]Monthly Loan Payment:[/font][font=ARIAL, HELVETICA]$12.69 [/font]
[font=ARIAL, HELVETICA]Number of Payments: [/font][font=ARIAL, HELVETICA]36[/font][font=ARIAL, HELVETICA]
[/font][font=ARIAL, HELVETICA]Cumulative Payments: [/font][font=ARIAL, HELVETICA]$456.62 [/font]
[font=ARIAL, HELVETICA]Total Interest Paid: [/font][font=ARIAL, HELVETICA]$156.62 [/font]

or http://www.bankrate.com/brm/popcalc2.asp?unroundedPayment=12.686228373567177&loanAmount=300.00&nrOfYears=3.00&nrOfMonths=36&interestRate=29.70&startMonth=10&startDay=28&startYear=2005&monthlyPayment=12.69&showAmort=Show%2FRecalculate+Amortization+Table&monthlyAdditional=0&yearlyAdditional=0&yearlyAdditionalMonth=10&oneAdditional=0&oneAdditionalMonth=10&oneAdditionalYear=2005&paidOffDate=Nov+28%2C+2008[/font]