Confused by interest rates?!

Staciep88

Hi there,

As title suggests - I'm a little confused!

Barclaycard Balance (last month) : £2992.05
Payments made to card: £130
This months Balance: £2908.75

What is the interest rate. It was 29.90% APR but I had wrote to them lately asking for it to be dropped as it was way too high.

Looking at the statement it says:

Purchase Annual Rate: 19.90%
Cash Annual Rate: 29.90%

So am i right in thinking that they have dropped it by 10% APR?

Thanks
xx

just to add: I have just seen something else-

Interest On Your Cash Balance
INTEREST 2.207%

Interest On Your Standard Balance
INTEREST 1.527%

Staciep88

Anyone?

Im trying to work out how long it will take to repay on the snowball calculator but can't until I know if its 29.9% or 19.9%

thanks x

xcat_girlx

it depends on if theres been cash taken out on the card or not.

if you have a look on the statements or ring them up they'll tell you cos purchases and cash will be charged different rates.

Staciep88

Interest, fees and charges 4 November

Interest On Your Cash Balance
INTEREST 2.207%4.274

November Interest On Your Standard Balance
INTEREST 1.527%42.43

Total of interest, fees and charges £46.70

That what it says in the statement, the card is never used to withdrawl cash, its never used at all - only make payments to it

YorkshireBoy

You can convert monthly to annual (and vice-versa) rates with this calculator...

http://www.stoozing.com/mon2yr.htm

Staciep88

thank you, that calculator is helpful, but I still do not know which rate to put in as cash blance is 2.206% and standard balance is 1.527% and we are getting charged for both of these but the majority is at the 1.527% so am I to take it that the interest rate is now 19.9% ?

robb01

YorkshireBoy wrote: »

You can convert monthly to annual (and vice-versa) rates with this calculator...

http://www.stoozing.com/mon2yr.htm

This is a very useful tool