Capital One - interest free days?

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I've seen that Vanquis do a handy "up to 56 days interest free on purchases" thingy and wondered if the Capital One Classic does as well? Can't see any mention on site so I suppose this is a no?

Can I confirm that if I spent e.g. £100 and paid it back within the 56 days I'd not have to pay any interest, is that correct? Also can anyone tell me the estimated interest on an APR of approx. 39.9% if I spent e.g. £100?

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  • Phantom_Flan_Flinger
    Phantom_Flan_Flinger Posts: 2,794 Forumite
    edited 8 May 2009 at 10:24PM
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    From the Capital One website -
    Maximum of 56 days for purchases where the balance is paid in full every month. 0 days for balance transfers and cash.

    Monthly interest on exactly £100 would be £3.33.
    Dave. :wave:
  • digitalphase
    digitalphase Posts: 2,087 Forumite
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    Thanks, do you have the page that it mentions that? Is that definitely for the Classic card?
  • digitalphase
    digitalphase Posts: 2,087 Forumite
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    Ah, it's in the summary box - excellent! Thanks!
  • digitalphase
    digitalphase Posts: 2,087 Forumite
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    Monthly interest on exactly £100 would be £3.33.

    Blimey, that's not much at all....How do you work it out?
  • Phantom_Flan_Flinger
    Phantom_Flan_Flinger Posts: 2,794 Forumite
    edited 8 May 2009 at 10:37PM
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    Interest of 39.9% APR equates to 3.325% per month. On £100 that's £3.33 (rounded up).

    Doesn't sound much, but if for instance you had £1000 on your card and you only paid the minimum each month for a year, you'd be looking at around £350 in interest for the year - bad times.
    Dave. :wave:
  • digitalphase
    digitalphase Posts: 2,087 Forumite
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    Thanks, what would the minimum payment be on £100? Is it around 3% of the outstanding balance?

    This is mainly hypothetical as I'm planning on clearing the balance each month, but handy to have in emergencies.
  • Phantom_Flan_Flinger
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    what would the minimum payment be on £100? Is it around 3% of the outstanding balance?

    It's on the summary page if you scroll down.
    5% of the outstanding balance or £5, whichever is greater
    Dave. :wave:
  • digitalphase
    digitalphase Posts: 2,087 Forumite
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    So would that work out at only around £5? Sorry, my maths are terrible - probably why I got into trouble in the first place :rotfl:
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