Capital One - interest free days?

digitalphase

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?

Phantom_Flan_Flinger

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.

digitalphase

Thanks, do you have the page that it mentions that? Is that definitely for the Classic card?

digitalphase

Ah, it's in the summary box - excellent! Thanks!

digitalphase

Phantom_Flan_Flinger wrote: »

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

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.

digitalphase

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

digitalphase wrote: »

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

digitalphase

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: