Question about paying off card

heatherw_01

If my current statement is say £100 and the estimated interest is £3, if I wish to pay off the card should I pay £103 or just £100?

I am not sure how it works.

I am with Mint and part of the balance was from a balance transfer.

Bokken_2

You owe a £100.
There will be a minimum payment that you pay if you don't want to pay off the £100 in full this is normally 2% so it should be £2.
If you don't pay the £100 in full next month they will charge you £3 in interest.
So if you pay off the minimum =£2 that will leave you owing £98 + £3(interest) so next month you statement will say you owe £101.
Have a look at Martins yellow links at the top of the page on the credit cards it is all explained there.
Just phone up customer services for you card ask how much you owe and pay it off over the phone.

heatherw_01

Thanks.

I paid off some of this statement already but I want to pay off the rest now.

So no interest will be charged?

Thanks again

grumbler

Is your APR 40%+ :eek: ? Only in this case monthly interest on £100 balance can be £3. With such high interest rate always pay balance in full as this is extremely expensive way to borrow. If you pay balance in full and on time you don't pay any interest (if you don't draw money from ATMs).

heatherw_01

Sorry, it was only an example... it is not my balance

Part of the balance was from a balance transfer so maybe I should pay the interest on top of the balance?

heatherw_01

Just read this:

If you pay the balance in full, any interest charge for the period from the previous statement to the date of full repayment will be debited the following month.

So that means I will have to pay the interest?

grumbler

heatherw_01 wrote:

So that means I will have to pay the interest?

No. My understanding is:

If you pay the balance in full (£100 in your example) and on time no interest is added. If you pay the balance in full later (not on time), interest is added (debited) in the next statement.

What card is it? Can you post a link?

heatherw_01

Mint

http://www.mint.co.uk/credit_cards02.asp?id=CREDIT_CARDS/SUMMARY_BOX

heatherw_01

anyone?

King_Of_Fools

Have you paid any interest on this card in the previous month?

If yes, than you may have to pay interest next month.

If not, then you do not need to pay the interest this month just the full amount.

heatherw_01

Yes, I paid interest last month.

Thanks for that!

So if I pay the balance only and next month they bill me for interest, will I get charged interest on the interest?

Should I just pay the balance plus the estimated interest?