XL Spreadsheet for managing Credit Cards

paul_roberts

I am not very good with XL so does anyone know how to set up a XL spreadsheet to calculate the interst rate added on your next statement and what your next minimum payment would be.

Any help would be much appreciated.

Marty21

If you could tell us what your Intrest rate is i could create a formula for you, As for the minimum payment would need to know the terms of your provider most are 5 % i think but i may be wrong:o

oscar52

paul_roberts wrote: »

I am not very good with XL so does anyone know how to set up a XL spreadsheet to calculate the interst rate added on your next statement and what your next minimum payment would be.

Any help would be much appreciated.

Would be difficult to work out with complete accuracy. Some card providers due dates fluctuate (due to non working days) and therefore more interest is applied - this happens with MBNA over xmas and new year.

It is also dependent on if you make any further transactions.

CannyJock

paul_roberts wrote: »

I am not very good with XL so does anyone know how to set up a XL spreadsheet to calculate the interst rate added on your next statement and what your next minimum payment would be.

Any help would be much appreciated.

You need to calculate the interest for each transaction individually based on the number of days from the transactions/previous statement to the payment date/next statement.

Something along the lines of

=round(nominal(APR,12)/365*DAYS,2)

The minimum payment calculation is just a straight forward % of the balance either before or after any charges and interest, although some cards (RBS?) round the amount up to the nearest pound.

paul_roberts

Thanks Guys. I am not using the card but just have a balance on it and want to put this into a spreadsheet to see what happens if you make different payments ie more than the minimum payment (yes I know you pay it off quicker )

What I mean is I want to see if I paid £50 more one month would it have a major difference than £40 etc? I hope I am explaining this properly?

Regards

Paulie

paul_roberts

Hi Marty the interst rate is 14.9% APR and the minimum payment is 1%.

Hope that helps.

Regards

Paulie

CannyJock

paul_roberts wrote: »

Thanks Guys. I am not using the card but just have a balance on it and want to put this into a spreadsheet to see what happens if you make different payments ie more than the minimum payment (yes I know you pay it off quicker )

What I mean is I want to see if I paid £50 more one month would it have a major difference than £40 etc? I hope I am explaining this properly?

Regards

Paulie

Use the min repayment calculator

http://www.moneysavingexpert.com/cards/minimum-repayments-credit-card#calc

Play around with the minimum £ on the right hand side and it'll show you the effect of paying a minimum of £40 or £50 per month.