376% apr &more credit card

idealrob

the £375 is what was spent the following month, but not due to be paid yet.
still 376%, owed £17, charged £5.40 fact, totally true. fact, want to see the statement
£5.40 X 12months = £64.80
£17 x 3.76= 63.92

closer than 2639%

dmg24

idealrob,

You have posted on here for an explanation of how the interest figure that you were charged was reached.

Several people have posted on here giving quite clear explanations.

If you are not willing to believe anyone then why post?!

idealrob

i am willing to beleive, but only facts, eg the 2600% apr is wrong, fact
£17 time 3.75 is not 2600, fact, but people dont have the nerve to admit they are wrong or cant ad up, i know i am cynical , but just trying to get an honest answer.

idealrob

grumbler

idealrob wrote:

i am willing to beleive, but only facts, eg the 2600% apr is wrong, fact

No, it is not a fact. The fact is that your maths is wrong. I have good edication behind and know what I am talking about. Do you?:rolleyes:

£17 time 3.75 is not 2600, fact

Yes, this is a fact.

but people dont have the nerve to admit they are wrong or cant ad up

And this is the fact that you are unable to admit that you are wrong and are unable either to do the simplest calculations or to prove that you are right.

You can just stupidly repeat: 'there is a legal limit of 60%' - even after being told that this is wrong. Can you prove your point?:rolleyes:

'Fact' is your favourit word, but what you tell has nothing to do with facts.

Fact is that if monthly rate is 5.4/17=31.76%, APR is not 31.76*12=381% (how did you get 376%?). In fact it is 2639%. And, unlike you, I can prove this:

month / balance / interest 31.76% p.m.
_1 _17.00 __5.40
_2 _22.40 __7.12
_3 _29.52 __9.38
_4 _38.89 _12.35
_5 _51.24 _16.28
_6 _67.52 _21.45
_7 _88.97 _28.26
_8 117.23 _37.24
_9 154.47 _49.07
10 203.54 _64.65
11 268.19 _85.19
12 353.38 112.25
13 465.63

---

Total______448.63

The fact is that 448.63/17=26.39=2639% (although the formula I used above gives the same result much faster)

Aslo the fact is that £5.40 is the interest not only on the original £17 balance (for the month where you failed to pay the balance on time), but also on all purchases that you have made during the next month (totaling to £375) - because you lost your interest-free period on purchases as a result of late payment. You was charged interest on every purchase from the day of every transaction. This is the fact - regardles your are wiling to believe this or not.

Your problem is that you are too opinionated and cannot listen ...

P.S. My 'thanks' to you was a mistake and was aimed to dmg24 ...

Rafter

Rob,

I think what you haven't appreciated - and probably the majority of credit card holders with you - is that you don't get interest free on new purchases unless you have paid your previous months balance in full.

So the interest charges isn't on last months balance but on last months balance and this months purchases.

This isn't particular fair, is misleading, but unfortunately is the money making scheme used by almost every credit card out there.

I think one or two - such as Littlewoods offer you interest free even if you don't pay in full, but then they allocate your payment to your purchases first, so you still end up paying in the end.

R.

idealrob

to grumbler you are still wrong, fact, i might be 2 % out, you are still 2000 out, fact.
if i owed 17.00 and get charged 5.40 ir roughly a third of the amount .time by 12 is 64.80. fact
17 times by 3.76 = 63.92 fact
on your system £7626.71 fact

jonnyb

idealnob , have you even read the posts above by Rafter, Grumbler, Gorgeous George and Cumbrian Male ?

if you have then you obviously have not understood them

consider their number of posts, and their experience

consider the fact that you cannot even manage to pay a simple bill on time; it's no surprise that you can't understand the T & C's that the card companies operate.

I have 8 credit cards on the go, and manage to pay them all on time.

Anwen_2

idealrob wrote:

to grumbler you are still wrong, fact, i might be 2 % out, you are still 2000 out, fact.
if i owed 17.00 and get charged 5.40 ir roughly a third of the amount .time by 12 is 64.80. fact
17 times by 3.76 = 63.92 fact
on your system £7626.71 fact

Regardless of who's right about what the APR would actually be if the 5.40 WAS interest on £17, it ISN'T! It is on ALL the purchases you have made this month, from the day of transaction. Fact.

idealrob

i did pay the amount on time , the store did not empty the box on time, it was posted 2 weeks early. i have now been refunded the interest of 5.40
This is my last post on the issue

idealrob