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Santandar Zero's cash withdrawal interest rate question
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zygotic-mychi
Posts: 5 Forumite
in Credit cards
I'm going travellinf around the middle east in October and I'm interested in maybe using a Santandar Zero card as my main credit card abroad, but I'm struggling to understand the interest rate of this card.
On this site it states that the cost of £100 worth of cash withdrawal results in a £2.10 monthly charge, but the interest rate stands at 27.9% even if you pay the card off in full. So how does interest withdrawal of 27.9% of £100 result in as little as £2.10. Surely it would be £27.90?
Sorry if I'm being dim.
On this site it states that the cost of £100 worth of cash withdrawal results in a £2.10 monthly charge, but the interest rate stands at 27.9% even if you pay the card off in full. So how does interest withdrawal of 27.9% of £100 result in as little as £2.10. Surely it would be £27.90?
Sorry if I'm being dim.
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Comments
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27.9 is the annual rate, so if you pay it off in full in the month the statement arrives then obviously you only pay the monthly rate for that month. Then the balance is cleared, so no more interest on that £100.0
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