Help again

Nicky321

The virgin card had a balance of £7637.07 February Statement which included £3450.00 Money Transfer and £138.00 money transfer fee and interest of £78.97

less minimum payment of £ 83.97 March
plus interest of £ 120.24
New Balance £7673.34 March Statement
Min Payment due £ 125.24

I'm a bit confused The APR on the card is 18.65% and 20.65% for money transfer as far as I am aware.

If i enter an average of the 2 APRs it gives me 19.65% however this still doesnt work out as my minimum payment £125.24 and its throwing my calculations on the Snowball Calculator.

Can someone please help me work it out?

Thanks

Nicky321

Is it right the minimum payment jumps by £41.27 when the balance has only gone up by £36.27?

pmf63

Do you know what your monthly interest is? Usually on the statement.

Your transfer fee was 4% which sounds about right and your first interest figure was 1.03% of the balance and the second interest figure of £120.24 works out at 1.6% which sounds about right to me.

The 1.03% for the previous month when you paid £79.97 is difficult to calculate without knowing the time you transfered. Later in the month will effect your interest. So this is artificially low.

Compare it with the monthly figure you have in your statement.

I am sorry to say it, but it looks about right to me.

pmf63

What is you minimum payment x% of balance? so x/100 times balance = payment.

theoretica

It looks to me like your minimum payment is the interest for the month + £5.

Nicky321

pmf63 wrote: »

Do you know what your monthly interest is? Usually on the statement.

Standard Monthly Rates
Card Purchases 1.2916%
Cheques/Money Transfers 1.5766
Defalut Sums 1.2916%
Balance Transfers 1.4352%
Cash 2.0751%

pmf63

Nicky321 wrote: »

Standard Monthly Rates
Card Purchases 1.2916%
Cheques/Money Transfers 1.5766
Defalut Sums 1.2916%
Balance Transfers 1.4352%
Cash 2.0751%

Hi Nicky, well my 'back of an envelope' calculations look about right. If you really feel they are wrong give the CC co a call and ask them to explain it to you. Unless others on here can see something I am not. The average of my two calculation are 1.3% which seems to be pretty much bang on.

Nicky321

pmf63,

thanks for your help when entering this onto my snowball calculator do i enter it as a combined balance of £7673.34 and the APR 19.65 and min payment as 1%.

Obviously I have 2 different interest rates, the first £4043.88 was at £18.65% in January, then I did a money transfer on 1st Feb of £3450.00 which is at 20.65%, the balance transfer fee (would that be at the 20.65%) too?

pmf63

Nicky321 wrote: »

pmf63,

thanks for your help when entering this onto my snowball calculator do i enter it as a combined balance of £7673.34 and the APR 19.65 and min payment as 1%.

Obviously I have 2 different interest rates, the first £4043.88 was at £18.65% in January, then I did a money transfer on 1st Feb of £3450.00 which is at 20.65%, the balance transfer fee (would that be at the 20.65%) too?

You got me there! I have only looked at snowball yesterday. I am sure someone will give you that answer. If not shout again ... lol. Good luck

Nicky321

Not sure if this will help. I am trying to work out what my next minimum payments will be and balances. The card is no longer used.

Statements as follows For Jan, Feb, March:-

Balance of previous statement £4040.79
01/01/11 Payment received £ 65.69 CR
13/01/11 Interest Charged £ 68.68
New Balance £4043.88
Minimum Payment £ 73.78 (roughly 1.82% of outstanding balance)

Balance of previous statement £4043.88
29/01/11 Payment Received £ 73.78 CR
01/02/11 Money Transfer £3450.00
01/02/11 Money transfer fee £138.00
11/02/11 Interest Charged £78.97
New Balance £7637.07
Minimum Payment £83.97 (Roughly 1.10% of outstanding balance)


Balance of previous statement £7637.07
02/03/11 Payment Received £ 83.97 CR
14/03/11 Interest Charged £ 120.24
New Balance £7673.34
Minimum Payment £ 125.24 (Roughly 1.63% of outstanding balance)

Nicky321

Surely there must be someone out there who has the same problem? two different rates running on 1 credit card balance (but not itemised on statements), just need to know how to work it out. I have emailed virgin but they aint the fastest of responders