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Monthly repayments question for newbie
bluetonic84
Posts: 3 Newbie
in Credit cards
Hi! I've had problems applying for a credit card as it's my first and just moved so not yet on electoral roll (applying at the mo!)
I am now thinking of applying for an aqua card but the jargon is really confusing me!
If I spent £300 on the card and intended to pay it off in 6 months (i.e. £50) do you know how much interest I would have to pay? It has mentioned a 35.9% APR (variable) but am finding it difficult to understand.
Many thanks to all you money geniuses out there!
I am now thinking of applying for an aqua card but the jargon is really confusing me!
If I spent £300 on the card and intended to pay it off in 6 months (i.e. £50) do you know how much interest I would have to pay? It has mentioned a 35.9% APR (variable) but am finding it difficult to understand.
Many thanks to all you money geniuses out there!
0
Comments
-
Very roughly...
Your average balance would be £150 (you start out with £300 and end up with £0).
If you took a year the interest would be £150 x 35.9% = £53.85
Since you intend to clear in 6 months you can halve the interest so it'll be around £26.920
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