Please can someone help me? :D

stephga23

Morning All,

I have a vanquis credit card with an APR of 69.9%

The limit is £1000 and due to various problems this month I have ended up spending the limit on the card.

I have £665 put away to clear the card but i know this will leave me owing around £335....

If i don't pay this off (and i don't think i can find the cash to either) how do i work out what they will charge me in interest?

I can't move to a better credit card due to my credit rating and since having the vanquis card i have always cleared it in full.

TIA

Steph:D

YorkshireBoy

Interest is calculated daily on any outstanding balance at the rate of:

Balance x 54.33% / 365

Sum up all 31 of these daily figures (between statement dates) and there's your interest figure.

But if, for example, the balance was £335 for a full statement period the interest would be £15.45

However, there will be an estimated interest next statement figure on your next statement...but this is based on certain assumptions, most notably that you don't make any more purchases and you make the minimum payment due to the payment due date (but you may not do either of these so it's largely irrelevant).

Once cleared in full you will have a small amount of residual interest on the next statement but after that you're back to your "up to x days interest free".

Fruit_and_Nut_Case

Unfortunately, if you only make a partial payment of £665, you will pay interest on the whole £1000.

Interest is calculated daily so it depends on the dates of each individual purchase how much is actually calculated in total.

thenudeone

YorkshireBoy wrote: »

Once cleared in full you will have a [STRIKE]small[/STRIKE] huge amount of residual interest on the next statement

I've corrected for the 69% APR

Tixy

The early you pay off the £665 this month, the less interest you will pay on your next statement. So don't just have the £665 put away for the card, pay it off as soon as you can and as soon as you can afford to pay more off make another payment to keep your interest as low as possible.

stephga23

thenudeone wrote: »

I've corrected for the 69% APR

Haha!!! Great, what a lovely wway to remind me!

Thanks for all your help guys, legends.

MentalMinnie

Jesus :eek:

69%. Thats barmy!!