minimum payments and percentages

Nicky321

I posted this in the Credit card forum, but think i may get better response in here.

Anyone know the minimum (%) repayments on the following cards?

Barclaycard £4970.88 6.8%APR
Barclaycard (formally Egg Mastercard) £934.13 26.9%APR
Virgin Money £6965.01 19.62%APR

I know they say things like 1% + interest and stuff like that but its not helping me. Also looked here but couldnt work it out
Just so as I know what to put in on my snowball calculations.

Tixy

I think most new barclaycards are 2.25% although some of the older ones may be different. I'd try to put 2.25% in the snowball calculator and see if the first month or so match what your last statements said.

Virgin should be 1% plus the interest. If it is then interest at 19.62% APR is 1.50% monthly, so each month you should need to pay that plus the 1%, i.e 2.5%.

Likewise if the others are 1% plus the interest, then convert the APR to a monthly interest rate (calculator here to do it for you http://www.makesenseofcards.com/mon2yr.html) and then add that to the 1%.

Nicky321

Tixy wrote: »

I think most new barclaycards are 2.25% although some of the older ones may be different. I'd try to put 2.25% in the snowball calculator and see if the first month or so match what your last statements said.

Virgin should be 1% plus the interest. If it is then interest at 19.62% APR is 1.50% monthly, so each month you should need to pay that plus the 1%, i.e 2.5%.

Likewise if the others are 1% plus the interest, then convert the APR to a monthly interest rate (calculator here to do it for you http://www.makesenseofcards.com/mon2yr.html) and then add that to the 1%.

Thanks Tixy, will give that a go

Nicky321

That looks about right, thanks tixy