Argos card-deferred interest question

Shmurple

Hi
Bought a few items on a BNPL plan on an Argos card and the last of the BNPL plans are due to end this month. The statement says that the interest next month will be £225 (the deferred interest.) The usual interest payments are around £6.

My question is; will this be the amount of interest added on EVERY month (we can't pay that!!) or is that just the whole of last years interest? the current balance is £1032.85 which is £257.22 on a normal credit plan and the two BNPL plans which are expiring which are £94.33 and £681.30, if that helps.

Am I right in thinking that the monthyl interest will be about £25-£26? (29.9% of 1032.85 divided by 12? Or am I completely working it out wrongly? :S )

The card is in my dad's name (with his permission) so I can't ring them as they won't speak to me!

YorkshireBoy

Shmurple wrote: »

is that just the whole of last years interest?

Yes.

So you can sense check it, the APR is going to be around 29.9% on that card. The 'A' in APR stands for annual. 29.9% of £1,000 is £299, ie not a million miles away from your £225 figure for the year.

Clear?

Shmurple

I know what APR stands for :P I just wanted to make sure. Thank you