Coop credit card.

McKneff

I have a balance on my card of £1500. I would normally pay this balance off each month but another expense for £500 has come along which I have to pay directly to someone else via cheque because they dont take ccs.
If i pay £1k off this cc card, how much interest would I pay on the £500 for the month and then I would obviously clear the balance the following month
. I dont know the interest rate but just a roundabout figure would help.

Many thanks

[Deleted User]

About £15-20, I'd have thought, unless you're enjoying a sub prime interest rate.

Remember - you'll pay interest on the £1500, not just the £500 you don't pay. And then the trailing interest next month.

Tixy

Could you pay the new £500 on your card? and then afford to clear all of last month's balance? That way it wouldn't cost you any interest?

If you only pay a proportion of the card balance then you pay interest on the whole balance, so you'll be paying interest on the £1500 from the date incurred to the £1000 is repaid, and on £500 from that date until when that is paid.

Impossible to really give an idea of what you will pay, depends on when you made purchases on the card to build up to the £1500 as well as your interest rate - but my guess with a mainstream credit card - less than £50 (assuming interest on £1500 for a full 30 days and £500 for another 30 days and a high apr of 30%).

McKneff

The £1500 was all in the previous month, money well spent, wedding dress for the daughter.

I think I'll just sort of borrow the £500 from the Isa and paymyself back the following month, ha, Ive never borrowed from me before.

I didnt realise that interest would be paid on the £1500, I just presumed it would be on the £500 that was left.

I havent paid interest on anything for years , so would take badly to it.
Many thanks for your input.

Gromitt

McKneff wrote: »

I think I'll just sort of borrow the £500 from the Isa and paymyself back the following month

Don't forget you can't put back in the ISA what you take out of it. So if its already at max, you won't be able to put it back.