What is the APR

Nicky321

Trying to fill in my snowball calculator but struggling with the APR of a Virgin Credit Card.

It has 2 different rates, how do i work out the %interest rate. Cannot get it to their figures

Balance £1758.67 rate 1.4352%

Balance £4447.19 rate 1.5766%

My latest bill showed the following

Balance from previous page
EST INTEREST-NEXT STATEMENT 96.07
Payment due date 30 Jan 13
Available to spend 12,294.14
Minimum payment 154.98
New balance this statement 6,205.86

Thanks in advance

FireWyrm

The two rates are probably for two types of borrowing. For instance, a cash advance will have more interest applied to that portion of the debt than a straight up card purchase.

To work out the interest, work out 1.4 and 1.5% of their respective balances and add the two results together.

Nicky321

Thanks for the reply,

Do you mean enter them as 2 different debts on the snowball calculator?

Any idea what the minimum repayments are on different credit cards?

Virgin?

Barclaycard?

Nicky321

are these correct

Barclaycard Mastercard
2% Balance and APR 26.94

Barclaycard Platinum Simplicity
2.25% balance and APR 6.84

?

FireWyrm

The below tells you how APR is calculated.

Try this : http://www.fpb.org/calculators/apr.asp