capital one "credit repayable" in contract...

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what does this mean exactly? it says im to repay £587 so will £587 be my credit limit? vanquis and aqua never stated anything like this so just confused.. called customer services but they cant tel;l me what my credit limit will be until the card is issued!
anybody been in this boat? or know what it means?

thanks :)

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    An educated guess...

    Based on your credit limit and APR, this is the total amount repayable under a set of assumptions they've made, namely...

    You spend your limit in one transaction
    You repay it in 12 equal monthly payments, starting one month later

    The £587 figure is the total amount repayable.

    Are you expecting a very low credit limit and/or a very high APR?
  • JakeGreen
    JakeGreen Posts: 168 Forumite
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    An educated guess...

    Based on your credit limit and APR, this is the total amount repayable under a set of assumptions they've made, namely...

    You spend your limit in one transaction
    You repay it in 12 equal monthly payments, starting one month later

    The £587 figure is the total amount repayable.

    Are you expecting a very low credit limit and/or a very high APR?

    That's what I was thinking too:
    a £500 limit at 17.4%
    OR:
    a £450 limit at 30% maybe?
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