capital one "credit repayable" in contract...

sjane23

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

YorkshireBoy

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

YorkshireBoy wrote: »

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?