Interest Help

Mockingjay

Hello,

I'm in the process of paying off a rather chunky credit card debt but I'm finding the interest rate confusing!

I was told (& it's on my statement) that my rate is 25.9% apr or 0.064% per pay for purchases. BUT I don't seem to be being charged that.

Balance on last statement is -£6264 with an estimated interest next month of £115.52.

Can anymore explain how this is worked out? All my snowball calculators are expecting me to be charged a lot more.

Any help will be very much appreciated

Cycrow

as a rough working, the £6264 @ 25.9% would be ~£1622 for the year

and ~£135 for the month.

so it does seem alittle low has your last balance changed at all over the month, and has it had the previous payment taken off?

Mockingjay

Cycrow wrote: »

as a rough working, the £6264 @ 25.9% would be ~£1622 for the year

and ~£135 for the month.

so it does seem alittle low has your last balance changed at all over the month, and has it had the previous payment taken off?

Apart from my usual £600 payment it hasn't changed. Very strange!