How on Earth do I calculate the interest?

david_hellier

Monthly Credit Card Rates and Time Taken to

Payoff £$€1000* and the Interest Paid

Monthly% APR% Time Interest
1 12.68 11y 1m 470.93
1.1 14.03 11y 6m 544.93
1.2 15.38 12y 1m 627.18
1.3 16.76 12y 8m 718.86
1.4 18.15 13y 4m 821.88
1.5 19.56 14y 1m 938.45
1.6 20.98 15y 0m 1071.47
1.7 22.42 15y 11m 1224.44
1.8 23.87 17y 1m 1402.70
1.9 25.34 18y 5m 1612.80
2 26.82 20y 0m 1864.30
2.1 28.32 21y 11m 2170.94
2.2 29.84 24y 3m 2553.00
2.3 31.37 27y 4m 3043.14
2.4 32.92 31y 3m 3693.72
2.5 34.48 36y 10m 4602.18
2.6 36.07 45y 0m 5959.51
2.7 37.67 58y 6m 8211.90
2.8 39.29 85y 3m 12699.05
2.9 40.92 164y 5m 26099.39

*Assumes minimum payment of the higher of £$€5 or 3% per month

denvore

I think something similar has just happened to me. I have over the last few months had an outstanding balance, paying the minimum payment by direct debit each month and occasionally making extra over-payments. Last month however, I decided to pay the balance in full thinking that would be that (as confirmed a few days later by my online statement). However, when my monthly statement arrived yesterday I found that they have charged interest on my balance (which I believed to be at £0.00). I suppose I did owe this balance for some of last month as I didn't pay the card off until about halfway through the month. Wouldn't it be nice if credit card companies, as well as the payment cut-off dates, told you when and how to pay to minimise interest?

I suppose I'd better pay it now or next month I may be liable for interest on the interest I never knew I owed - I'm officially confused??? where's my scissors?