18.9% APR Variable on £230 purchase

jamie4390

Hi guys, i'm new here and just needed to ask you guys a quick question.

So I currently do not have a credit card, but plan on getting one for 1 purchase (need it).

So I currently looking at Natwests Student Credit Card which is 18.9% APR.

So I plan on spending £230 and should be able to pay it back when I get paid at the end of the month, now what i'm wondering is how much would I have to pay back to clear the debt completely (none of these monthly payments, I want it gone). And if I cant pay it back in full the first month, how much extra would be added on the following month.


Any help and support would be really appreciated, thank you.
Jamie.

eskbanker

When it appears on your monthly statement (which could be nearly a month after purchasing if you time it right) you'll then have several weeks until the payment is due to be made.

If you pay it off in full at that stage (which could be up to 56 days after the actual purchase) then you'll just pay the £230 with no interest being charged.

If you don't pay it off in full then the interest charge will depend on how much you do pay (always pay at least the minimum payment specified on the statement) but will be up to roughly a twelfth of 18.9% of £230, so about £3.50 for the month.

thebritishbloke

You probably won't get your card until close to the end of the month if you've not even applied yet. You're probably best off just waiting until you get paid at this rate.