Can anybody guess how much is the interest on Capital One cash withdrawals?

excalibar

Hi folks, just want a bit of guess work.

Say for example £850 has been withdrawn through cash withdrawal.. How much will the minumum payment be? and how much interest is being accumulated....I know you cannot know for certain but just a rough estimate can give a figure...

Basically how much interest per week? how much interest will there be on top of £850?

Is it true if you pay the minmum it is still covering enough that your not increasing the balance?

YorkshireBoy

First find the monthly rate on their website/in your T&Cs.

Then, the interest is £850 * the monthly rate % (per month!).

Divide this figure by 4.3 and there's your weekly amount.

The minimum payment will be shown in the summary box/T&Cs...can be anywhere from 3% to 1% plus interest (so, at 2.2% per month on cash, that's 3.2%...which is a little over £27 a month).

The minimum payment will cover the interest already applied on the statement, but not the interest to be applied on the next statement. It's therefore entirely possible that your balance will increase each month if you leave it to the last minute to make your minimum payment.

grumbler

excalibar wrote: »

...just want a bit of guess work.

Why not just check a statement instead?

Basically how much interest per week?

Divide the monthly rate by 4.

how much interest will there be on top of £850?

This depends on how long it will take you to repay the debt. With minimum payments it can amount to thousands in total.

Is it true if you pay the minmum it is still covering enough that your not increasing the balance?

It is true, but see the comment above and MSE's warning: Minimum Repayments

forgotmyname

Minimum payment maybe £3 less than the interest that add on. Cash advances are charged interest daily and could be considerably higher than your normal rate.

You probably cannot withdraw £850 in one go either so may have 3 charges for withdrawl.

Obviously i dont know your rate... But do you want to be paying for that £850 in 19 years time?

This £850 debt will take
19 years and 6 months
and cost £2,107 in interest

So almost £3000 to pay back if you borrow £850.

Kim_13

Interest is applied daily until a cash withdrawal is paid off and there's no interest free period like there is with purchases. I don't know the interest rate or the ATM fee off of the top of my head.

excalibar

Cheers folks!

so how much interest per week if anybody can just give a rough figure.. Basically cross between the highest interest and the minimum interest...Surely its not like £20 per week interest right?

say if I was to pay £200 per month, will that decrease the balance of £850?

Lastly are cash advance fees added to the first statement?

YorkshireBoy

excalibar wrote: »

so how much interest per week if anybody can just give a rough figure..

Assuming 27.9% APR, £850 x 2.0718% (the aforementioned monthly rate) x 12 / 52 = £4.06

say if I was to pay £200 per month, will that decrease the balance of £850?

What do you think?

Lastly are cash advance fees added to the first statement?

They're generally added to the balance, and accrue interest at the same rate as the cash transaction itself. So if you withdraw £850 you'll have a total balance of £875.50 (with a typical 3% fee).

excalibar

I meant decreasing balance as in every month-rather then increasing the balance monthly with fees, interests etc....Basically I was asking if I was to pay £200 per month as monthly payment would that decrease the balance every month-contrary to paying £5 per month minumum payment where it would increase the balance.

So there is no chance of going over the limit if no more cash is withdrawn and you keep paying £200 or £150? going over-limit as in interests fees and what have ya!

NoMore

use the calculator, theres no need to guess or roughly !!

http://www.moneysavingexpert.com/credit-cards/minimum-repayments-credit-card?_ga=1.16288433.648032486.1413486394#calc