Barclaycard balance transfer

dazzaofdagenham

Been offered a 6.9% balance transfer for life of transferred balance.

So if I want to transfer 3500.....what would be the interest per month
Sorry not sure how to calculate it

YorkshireBoy

6.9% is an APR. The A stands for 'Annual'. How accurate do you want your figure?...because there are 12 months in a year!

If you want a reasonable level of accuracy, plug that figure into this calculator and see what the monthly equivalent is...

http://stoozing.com/calculator/apr-rate-converter.php

Your monthly interest is then 'balance x monthly % rate'

So if 6.9% APR is 0.5576% monthly, then your monthly interest would be:

£3,500 x 0.5576% = £19.52

But of course that's only the first month's interest. The interest next month will be slightly less...and the same the following month, due to the reducing balance.

bengal-stripe

dazzaofdagenham wrote: »

So if I want to transfer 3500.....what would be the interest per month

Just about 20 quid per month.

HappyMJ

dazzaofdagenham wrote: »

Been offered a 6.9% balance transfer for life of transferred balance.

So if I want to transfer 3500.....what would be the interest per month
Sorry not sure how to calculate it

Somewhere between £18 and £21 depending on how many days in the month. Interest is charged the daily outstanding balance so it's not as easy as just dividing by 12. You'll need to divide by 365 then multiply by the number of days in the billing period.

YorkshireBoy

HappyMJ wrote: »

Somewhere between £18 and £21 depending on how many days in the month. Interest is charged the daily outstanding balance so it's not as easy as just dividing by 12. You'll need to divide by 365 then multiply by the number of days in the billing period.

But you can't divide the (6.9%) APR by 365. You'd need to use the annual non-compounded rate, which is 12 x the monthly rate.