Apr

Kittyrules

Is APR a yearly fee?

We got a 1,5000 limit and spent it we had 3 months free anyhow I am not going to be able to pay it off in time but I will pay it within three months I looked online and it said 48 pounds is added to the bill our APR is 18% is this right? My husband wont check with the bank which is annoying but I am confused if we are charged 18% each time we get a statement?

Thank you

[Deleted User]

No - it's not a fee.

It's an interest rate, calculated over a year. It's broken down into a daily rate and charged on your balance.

Not sure what you saw online, but it won't have said that £48 is added to your bill. Could it have been the representative example?

JimmyTheWig

Kittyrules wrote: »

We got a 1,5000 limit and spent it

Do you mean 15,000 or 1,500?
What is your balance now?

we had 3 months free anyhow I am not going to be able to pay it off in time but I will pay it within three months

Do you mean that you've had some of the three months already, and can pay the full amount off in three months from now?
Have you paid at least the minimum on time each month?

I looked online and it said 48 pounds is added to the bill

Is this the estimated interest to be added to the next statement?
Or has this already been added?
Did they describe it as interest?

I am confused if we are charged 18% each time we get a statement?

Once the three months has ended, you'll be charged about 1.5% of the balance each month.
So if your balance is £3,200 then you might be charged £48 interest.

Kittyrules

Maybe I have no idea, so how do I work out how much is going to be added to my bill if I plan to pay the full amount of over 3 months?
Is an amount applied at 18% of what I owe each month then? I think I did that and it was like 200 and something added each month?

CLAPTON

Kittyrules wrote: »

Is APR a yearly fee?

We got a 1,5000 limit and spent it we had 3 months free anyhow I am not going to be able to pay it off in time but I will pay it within three months I looked online and it said 48 pounds is added to the bill our APR is 18% is this right? My husband wont check with the bank which is annoying but I am confused if we are charged 18% each time we get a statement?

Thank you

if your APR is 18% then that mean that for every month you have say £100 owing then you pay interest of approximately
£100 x 18 % /12 = £1.50 approximately

Kittyrules

JimmyTheWig wrote: »

Do you mean 15,000 or 1,500?
What is your balance now?


Do you mean that you've had some of the three months already, and can pay the full amount off in three months from now?
Have you paid at least the minimum on time each month?


Is this the estimated interest to be added to the next statement?
Or has this already been added?
Did they describe it as interest?


Once the three months has ended, you'll be charged about 1.5% of the balance each month.
So if your balance is £3,200 then you might be charged £48 interest.

My balance, well my husbands is 15000 and we are out of the interest free now but each of those months we did pay the asked amount yes, sometimes more

Basically we are splitting and I don't want him left with this so I want to try to get it clear but I need to work out how long it will take and how much is added

It just says the apr is like 18% and like 1.456 monthly rate?

[Deleted User]

If the balance really is 15k, then you're looking around £220 interest per month if you had that as a constant balance.

Kittyrules

Deleted_User wrote: »

If the balance really is 15k, then you're looking around £220 interest per month if you had that as a constant balance.

No it is 1 500 sorry my computer is not letting me use the right keys!

[Deleted User]

£22 interest.

Or £2.20 if it turns out to be £150.

Or 22p if it's £15.

Or...well, you get the idea.

Kittyrules

Deleted_User wrote: »

£22 interest.

Or £2.20 if it turns out to be £150.

Or 22p if it's £15.

Or...well, you get the idea.

Thank you I have never had credit or debt in my life so I am just so confused

So say it is 1 500 and I pay 400 a month does the interest amount just keep changing per month?

JimmyTheWig

If he owes £1500 at the moment at 18% APR interest, approximately £511 a month will clear it in three months. I.e. he'll be paying £33 interest.
The sooner and larger the payments, the better.