Working oiut how interest is calculated on Marbles

roxygrey

Dear forum,

I am struggling to work out how interest is being calculated and applied on a marbles credit card. I will post the relevant details below,

Statement date: 14 September 2017
Last statement balance: £540.12
This statement balance: £546.46
Interest: £12.04 (simple interest: 26.328; compound: 29.75%)

Statement date: 15 October 2017
Last statement balance: £546.46
This statement balance: £556.61
Interest: £12.34 (simple interest: 26.328%; 29.75%)

Statement date: 14 November 2017
Last statement balance: £556.61
This statement balance: £550.58
Interest: £13.97 (annual simpe interest rate: 31.860%; compound: 36.95%)

Statement date: 14 December 2017
Last statement balance: £550.58
This statement balance: £553.48
Interest: £14.30 (annual simple interest rate: 31.860%; 36.95%)

Statement date: 14 January 2018
Last statement balance: £553.48
this statement balance: 557.16
Interest: £14.87 (annual simple interest rate: 31.860%; 36.95%)

Statement date: 14 February 2018
Last statement balance: £557.16
This statement balance: 597.69
Interest: 15.68 (annual simple rate: 31.860%; compound: 36.95)

I am struggling to identify the exact method for applying interest. Any guidance would be appreciated

Thanks and regards

[Deleted User]

It's broken down into a daily rate on the daily balance.

MalMonroe

Is it rude to ask how much you are paying per month? Is it the minimum? At this rate you're never going to get that balance reduced!

roxygrey

MalMonroe,

I am about to pay it all off (for the past 6 or 7 months I have just been paying the minimum as that's all I could afford). Before paying it all off, I am trying to see if the interest has been applied correctly (as I can't work it out, even if dividing by a daily rate).

[Deleted User]

There's nothing in your figures that suggests the interest has been miscalculated.

Have you still been spending on the card? The increasing balance is the only oddity if not.

Nebulous2

roxygrey wrote: »

MalMonroe,

I am about to pay it all off (for the past 6 or 7 months I have just been paying the minimum as that's all I could afford). Before paying it all off, I am trying to see if the interest has been applied correctly (as I can't work it out, even if dividing by a daily rate).

How are you dividing by a daily rate?

Take the December statement. Balance £553.48. multiply it by the simple interest rate and divide by 365 for your first days interest.

£553.48 x 0.3186 / 365 = 0.483 (rounded) or 48.3p

YorkshireBoy

Deleted_User wrote: »

Have you still been spending on the card?

Certainly in one month. OP, it looks like you were rate-jacked last year. Weren't you offered the option to block new spending and stay on the old rate until repaid?

Dobbibill

roxygrey wrote: »

MalMonroe,

I am about to pay it all off (for the past 6 or 7 months I have just been paying the minimum as that's all I could afford). Before paying it all off, I am trying to see if the interest has been applied correctly (as I can't work it out, even if dividing by a daily rate).

make sure you check the following statement after you've paid off the balance for the trailing interest

TrickyDicky101

I couldn't work it out either. However, over the periods you quote any calculations I performed were not different to the statement interest by any significant degree - so if you have been overcharged I don't think it will amount to much (say £2). I don't think it's worth getting too caught up in the calculation if (materially) the interest is correct.