Daily interest charge...

Repeat3Times

I have an application for a new credit card ongoing with a balance transfer (£1800) from another card attached to it. This other card itself came with an introductory interest-free period that ends tomorrow (4th Dec.).

Should my application for this new card be accepted but the balance transfer not go through by the 4th, what should I expect to be paying in interest per day until the balance transfer does go through? The only interest percentage I can find on my statement is given as 1.805% per month for purchases.

I've paid the minimum payment by direct debit already, so no late-payment penalties should be incurred. I would just be grateful for some peace of mind that the daily interest I might be charged is really around the £1 figure I think I've calculated?


Thanks in advance!

redpete

I reckon something around £1.08 a day.

Repeat3Times

redpete wrote: »

I reckon something around £1.08 a day.

Cheers Pete. The reassurance that it's not going to be anything extortionate saves me from cancelling the application completely.

Ben8282

How would cancelling the application completely benefit you even if it was something extortionate?

Repeat3Times

Ben8282 wrote: »

How would cancelling the application completely benefit you even if it was something extortionate?

It wouldn't, but I'd pay off the outstanding balance in full instead to avoid any interest charges, extortionate or not.