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Interest after 0% promo
ccatter203
Posts: 1 Newbie
in Credit cards
Hi, I’ve recently had to use my credit card close to when the 0% offer is due to expire. I might have some remaining balance to clear after the 0% rate comes to an end as my new card to transfer the balance is taking some time.
I’ve called up Tesco and found out that the interest rate is 25.9% but they aren’t able to let me know about the daily rate. What’s the best way to work out what interest I’ll be paying?
Thanks!
I’ve called up Tesco and found out that the interest rate is 25.9% but they aren’t able to let me know about the daily rate. What’s the best way to work out what interest I’ll be paying?
Thanks!
0
Comments
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By using one of the many calculators online, such as this one - http://www.datedial.com/datEquivalent_Interest_Rate.asp0
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If you work out 25.9% of the balance owing on any given day (that would give you the annual interest figure) and divide that by 365 (non-leap year) that will give you the daily interest figure.0
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