We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Interest Rate Calculator
Options

jacsll55
Posts: 76 Forumite

Hi all,
Just a quick question regarding the monthly interest rate on credit cards.
Would I be right in thinking that if a monthly interest rate for a credit card was 1.870% monthly on purchases, does that mean they charge 1.870 of your balance?
This is what I see on the dashboard:
Monthly Interest Rates
Cash transfer and ATM withdrawal: 1.87%
Card spend: 1.87%
0% interest on Card spend if you repay your statement in full every month!
Card spend Monthly Interest Rate: 1.87%
(Interest will only incur if you don’t repay in full every month)
Cash transfer and ATM withdrawal Monthly Interest Rate:
1.87% (Interest incurred whilst funds are outstanding)
What is my APR? Does it mean my interest rate is same for card purchases and Cash Withdrawals?
Thanks in advance!
Just a quick question regarding the monthly interest rate on credit cards.
Would I be right in thinking that if a monthly interest rate for a credit card was 1.870% monthly on purchases, does that mean they charge 1.870 of your balance?
This is what I see on the dashboard:
Monthly Interest Rates
Cash transfer and ATM withdrawal: 1.87%
Card spend: 1.87%
0% interest on Card spend if you repay your statement in full every month!
Card spend Monthly Interest Rate: 1.87%
(Interest will only incur if you don’t repay in full every month)
Cash transfer and ATM withdrawal Monthly Interest Rate:
1.87% (Interest incurred whilst funds are outstanding)
What is my APR? Does it mean my interest rate is same for card purchases and Cash Withdrawals?
Thanks in advance!
0
Comments
-
Not quite. Interest is charged on your daily balance.
Your terms will tell you your rates for cash and purchases. In your case, they're the same.0 -
In very simple terms yes, you will pay £1.87 per-month per £100 balance.
Is this a UK issued card? Some of the terminology used on your dashboard seems a bit strange.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards