Interest Rate Calculator 17 May 2019 at 1:16PM edited 17 May 2019 at 1:48PM in Credit Cards 2 replies 490 views

jacsll55

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!

zx81

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.

Ben8282

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.