Credit Card Interest Rate Formula

Pra2018

Hi ,Could you please help me. I am holding Halifax credit card. I planned to make a balance transfer. I got an promotional offer as 4.9 % p.a on balance transfers for 36 months(0% fees applies). I have one doubt, if i do balance transfer 1000 pound. If i make direct debit minimum payment also without fail. How much interest will I pay every month if i took 1000 pound? Could you please help me.

TheShape

Someone will give you the answer to your question shortly.

An important question though is what rate are you currently paying on the card you'd like to transfer the balance from?

Pra2018

I have nil balance. I have 3000 credit limit.
There is no payment pending or balance to clear.

[Deleted User]

It'll be around £4 at the beginning, dropping as the balance reduces.

An interest calculator on the internet will give you a more accurate answer.

TheShape

You have no balance on this card but presumably you have a balance on another card to transfer?

18cc

interest is charged daily on the outstanding balance ie 4.9/365 % per day

so on £1000 it would be 4900/365 pounds per day ie about £1.34 per day

YorkshireBoy

18cc wrote: »

interest is charged daily on the outstanding balance ie 4.9/365 % per day

so on £1000 it would be 4900/365 pounds per day ie about £1.34 per day

You sure?

molerat

18cc wrote: »

interest is charged daily on the outstanding balance ie 4.9/365 % per day

so on £1000 it would be 4900/365 pounds per day ie about £1.34 per day

You missed the /100, so 13.4p per day

18cc

Ooops….! Yes, as above

Pra2018

Hi 18cc,
In that case, i will pay around 4.50 pence. Is it correct?
If i borrow 1000 pound.

Please

Pra2018

Thanks for your reply. Are you sure 13.4 p per day. Please .