231 Cap One purchase-when does interest exceed re payments.

Dandytf

Decided Hall Carpet must be removed and replaced.
Found  a very reasonable retailer Tapi.
Only 231 on Cap One Card which was in persistent debut until early 2020.
Got the balance down to 544 -recent interest was 14 pounds approx.
I know current 45 per month is not going to be sufficient, to clear next months balance over a few months (22 months)
apr is 30%
When does interest exceed my repayments of 45 pounds.
If I can either pay a medium one off or raise repayments to 65 pounds-would this avoid interest exceeding repayments.
Not convinced that FCA Original  times Reset-prefer to clear card in 1 year.

Dandytf

Accepted aqua 6 mths 0% balance transfer online with Non persistent debt card.
I'll raise re payments to ensure 230 is rev paid over a few months.
3% fee.
That takes away potential 30% apr from Cap 1.

SnowTiger

Capital One's monthly minimum payment is 3% of balance plus interest.

I reckon you could borrow about £800 if you intend to continue paying £45 a month.  First month's payment would be 3% of balance (£24), plus interest of about £18.

And you could borrow about £1,250 if you increase your minimum payment to £65 a month.  First month's payment would be 3% of balance (£37.50), plus interest of about £28.

With minimum payments of 3% of balance and an APR of 30% I don't think you'd fall in to persistent debt unless there were fees added for missed or late payments.

D3xt3r5L4b

Are you sure you need to be applying for
more credit?

Dandytf

@SnowTiger
I don't think I explained this correctly.
Existing Balance is 544@45 per month -pre Additional 231 -next moths balance will be 775.
Current limit is 1450  Available would be 1450-775 - 675..
Excellent interest calculations-appreciated, since moved todays 231 across to existing aqua 0% 6 months 3%fee.
Cap1 30% apr is saved from 231 pounds.
Cap one balance should return to 545 range.
Thanks

Dandytf

D3xt3r5L4b said:

Are you sure you need to be applying for
more credit?

More credit? Using existing credit.
thanks