Barclaycard lowering minimum payment

surreysaver

Can someone check my maths? I've had an email from Barclaycard lowering my minimum payment



My current minimum payment is 2.75%.  I don't think that £240.31 is 2.75% of £7,500, and I also don't think 1% of £7,500 is £202.81.  Unless I've misunderstood the email?

JGB1955

I think you may be forgetting to add on the monthly interest.

surreysaver

JGB1955 said:

I think you may be forgetting to add on the monthly interest.

Maybe!  The email doesn't say anything about interest, and I only ever carry a balance at 0%!  So my calculations will be correct at the rate I'm carrying a balance at.

northwalesd

The second option includes interest, "1% of your balance plus any interest...", and I'd guess the examples are generic and will include interest even though your balance is on a 0% interest deal.

surreysaver

northwalesd said:

The second option includes interest, "1% of your balance plus any interest...", and I'd guess the examples are generic and will include interest even though your balance is on a 0% interest deal.

It should have shown the working out. For all they know, I might have spent £7,500 during the month!

northwalesd

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

surreysaver

northwalesd said:

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

It should have also said the assumption was interest is charged at x% to make it clear. It just leaves me thinking Barclaycard cannot do maths!

Superhoopza

surreysaver said:

northwalesd said:

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

It should have also said the assumption was interest is charged at x% to make it clear. It just leaves me thinking Barclaycard cannot do maths!

To be fair there are plenty of other ways to see your interest rate.

surreysaver

Superhoopza said:

surreysaver said:

northwalesd said:

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

It should have also said the assumption was interest is charged at x% to make it clear. It just leaves me thinking Barclaycard cannot do maths!

To be fair there are plenty of other ways to see your interest rate.

I wasn't looking for my interest rate. I know what it is, which is what prompted my post in the first place 

Superhoopza

surreysaver said:

Superhoopza said:

surreysaver said:

northwalesd said:

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

It should have also said the assumption was interest is charged at x% to make it clear. It just leaves me thinking Barclaycard cannot do maths!

To be fair there are plenty of other ways to see your interest rate.

I wasn't looking for my interest rate. I know what it is, which is what prompted my post in the first place 

If you know your interest rate, then the assumed interest is your balance multiplied by your interest rate for a month.

surreysaver

Superhoopza said:

surreysaver said:

Superhoopza said:

surreysaver said:

northwalesd said:

Those examples are generic, it says at the top the assumption is you don't spend any more on the card.

It should have also said the assumption was interest is charged at x% to make it clear. It just leaves me thinking Barclaycard cannot do maths!

To be fair there are plenty of other ways to see your interest rate.

I wasn't looking for my interest rate. I know what it is, which is what prompted my post in the first place 

If you know your interest rate, then the assumed interest is your balance multiplied by your interest rate for a month.

But it isn't. Which prompted my original post. You'll realise that if you read the thread.