Barclaycard lowering minimum payment

Superhoopza

surreysaver said:

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.

why isn't it? I have read the thread.

surreysaver

Superhoopza said:

surreysaver said:

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.

why isn't it? I have read the thread.

Because the email sent to me by Barclaycard says my minimum payment will be £202.81. 1% of £7,500 isn't £202.81.  Interest at 0%, so £0 to add to the minimum payment.

CouldntResist

Unless your balance is £7500, the email is clearly generic, shows how you could be affected and that your exact amount will be shown on your statement; do your maths on that when you get it. Beyond that, what are we arguing about that?

Superhoopza

surreysaver said:

Superhoopza said:

surreysaver said:

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.

why isn't it? I have read the thread.

Because the email sent to me by Barclaycard says my minimum payment will be £202.81. 1% of £7,500 isn't £202.81.  Interest at 0%, so £0 to add to the minimum payment.

It appears you haven't read the thread then. As has been pointed out, they will take your interest rate, multiply it by your balance to work out your estimated interest (you can see this on every statement), then add 1% of your balance to this estimated interest figure to calculate your minimum monthly payment. Again as has been said, they don't know if you will be paying off your balance in full each month or not.

surreysaver

Superhoopza said:

surreysaver said:

Superhoopza said:

surreysaver said:

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.

why isn't it? I have read the thread.

Because the email sent to me by Barclaycard says my minimum payment will be £202.81. 1% of £7,500 isn't £202.81.  Interest at 0%, so £0 to add to the minimum payment.

It appears you haven't read the thread then. As has been pointed out, they will take your interest rate, multiply it by your balance to work out your estimated interest (you can see this on every statement), then add 1% of your balance to this estimated interest figure to calculate your minimum monthly payment. Again as has been said, they don't know if you will be paying off your balance in full each month or not.

Which was explained in the second post of the thread in response to my original post.
Not sure why you responded, as your post didn't actually make any sense, and there's no need to be rude when you clearly haven't understood the query until now

surreysaver

CouldntResist said:

Unless your balance is £7500, the email is clearly generic, shows how you could be affected and that your exact amount will be shown on your statement; do your maths on that when you get it. Beyond that, what are we arguing about that?

There's no argument? Barclaycard's email wasn't clear as to how they've worked out the example (nothing odd there). My query was answered in the second post of this thread 

Superhoopza

surreysaver said:

Superhoopza said:

surreysaver said:

Superhoopza said:

surreysaver said:

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.

why isn't it? I have read the thread.

Because the email sent to me by Barclaycard says my minimum payment will be £202.81. 1% of £7,500 isn't £202.81.  Interest at 0%, so £0 to add to the minimum payment.

It appears you haven't read the thread then. As has been pointed out, they will take your interest rate, multiply it by your balance to work out your estimated interest (you can see this on every statement), then add 1% of your balance to this estimated interest figure to calculate your minimum monthly payment. Again as has been said, they don't know if you will be paying off your balance in full each month or not.

Which was explained in the second post of the thread in response to my original post.
Not sure why you responded, as your post didn't actually make any sense, and there's no need to be rude when you clearly haven't understood the query until now

You then went on to say you didn't understand why the calculation it gave for your new minimum payment was not equal to 1% of your balance. It was explained to you it was because they were adding on an assumed rate of interest. You also asked why it didn't give the interest rate it was using to make this calculation, so I pointed out it will just be the current interest rate your credit agreement is on. 

Not sure where I was being rude? If you mean referencing you haven't read the thread, then you may want to review the wording you used to me when you implied I was wrong. 

Anyway it appears you had your answer on the second post as you pointed out, so don't have any further questions to ask. So query resolved.