Beneficial Card

Rammstein1

i have just recieved my statement for my cc from beneficial
last months minimum payment was £277 and i sent them £300
not much over the requested figure but every little helps
I have actually cut this card up and havnt used it for 6 months
anyways
i have been charged £298.38 interest and therefore only payed off £1.62 out of my £300
I owed £11,035.74 and the interest rate is 28.9%
Surely the interest charge cant be right ?
i very much doubt i could get a 0% interest card at the mo due to what i owe but may be able to once my 1st tsb loan is payed off in Nov next year
i can afford the payments no problems i just think that interest amount is very excessive
anyone comment ?

Rammy

Bismarck

I'm sure the mathematicians will be along soon but:

28.9% => 28.9/365% per day => 0.79% per day

11035.74 x 0.79 x 31 = 270.87....which isn't a long way off, I'm afraid...don't know what to suggest at the moment apart from somehow shuffling it somewhere but as you're otherwise mainly with loans, there isn't a lot of flexibility...

Rammstein1

been thinking about it all day and i think i have the answer
i asked earlier on about being paid monthly and missing due date cos my payment was reaching them late when i was paid late in the month (the last thurs) and after some advice i changed the statement date to the 8th so as this is my 1st statement with the new date it probably includes an extra week of interest
il see what my next 1 is like
il be glad when Nov 2009 arrives as that is when my 1st tsb loan is finished and il have an extra £215 a month to throw at this card
Thanks for the answer

Rammy

Bismarck

I did wonder if something like that had happened..thanks for shedding light on it...good luck with shifting it...