Sub Prime Credit Card Club

Woodyrocks

Hi Guys,

Me again! Posted my good news about the raised credit limit a couple of days and have just had another look and it is actually £750 not £650 like I reported but that is neither here or there. What I need some help in understanding is the 49% APR.

I spoke to someone at Vanquis that made me feel like a right dope and left me none the wiser; what I don't understand is how this interest is worked out on a monthly statement. This is how I understood it, which I have been told is wrong -

I took it to mean that if I had a balance of £250 spent on my CC in a particular month and paid off £125 by the minmum payment date, the following month I would be charged interest of 49% on the remaining balance of £125 which would work out at £61.25p. So, the interest in addition to the outstanding balance would leave a total amount to be paid of (£125 + £61.25) = £186.25

How far off the mark am I? My math skills has never been the greatest but please help me understand this because I just don't get it. If you could try and explain it (please bear in mind that I need it kept simple otherwise it will go over my head) I would really appreciate it. Sorry for being a dope!

Charliefiggis

Such a helpful comment PAULUK08 !!

I know its not brilliant and thats what I'm trying to sort out.

emmy05

Charliefiggis wrote: »

Such a helpful comment PAULUK08 !!

I know its not brilliant and thats what I'm trying to sort out.

lol charlie, paul wasnt on about that post being aimed at you, he tried to get a mbna card this morning and was declined, sadly enough........

Mr P will be able to give you some sound advice charlie, hes started his new job today, so hope its going well for him

and im really no gd at maths either woody, hugs

PAULUK08

Charliefiggis wrote: »

Such a helpful comment PAULUK08 !!

I know its not brilliant and thats what I'm trying to sort out.

I'm talking about my MBNA APPLICATION!!!!!!

Charliefiggis

OK, sorry, guess I have to remember that there are many conversations going on at once.

Who's Mr P ? could he be the answer to all my prayers ?

PAULUK08

Don't worry!
Helpful people including MR P , will be along today and work it out.

emmy05

mr p is proliant, who started this thread for all us poor souls who are deemed to be sub primers haha

dolally_2

Charliefiggis wrote: »

Such a helpful comment PAULUK08 !!

I know its not brilliant and thats what I'm trying to sort out.

LMAO!! I am sorry, that is just too funny. :rotfl::rotfl:

That's the kind of mistake I would make :rotfl:

pink_fairy_5

Woodyrocks wrote: »

Hi Guys,

Me again! Posted my good news about the raised credit limit a couple of days and have just had another look and it is actually £750 not £650 like I reported but that is neither here or there. What I need some help in understanding is the 49% APR.

I spoke to someone at Vanquis that made me feel like a right dope and left me none the wiser; what I don't understand is how this interest is worked out on a monthly statement. This is how I understood it, which I have been told is wrong -

I took it to mean that if I had a balance of £250 spent on my CC in a particular month and paid off £125 by the minmum payment date, the following month I would be charged interest of 49% on the remaining balance of £125 which would work out at £61.25p. So, the interest in addition to the outstanding balance would leave a total amount to be paid of (£125 + £61.25) = £186.25

How far off the mark am I? My math skills has never been the greatest but please help me understand this because I just don't get it. If you could try and explain it (please bear in mind that I need it kept simple otherwise it will go over my head) I would really appreciate it. Sorry for being a dope!

the way i think it is (someone please tell me if i am wrong)

assuming your figures are correct the £61.25 would be charged over 12 months (annual percentage rate, what you would expect to pay over a year)so in effect the interest that should be added to your statement would be £5.10.

kiora

Just thought I would post an update on MBNA CC application. Phoned them at lunch and have been accepted for the 19.9% Classic Visa with £500 limit and £100 deposit. The lady on phone says that if I run card for 6 months within limit and no late payments they will upgrade card and raise my limit and refund the £100. To be honest I was a bit surprised as I have defaults although they are settled but the card is being classed as a credit building card. Hope you other guys that applied got the news you wanted.:j :beer: