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    • jacsll55
    • By jacsll55 17th May 19, 12:16 PM
    • 4Posts
    • 0Thanks
    Interest Rate Calculator
    • #1
    • 17th May 19, 12:16 PM
    Interest Rate Calculator 17th May 19 at 12:16 PM
    Hi all,

    Just a quick question regarding the monthly interest rate on credit cards.

    Would I be right in thinking that if a monthly interest rate for a credit card was 1.870% monthly on purchases, does that mean they charge 1.870 of your balance?

    This is what I see on the dashboard:

    Monthly Interest Rates
    Cash transfer and ATM withdrawal: 1.87%
    Card spend: 1.87%
    0% interest on Card spend if you repay your statement in full every month!
    Card spend Monthly Interest Rate: 1.87%

    (Interest will only incur if you don’t repay in full every month)
    Cash transfer and ATM withdrawal Monthly Interest Rate:
    1.87% (Interest incurred whilst funds are outstanding)

    What is my APR? Does it mean my interest rate is same for card purchases and Cash Withdrawals?

    Thanks in advance!
    Last edited by jacsll55; 17-05-2019 at 12:48 PM.
Page 1
    • zx81
    • By zx81 17th May 19, 12:25 PM
    • 22,465 Posts
    • 24,653 Thanks
    • #2
    • 17th May 19, 12:25 PM
    • #2
    • 17th May 19, 12:25 PM
    Not quite. Interest is charged on your daily balance.

    Your terms will tell you your rates for cash and purchases. In your case, they're the same.
    • Ben8282
    • By Ben8282 17th May 19, 2:04 PM
    • 3,123 Posts
    • 1,704 Thanks
    • #3
    • 17th May 19, 2:04 PM
    • #3
    • 17th May 19, 2:04 PM
    In very simple terms yes, you will pay 1.87 per-month per 100 balance.
    Is this a UK issued card? Some of the terminology used on your dashboard seems a bit strange.
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