Credit card interest rate Q (monthly/apr)

dobsdave

Registered User
Messages
102
Looking at my BOI credit card in light of the increase that has just come to my attention.

I was under the impression I was at an apr of 13.8%
Just checked latest statement, and it says 'interest charged @ .908% per month'.

Do those figures 'add-up'?
 
I calculate compound interest at 11.46% (1+int)^12

Your Apr may be slightly different
 
Sorry to bring this up again, but can someone explain this to me.
Got my statement today.
Previous balance:6446
Spending:389.94
Payment:391
Interest @ 1.196 per month: 88euro
New balance 6553

But 1.196% of 6446 is 77.

Obviously I'm missing something,

Thanks in advance.
 
AFAIK, interest calculation on credit cards is not straightforward. Once they've identified that an account is not be being paid off, interest is calculated against individual transactions and the number of days between that transaction and the bill date. If an account has a 'hard core' of unpaid debt, that identification of that and calculation of interest is handled differently.