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I paid about 10% of what was owed on my credit card this month, leaving me with another e1,500 to clear.
My interest rate is about 15% but I don't know how this is worked out in terms of how I will be charged on the due amount.
Do I pay 15% on the e1,500 in one lump sum at the end of the next month if I don't clear it (e225?), or am I paying interest on a daily rate??? How do the figures work out?
FrankieW said:I did a 0% balance transfer a few months ago (to MBNA). I transferred e2000 from my old credit card to the new one but stupidly then used up the rest of the limit on the new card (another e1,000 – the limit on the card is e3,000) on new purchases, etc. This means I’m paying about 19% on that e1,000(same question as above applies – how does this work out?!)
Am I only paying 19% on that e1,000 (and not on the full e3,000, when e2,000 of it was a balance transfer)?
And if I pay e1,000 in to my second credit card am I clearing that 19% section of my debt, leaving me with six months at 0% to clear the e2,000?
FrankieW said:And can I then use that e1,000 to do another balance transfer?
The T&C for my AIB Visa card say the following ...You actually pay interest on the entire balance, e.g. total bill €1,000; you pay €900-you still pay interest on the entire €1,000 this month.
Sounds much more sensible and fair to me.Where a part payment is made, interest will continue to accrue and be charged on the remaining balance up to and including the date of the next Statement, when the interest for the period will be debited to the Card Account.
The T&C for my AIB Visa card say the following ...
Sounds much more sensible and fair to me.
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