Credit card interest

[evedawn]

Ok my maths is RUBBISH. Can anyone tell me the formula to work out interest at 17.9%?

I'll be honest and give you the figures of my c/card, (GULP!)

As of today it is £809.99
Interest is 17.9% APR
Today I sent of a cheque for: £300.00
Therefore I will owe £509.99 next month

What will my INTEREST be next month? And how do you arrive at this figure? Thanks muchly all y

[evedawn]

PS - I DONT like c/cards (or debt in general!!!!) but I needed to use the c/card this time for a big purchase but I want to pay it off as soon as poss...

[evedawn]

Also...I have c/card facilities from two DIFFERENT banks. The other bank I owe ZERO on my c/card (in fact am £25.00 "in credit" so I have a positive balance). This other bank would offer 0% interest on balance transfers for six months but I would need to pay a 3% balance transfer fee....would it be worth it to do that?

[lucca]

Your statement will tell you how much interest is due each month. Have a look at that. Don't know if offer is still open (I think it closes end of Aug, so check it quickly) - but Mint has/had an offer of 6 months' 0% with no transfer fee, which is very unusual these days.

[BenDToy]

17.9% is 1.385% monthly (according tot he Egg website), which means your outstanding balance will incur about 7.06 pounds in interest. (509.99 x 1.385/100).
Hope this helps.

[factor-fiction]

I think the interest on your next bill may be a little more than BenDToy suggested because some or all of the interest charge will be based on the original outstanding balance of £809.99 rather than on the newer balance of £509.99

[Whickerman]

I'll swap you your balance for mine.