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Student Credit Card Question

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  • 04-08-2008 9:11pm
    #1
    justbringit89
    Closed Accounts Posts: 829 ✭✭✭


    Well guys i have a questions for ye,

    My CC is a €400 limit, if i use that say e.g today and decide not to pay at the due date for payment which is the 3rd of every month and decide to pay it the following month how much will i have to pay back in interest ???

    The APR interest on purchases in 15.5%, Cheers!


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    #2
    Hitchhiker's Guide to...
    Registered Users Posts: 3,322 ✭✭✭Hitchhiker's Guide to...


    presume you are planning to make the minimum payment, otherwise you will have a missed payment fee.

    interest per year on €400 is about €70 (APR of 15.5% on €400 is €62, but compounding of interest would make it a bit higher).

    there is about 60 days between now and 3rd in two months time, so total interest of about €12 [(60/360)*€70]


    this is obv approximate, but def no more than €15. This is also assuming that you are not allowed an interest-free period for purchases.


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    #3
    justbringit89
    Closed Accounts Posts: 829 ✭✭✭justbringit89


    cheers roundtower2 so this means if i dont pay it off in the first month its only €15 ,

    If i waited 2 months would i be charge €30 in total??? Cheers


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    #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    You must make a minimum payment depending on the credit card issuer. Some require you to make a payment of 2.5%, others require 5%.


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