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Interest Rate on Credit Card

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  • 30-04-2012 12:56pm
    #1
    Little Sunshine
    Registered Users Posts: 112 ✭✭


    I am trying to figure out the interest rate on my credit card as I am making a large purchase on it in the next few days and it will be maxed out. Obviously it will take me a few months to clear it so I want to have an idea of the interest on it per month. I have a BOI Classic Card (€3,000 limit) and called in to the local branch today and asked them what the interest rate was. They told me it was 14.44%. So if my card its maxed out @ €3,000 they told me the interest would be €208 per month. Now I have looked back over my statements since Jan 2012 and looked at the interest charged at its no where near 14.44%. I have attached details of my transactions. If anyone could shed some light on this for me it would be great.


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    #2
    hognef
    Registered Users Posts: 828 ✭✭✭hognef


    The interest rate of 14.4% is per year, not per month. The interest amount shown on your statement is that accrued since the previous month's statement, i.e. 1/12 of the 14.4%.


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    #3
    Little Sunshine
    Registered Users Posts: 112 ✭✭Little Sunshine


    Great - thanks for that - u think they would have explained that to me this morning in branch


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    #4
    hognef
    Registered Users Posts: 828 ✭✭✭hognef


    Just read your OP more closely, and I can't for the life of me see where the figure of €208 have come from - 14.4% of €3000 is €432, and that's per year. Per month that should be around €36, depending on the exact method of interest calculation.


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    #5
    lexa
    Registered Users Posts: 150 ✭✭lexa


    hognef wrote: »
    Just read your OP more closely, and I can't for the life of me see where the figure of €208 have come from - 14.4% of €3000 is €432, and that's per year. Per month that should be around €36, depending on the exact method of interest calculation.

    Could it be the minimum monthly repayment amount they quoted?


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    #6
    DAT64
    Registered Users Posts: 67 ✭✭DAT64


    Little Sunshine wrote: »
    I am trying to figure out the interest rate on my credit card as I am making a large purchase on it in the next few days and it will be maxed out. Obviously it will take me a few months to clear it so I want to have an idea of the interest on it per month. I have a BOI Classic Card (€3,000 limit) and called in to the local branch today and asked them what the interest rate was. They told me it was 14.44%. So if my card its maxed out @ €3,000 they told me the interest would be €208 per month. Now I have looked back over my statements since Jan 2012 and looked at the interest charged at its no where near 14.44%. I have attached details of my transactions. If anyone could shed some light on this for me it would be great.
    If the card is a Boi one they have an option on it to split the large transaction over a certain period at a rate of 6.9% or something like that u should ring them or go onto their forum on boards to ask it would b well worth it if your transaction is very big.


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