Credit Card Query

JB81

Would love some clarification on this. if anyone is good enough to help me.

So I got a credit card statement with say a balance of €4000 for that month. All months previous paid to date.
I did not get the whole €4000 paid of by the required date, and therefore incurred charges etc...

The next statement then had a balance of €6000 as I had used card since.

I am aware that I get charged interest on full balance if I only make part payments ( say I only paid €3900 the first month, I would still have got charged interest on the full €4000 ).

So my question is, how much do I have to pay this month to make sure I don;t get charged more interest on the previous balance of €4000?
Do I just need to make sure I have put in €4000 since the statement, or do I need to cover the interest that I incurred as well?

Basically I want to make sure that I only get charged interest on the transactions of €2000 last month on my next statement.

Hope this makes sense


Any help would be great.
JB

JoeySully

I cannot answer your question but as this is the internet there must be someone to correct your spelling and tell you what you are doing wrong. I will leave the spelling correction to someone eles.
I think you really need to clear the whole balance every month to stay in the clear. Consider calling to your credit union and getting a 6k loan and then cut up your CC.

homer911

^^ What he said. Running up that kind of debt in such a short space of time indicates you are out of your depth with your limited capacity to repay. Get rid of the card now, or at least get the credit limit reduced to something you can manage to clear each month. If you need more credit than that, a credit card is not the right option

EverythingGood

JoeySully wrote: »

I cannot answer your question but as this is the internet there must be someone to correct your spelling and tell you what you are doing wrong. I will leave the spelling correction to someone eles.
I think you really need to clear the whole balance every month to stay in the clear. Consider calling to your credit union and getting a 6k loan and then cut up your CC.

else, not eles.

JB81

EverythingGood wrote: »

else, not eles.

You beat me to it

JoeySully

JB81 wrote: »

You beat me to it

EverythingGood wrote: »

else, not eles.

That was written that way on purpoes

JB81

JoeySully wrote: »

That was written that way on purpoes

Sure:rolleyes:

coylemj

JB81 wrote: »

Basically I want to make sure that I only get charged interest on the transactions of €2000 last month on my next statement.

You need to calculate the balance after you made the payment last month, this will be the balance on the last bill less the amount you paid.

Now apply the monthly rate of interest and that amount (principal plus interest) is what you need to pay to clear the previous debt and only incur interest on the purchases you made since the last bill. Pay that amount the instant you get the next bill, don't wait for the date shown at the bottom of the statement.

But be aware that interest on cash withdrawals is on a daily basis with no holiday so the above assumes you have only made purchases (no ATM withdrawals) since the last bill.

testicles

This post has been deleted.

homer911

testicles wrote: »

This post has been deleted.

And by his own admission he didn't and it was 6k at the end of the following month. Why would you not pay it all off unless you had limited capacity to repay? If you need a revolving line of credit of that order, and don't clear it at the end of each month, a credit card is one of the most expensive ways to go about it