How do I calculate credit card interest?

Please help! I’m trying to calculate interest on my credit card for individual purchases made – but it never tallies when I look at my statement. The interest rate on my card is 0.05% per day and 19.95% per annum. Thank you.

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3 Responses to “How do I calculate credit card interest?”

  1. Steve B said:

    Credit Cards are the most expensive and quickest way for the poor public to give their money to the rich bankers …

    I suggest you stop trying to calculate how MUCH they are stealing out of your pocket and wake to HOW they are doing it .. then (perhaps) you can work out how to stop them ..

    [I suggest the easiest way is to cut up the card .. until you pay off the balance, every penny that goes in Interest is a penny LESS for yourself ..]

  2. wee.maza_d said:

    I agree completely with above.. please stop using your card and cut it up right now. I know yuo probably think I can’t afford to but that was my excuse for so many years.. Credit card companies are sharks and prey on the lesser rich!
    I unfortunately have made the mistake of running up cards.. clearing them with loans.. running them up and then upping my loans to clear them and in the end had ran up a £12k loan, a £3k credit card and a £2k credit card not to mention having a £12k car in finance.. all by the grand old age of 24.. this shoudl never have been allowed and every time i didn;t manage a bill then hey presto my credit score got worse and my interest went up! I cut up my cards last March and took on an extra job to pay them.. I cleared them by Novemeber which I would never have thought possible as I have my own house to pay for too.. I wam currently saving up to clear the remains of my loan and will hand my car back at the half way mark.. and it feels great!! Please take good advice.. cut up that card and pay it off as quickly as possible – don;t gve your money to the rich banks of the world which is exxactly what you are doing!!!! :O)

  3. Smart Balance Transfers said:

    Pixie,

    Basically, you generally have 25 days from the date of purchase during which no interest is charged. After that, to keep things simple, you could assume interest cost of about 1.7% per month.

    So, say you made a purchase fox X pounds on August 1st. You wouldn’t have paid interest in August, so multiply the amount of the purchase by 1.07 to see how much the cost is with interest.

    (The Math is X x (1.017×4))

    You could also use an interest calculator like the one below to estimate. For this calculator, leave the intro field as 0%, use the months since purchase as the month, then enter the amount and annual interest rate to get an estimate of your interest costs.

    Hope this helps.




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