Turn on thread page Beta
 You are Here: Home

# credit card - payback watch

1. so i got a credit card until the 3rd loan comes through on may 5th.

i have a natwest credit card, currently i have spent 30 in cash and withdrawn 20.

my limit is 500, effective interest rate on purchases is 18.95% and on withdrawals, 27.27.95%

there is no annual fee, and i will not be going over my 500 limit, meaning 1/12 of annuel fee and default charges should not be applicable, therefore the minimum repayment will be the interest, 1% of remaining balance or 5 gbp.

if my balance is only 50GBP..

1.45600% of 30 = 0.4368
2.07500% of 20 = 0.415

interest as it stands for 1 month will be around 85 pence, is this correct?

1% of remaining budget comes out at around 50p currently, so as it stands

30 on purchases, 20 withdrawn, my first minimum repayment will be the minimum set by the bank of 5 pounds right?

im going to pay it off in full on may 5th, so it shouldn't be a problem if my sums are right...

just need some confirmation..

also, if i spend another 50 in cash, meaning 80 on purchases and 20 withdrawn, then the interest will be like 1.10+0.415 right, so like 1 months interest on the 100 will be 1.50 ish.. meaning a fiver will again by the minimum payment???

all in all, even if i withdraw 20 more in cahs, and spend 60 more on purchases, meaning 110/40, that is under 3 pounds interest a month right???? if so, i am laughing just need confirmation
2. I dont know butt natwest have actually just robbed me

I spent £98 on some new tyres agesss ago and paid it like a few days later in full before the statement even came... so my balance was clear... and now they have automatically taken £5 from my student account which is the minimum payment!!! (But ive already paid it) WTF

never ever ever ever using natwest credit card again
3. basically just want confirmation on cash withdrawals now..

interest starts aqs soon as money is out of the machine i understand, the monthly interest for cash withdrawals is 2.075%, i know interest can't be 2% a day, was just worried

so 40 withdrawn the monthly interest for that should be 83pence... and the interest on 40 thru purchases is like 60 pence...

so 40 withdrawn, 40 on purcahses seems to be interest on under 1 pound.. meaning minimum payment will be like 5 pounds.. great
4. They will probably charge you an additional fee for withdrawing cash. Also, the minimum payment will be £5 but you will then accrue more interest on the full balance until you pay it all off in full. So it won't be whatever you've calculated - it will be more than that
5. (Original post by anandv05)
I dont know butt natwest have actually just robbed me

I spent £98 on some new tyres agesss ago and paid it like a few days later in full before the statement even came... so my balance was clear... and now they have automatically taken £5 from my student account which is the minimum payment!!! (But ive already paid it) WTF

never ever ever ever using natwest credit card again
If you paid it very soon before the statement date, they won't have a chance to process the payment before producing your statement. Once your statement is produced, direct debit payments come off as scheduled regardless of other payments made. The fiver will be sat there on your card. Ring them up if you want it refunded (presuming the card balance is now clear)
6. (Original post by nahm sayn?)
basically just want confirmation on cash withdrawals now..

interest starts aqs soon as money is out of the machine i understand, the monthly interest for cash withdrawals is 2.075%, i know interest can't be 2% a day, was just worried

so 40 withdrawn the monthly interest for that should be 83pence... and the interest on 40 thru purchases is like 60 pence...

so 40 withdrawn, 40 on purcahses seems to be interest on under 1 pound.. meaning minimum payment will be like 5 pounds.. great
Your working out seems correct but check first if your bank charges any extra fees for cash withdrawals via credit cards - IIRC some banks may charge a fixed fee or % fee every time you withdraw on top of any interest.

(Original post by anandv05)
I dont know butt natwest have actually just robbed me

I spent £98 on some new tyres agesss ago and paid it like a few days later in full before the statement even came... so my balance was clear... and now they have automatically taken £5 from my student account which is the minimum payment!!! (But ive already paid it) WTF

never ever ever ever using natwest credit card again
Its because you've got a direct debit that automatically pays the minimum payment for your credit card each month. It can be useful if you forget to pay your credit card statement for some reason, but you can easily cancel it this via Natwest online banking or by phoning up your bank.

Also Natwest haven't stolen your £5, it just gets added to your card balance so your would have £5 less to pay next month.
7. Some people shouldn't be allowed out on their own.
8. i know about the withdrawal fees, just wanted to make sure that the interest was going to be manageable etc. it's not even an extra fiver for every 100 so that's perfect

almost 8000 posts in 1.5 years hypojap... sounds like you don't go out at all
9. Get a 0% interest credit card on purchases (if you can like), would help a bit

Turn on thread page Beta
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

This forum is supported by:
Updated: April 5, 2011
Today on TSR

### Summer Bucket List is Back!

Start yours and you could win £150!

### Why are girls so attracted to tall guys?

Poll
Useful resources

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE