Can you please help with this credit card math

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
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Joined: Tue Jul 07, 2009 9:12 pm
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Can you please help with this credit card math

Postby jojoma » Tue Jul 07, 2009 9:19 pm

Hi. Great site.

I made a big purchase in July, and my credit card bill is now $13,650. Payment is due in early August. I have always paid my bill on time, but I'm thinking of letting it roll over one month, and then paying the entire bill in Sept.

With the interest rate numbers below, what will my bill be in Sept., assuming I make the minimum payment in August ($20 I think) and don't make any additional purchases on this card until it's paid off.

Periodic rate = 0.04381%(D)
Nominal APR = 15.990%
APR = 36.000%

Thanks a lot for your help!

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Postby 1bootcamp » Thu Jul 09, 2009 6:27 pm

Wait how is the nominal APR 15.99% and the regular APR 36%? Those two numbers should only differ by a small amount. Are you using a promotional balance transfer offer or something right now with it?

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