how much will my monthly payment on my credit card be after 400 pounds cash advance at 24% interest?
ilovegjw asked:
sorry this is apr not monthly, monthly is 2.01%, thanks
4 Responses to “how much will my monthly payment on my credit card be after 400 pounds cash advance at 24% interest?”
£96 per month base don 24% pm, is this APR or per month interest rate?
I assume you mean MINIMUM payment. This will depend upon your credit card company policy; many companies require 5% minimum payment. In that case the payment would be about 21 pounds per month assuming you charge nothin else on the card.
Btw, 24% apr is terrible, If you absolutely MUST boorow, explain all other avenues before commiting. RJ
It doesn't matter what the APR is, but how much the minimum payment percentage is or pound amount if applicable plus what the initial cash advance fee is.
In the US, if you borrowed $400 and had a minimum of 2% or $10 which ever is more, you would pay the $10. Your statement would reflect the interest, the amount loaned and any initial cash advance fee.
Call customer service if you don't know their terms.
Unlike on purchases, when you take cash out on a credit card interest is payable from day one. There is no interest free period. Also, a cash advance charge of typically, 3%, min £3 will be added.
Based on a minimum repayment of 2.5%, min £5 at 24%, you would have to repay around £10 per month.
However, if you just pay the minimum you will end up paying more than £600 in interest alone and it will take you more than 13 years to repay. Try and repay as much as you can afford each month to get the debt down quicker.