Basic Account Holder
Cagger since : Apr 2009
Posts : 242 (0.09 post per day)
Miscalculated Interest (APR) on Credit Card
I've added everything up from all statements.... is something wrong here or have I missed something?
Total Purchases Made:
£297.50 (late fees etc)
Total Interest Charged:
The card was on different interest rates:
monthly 1.385 - APR 17.9%
monthly 1.527 - APR 19.9%
monthly 2.210 - APR 30.0%
When I calculate the percentage of "2842.94" to get "933.05", the percentage is 32.82%... Which is a rather high percentage. So overall for my purchases I have been charged 32.82% on top.
I've not seen any claims regarding over-calculated interest, so I'm probably wrong here but thought it was worth a post.