Resolved Question

Credit card payments, how much will I have to pay back.?

I have just took out £1000, on my credit card. I would like to know how much interest I will have to pay. I'm planning to put £100 pounds a week back in. There was an 4% handling fee, which I know is £40. My interest rate on my card is 21.9%. Can you please help?

Best Answer - Chosen by Voters

Don't bother paying £100 a week, it won't make the interest any less. Pay £400 or whatever a month until you paid it off. Interest is calculated on a daily basis from the day you make the withdrawal and you will be charged interest on the handling fee, until the advance is paid off. If you continue to use the card for other purchases, then any repayments you make will be allocated to them first and to repaying the cash advance after. Can't help with the calculation of the interest; those calculations are beyond me

67% 2 Votes

There are currently no comments for this question.

Other Answers (3)

• Don't bother paying £100 a week, it won't make the interest any less. Pay £400 or whatever a month until you paid it off. Interest is calculated on a daily basis from the day you make the withdrawal and you will be charged interest on the handling fee, until the advance is paid off.
  
  check here:-http://www.creditcardrelief.com/

  0% 0 Votes
• Roughly 33 pounds so together with the "handling" you're paying 73 pounds to borrow 1000 for 10 weeks...that';s an annualized interest rate of roughly 35%!
  
  The above assumes that you charge nothing else on the card.
  
  Think twice and then think twice again before repeating this transaction!
  
  RJ

  33% 1 Vote
• without taking money out you would have had the 1000 in 10 weeks

  0% 0 Votes