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Jean A | Why is the interest on my credit card going up every month despite paying more than the minimum payment |
I have been paying £10 more than the minimum payment for a few months now but i've noticed that the interest I'm being charged is increasing. Last month it was £33 (back breaking aaaaargh) and this month it is £35.
Has anyone ever been helped by cc companies ie got a lower interest rate for their account or even been offered a settlement fee with a huge saving.
The balance on my account is being reduced by pitiful amounts despite not missing payments and paying extra. I am despondent. |
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Chasemice
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Is the interest "variable" as opposed to fixed? (Variable can change and fixed stays the same)
You definitely need to call up the card's customer service and ask them to reduct it. Make sure you say the phrase "The lowest possible" and try to get a fixed rate.
And make sure you understand all the rates that are on your card. There can be a rate for purchases, one for cash, and one for balance transfers.
Also ...Have you been paying your payments on time? Because even if you are only one day late, your account could go to a higher default rate. |
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Fuzzy Gnome
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Let me explain,
A credit card company makes money by charging the place of business that accepts the credit card a percentage fee of the purchase.
The credit card company wants reimbursed for the purchase, so it charges the credit card user interest until the purchase is paid off. Minimum payments don't mean much (in fact, there are lawsuits to get them to raise minimum payments, because of cases like yours).
Every month, £35 is being added to your account due to interest. If you do pay exactly £35. The balance will stay even forever. If you pay anything less than £35 (or whatever the interest charged that month is) you will dig yourself into a hole.
You should not treat this minimum payment as what you are being billed like you would for a loan because that's not what it is. It is a minimum number that keeps them from taking on additional fees for not paying.
You may be successful in calling the bank to request a lower interest rate, or a full payment amount for which they would be willing to settle. Make sure you have a significant sum you would be willing to pay them in return.
For the future, in general credit cards should be payed off every month. Not paying them off puts you in a situation where your past and present is more important than your future. If you can't afford to pay your credit card off every month. Buy less with it. You may think you cannot afford to pay it off, but actually you cannot afford to Not pay it off. After you've paid off this credit card, think about the things you purchased on it and how much distress they caused the next time you are tempted to spend more than you can pay for. |
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dunrobin46
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As long as you owe money you will be charged interest. The only way it will decrease is if you pay back each month's interest PLUS some of the outstanding capital balance.
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The Drunken Fool
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are you still using the card? |
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Anjell
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Minimum payment is a gimmick that's been working splendidly for years. Paying a measly $10 only keeps your account current and then the card company is free to charge interest on the remaining balance.
The interest is compounded monthly. You get no points for doubling your minimum payments, you only get hit for what you didn't pay.
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brummyneil
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If you are reducing the debt each time, the interest should be lower. Unless, the rate is being increased by the provider. Alternatively, if you are taking cash advances, interest is normally charged from when you make the withdrawal. If none of these apply, contact the provider for an explanation. |
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Knownow't
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I cant remember the exact figure, but if you only pay off the min amount each month it will take you about 25 years to pay it off....that's if you don't keep using it...so if you do keep using it, then the interest will increase. The best thing you can do is tear it up and pay as much as you can each month to clear off the balance..A credit card is the most expensive way to borrow money there is, unless of course you pay it off each month. |
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ღ loca â†
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this is how they make their money.
i no longer use credit cards and i'm currently still paying one of the cards off and the balance seems to be staying the same! |
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Dawn M
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idk, it shouldnt if you are making your min payment everymonth, i would contact them on this. |
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