The APR is 10.24%. it is on a Capital One credit card -mastercard. I don't know the term of the loan of money. I keep calling the 800# and always get recorded messages. How do I figure the monthly payment.
2007-12-08 04:55:26 · 6 answers · asked by bb5153 1 in Business & Finance ➔ Credit
In the terms and condition...all of the fine print...It will tell you what your minimum payment will be by a percentage. There should be a little insert of fine writing, you will find your answer there. Typically it's 3%. So, if your balance were 10,000, your minimum payment would be $300.
2007-12-08 05:42:45 · answer #1 · answered by jjungema 2 · 0⤊ 0⤋
It's a credit card so the minimum payment will probably be about 3% of the balance. The minimum payment will change as the balance changes.
You should also be aware that maxing out the credit card could result in the monthly interest pushing you over the limit which will result in an overlimit fee. So if you get a $10,000 credit limit, leave at least $200 as a cushion.
You should also consider that Capital One is notorious for re-checking your credit score and increasing the interest rate to their default rate of about 30%.
2007-12-08 05:09:41 · answer #2 · answered by bdancer222 7 · 0⤊ 0⤋
Around 3% of your balance will be the minimum payment...but this might not matter....Watch out with CapitalOne....Like a magician they have all sorts of tricks up their sleeves and they'll take advantage of you.....If you're just one day late on a payment...the terms of this loan will change...the interest will skyrocket to around 33% and you won't be able to do anything about it. If this happens...this would mean $200+ per month just in interest alone. Making a minimum payment on these terms would mean that you'd just be paying interest only...the actual loan balance would never go down. This is the endless debt trap that credit card companies like CapitalOne LOVE to trap people in.....
Credit card companies are in a position to change terms as they please...There's no guarantee that this interest rate will remain at the rate you stated.....If you really need a loan...try a traditional bank or credit union first...with a traditional loan they will at least be bound by fixed terms....With CapitalOne....you will be at their mercy....
2007-12-08 05:17:43 · answer #3 · answered by CatDad 7 · 0⤊ 0⤋
Check the terms on the use of your credit card. Usually the 10.24% rate is for PURCHASES only!!! Cash advances do not meet this criteria!!!!!!!!! Instead you will be charged the "cash advance fee" (usually 3% of the amount borrowed) + interest rates of 23% on the full amount borrowed and fees charged. Coupled with the minimum 3% principal you must pay back every month can add up quickly!!!!!!!!!
Good Luck.
2007-12-08 08:10:57 · answer #4 · answered by redheadedstepchild 4 · 1⤊ 0⤋
$10,000 because if you cannot get a hold of a person when there are problems to be fixed, then you will have to pay it all back and borrow the money from somewhere else. Borrow from (and deposit at) only banks where you can reach a live person and not just a recording. If it is even moderately difficult now when you are just deciding, it will be impossible after you enter into the transaction and really need to talk to them.
2007-12-08 05:41:55 · answer #5 · answered by StephenWeinstein 7 · 0⤊ 0⤋
i would shop around, as you can probably get better terms. check out http://preferred.ecreditdirectory.com for more info.
2007-12-08 07:13:18 · answer #6 · answered by Anonymous · 0⤊ 0⤋