Credit card balance projection over 1 yr How?
 

How do I work out where my balance would be a year down the line making just the minimum payment each month, assuming no use on the card.
It's an Egg card....

I get the feeling there is more to it than a simple interest calculation.:wonder:

Andy

Is minimum payment 3% on egg? Interest rate of 13.2?

I'd have thought you'd need to know the balance, the minimum payment ammount (%) and the interest rate...

www.whatsthecost.com

<Russ>

Jan 05 - July 05 it was 1.167 (14.9%)
Aug 05 - current day its 1.240 or (15.9%)

Basically the problem is I've been stitched for "payment protection" for a year (Jan 05 - Feb 06)
That payment protection accrued interest on the balance yet the credit card company have only refunded the payment protection amounts for the year, nothing more..
Just come off the phone with them and they tried telling me that payment protection was added to the minimum payment amount so there is no interest.
"so my minimum payment will now be circa £50 less then" I asked.
Checked my estimated minimum payment for next month and it's only about £15 less. (obviously due only to the reduced balance after 12 months worth of circa £50 were re-instated.)
Someone is now "looking into it" :rolleyes:

I could do without this while I'm ill. :(

Andy