Interest calcs on CC?

Sorry, make that 50% higher! Now you can see why I ask advice... !

Daily compounding of interest would not account for such a large discrepancy. Are you sure the £9 does not include an element of debt reduction, i.e. it's £6 interest plus £3 repayment?

"JimGC" wrote

OK, so that's around 11.4% per year. Not bad.

"JimGC" wrote

... which is around 7.4% per year. That's very good for a "standard" rate, or quite bad for a "promotional" rate. Which CC company is it?

Tesco. And it's a "promotional" rate for an existing customer - a balance transfer into the account.

No, that is interest only.

I simplified the question a little, but what I am working on is the actual printed statement showing estimated interest figure for next month on £4030 which they give as £37 (on

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In message , JimGC writes

The 'estimated interest next month' bit could be calculated form the date of the current statement to the must pay by' date on the next statement, which will be longer than 30 days.

Suggest you count the days from the current statement date until the same date in March as the February 'must pay by' date and insert this into your calcs. It may work, but it may not!

Estimated interest will be from the transaction date to the next statement date, which could be nearly two months.