At 23% monthly interest rate on a credit card and oweing $1512.62, how can it be a charge of $57.50?

10-28-2007, 06:47 PM

Is that right?

10-28-2007, 06:47 PM

It should be around 34.67 ish.....

Was there a late fee? Like the first poster asked? or maybe they require a minimum. Meaning you just cant pay what your interest is, they want you to pay toward principal.

Your interest is basically 35 bucks. So 22.50 more per month has to go somewhere. In fees ect. Just call them and ask where that money is going. It has to go somewhere.

Good Luck.

dee · 10-28-2007, 06:47 PM

That doesn't sound right. It's about double 23%. Does it include late fees or overbalance fees? Is that just the interest or the minimum payment? You should call your credit card company and ask for an explanation.

10-28-2007, 06:49 PM

maybe the 57.50 is just the minimum payment? - sounds like about 3%

10-28-2007, 06:50 PM

Is there an over the limit fee or a late fee? I would get this paid off as soon as possible.

10-28-2007, 06:50 PM

If your limit was $1500 then you where charged for an overlimit fee, if you where a day late with payment a late fee