Calculator or Math wiz needed - is this right?
Who loves math or who has access to a program (perhaps works in finance or bank or???)
Need an online calculator or someone do the math for me? This doesn't seem correct to me. Am I getting messed with, or am I wrong? I need to see numbers for myself!
Did balance trf from one credit card (A) to another credit card (B).
Balance on CC "A" was approx $945.00 (low intro ran out, and was now at approx 16%)
Trf'd $925.00 to CC "B" at 1% APR for 9 months. Fees were 4% to trf = $37.00, bringing ttl to $962.00.
Initiated bal trf on Tues, 04/24/07 after 6:30 pm PST. (They said would take 3 to 6 days to go thru.)
Called acc't "A" on Friday, and showed $925.00 had been paid and posted on Friday 04/27/07. Outstanding Balance was just over $20.00.
Called acc't "B" immediately after and verified: Balance was $962.00. Statement closing date would be 05/15/07. Didn't want to wait almost 3 weeks to get statement, so immediately paid thru bill-pay $62.00, which I called again and verified it was paid and posted on 05/02/07. Balance was now $900.00.
Called account "B" again on Wednesday, 05/16/07 approx 7:30pm PST, and they said my balance is now $901.50. (I still don't have my statement yet)
My question is: If the APR is 1.00%, how can I have $1.50 in finance charges already? It hasn't even been one full month since the balance trf went through.
1.00% (.01) / 12 = 0.0008333 OR 1.00% / 360 = 0.0000277
(is this correct?)
SO, I need explaination - how can it be $1.50 in finance charges for not even a full month? It's probably based on the average daily balance.
I expected fin chgs to be lower than that - for even a FULL month.
I wasn't aware until several days AFTER I did the balance trf, that the bank changed my card (which I've had since 1981) to a new issue card! I can still call with my OLD account # and still get the same info. (I only found out when I rec'd a letter in mail thanking me for the balance trf - and it had a whole different account # on it! So I had to CALL to find out what was going on!)
SO, is there somewhere online (some sort of "amortization" type thing for credit cards - or can someone explain this to me? (I could do it, but my old computer which had "Lotus" on it broke about 3 years ago, and I've not learned Excel...I was very proficient at lotus!)