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

Is that right?

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

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

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

That doesn%26#039;t sound right. It%26#039;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.

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

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.

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

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

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

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

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

that APR is high and balance is quite handsome. don%26#039;t you think you should transfer to other card with 0% INTRO APR for 6-12months. at least you won%26#039;t accumulating any interest during the INTRO period. anyhow you usually will be charged somewhere around 3% on the balance transfer. you can transfer again when the INTRO period near the end. but make sure check all the term carefully and do some calculation how much you save first before agreeing for a new card.