How you use your EXAMPLE card

You are an Occasional Borrower based on the six statements you have provided.

You use the card for purchases. In most months you pay off your balance in full. However in some months you don't pay the balance in full and so you have a balance outstanding that is carried forward to the next month. We call this a Revolving Balance.

Typically you pay interest to your card company for any balances that you revolve.

SUMMARY

  • Your annual card charges: £343.04
  • What you could save: £330.86

Your Card Balance and Payments

We've looked at your purchases to see how active you are with your card. We've considered your statement balance and any payments you have made to see if you pay off amounts outstanding.

Chart
  • This chart shows the balance you owed at the start of the statement period and the payments you made during the statement period.
  • In four months the payments you made in the month were equal to or more than the balance you had outstanding from the previous month. You were not borrowing money from your card company.
  • In two months (Oct 2009, Nov 2009) the payments you made did not pay off the full amount you owed. We call this revolving a balance. As you revolved a balance in two months out of six we describe you as an Occasional Borrower.
  • Typically card companies charge you interest for not paying your balance in full.
  • If you have a special deal from your card company like an introductory offer then you may not be paying interest.

Your Interest Charges

We've also looked at any interest you have been charged by your card company.

Chart
  • This chart shows the net interest you were charged during the statement period. We calculate this by taking the interest you were charged and subtracting any interest that was returned to you.
  • In four months (Aug 2009, Sep 2009, Oct 2009, Dec 2009) you were charged interest by your card company.
  • Your interest charges totalled £128.59.
  • As you are an Occasional Borrower we would expect you to have been charged interest. Typically these interest charges are because you are revolving a balance. The charges could also be because you have paid your bill late or you have withdrawn cash on your card at an ATM.

Cash Withdrawals, Foreign Currency Payments and Other Charges

We've also taken a look at other ways you have used your card that often result in charges from your card company. These include withdrawing cash from ATMs and using your card abroad. We also show any other charges we have picked up such as Late Payment Charges and Overlimit Fees.

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  • This chart shows your cash withdrawals and foreign currency payments.
  • You made two cash withdrawals with a total value of £264.18. Your card company charged you £7.02 for withdrawing cash using a credit card - a rate of 2.66% of the cash amount you withdrew.
  • You made 13 foreign currency payments with a total value of £1,041.32. Your card company charged you £35.91 in fees for your foreign currency purchases - a rate of 3.45% of the value of your foreign currency purchases.
  • You will have to refer to your statements for additional information about these charges.

What your card is costing you

Based on the information you have provided we have estimated what your card could be costing you each year. Where we have made assumptions we've listed these below. Please remember this is indicative - your actual costs may be different.

Type of Cost Cost for 6 statements Annualised Assumptions and Comments
  • Interest £128.59 £257.18 Your actual interest charges for the 6 statements you have submitted
  • Foreign Currency £35.91 £71.82 Your actual foreign currency charges for the £1,041.32 overseas purchases
  • Cash Withdrawals £7.02 £14.04 Your actual cash withdrawal charges for the £264.18 you withdrew as cash
  • Other Charges £0.00 £0.00 No other charges found
  • TOTAL £171.52 £343.04  
Chart
  • This chart shows the estimated annualised cost of your card based on how you use the card.
  • Your biggest area of card costs is Interest - estimated at an annual cost of £257.18.
  • When looking at alternative cards, you should consider cards that could reduce the cost of Interest for you.

Cards you should consider

We have looked at how you use your card and where you are being charged by your card company. We have searched the 60 cards in our database. Based on this we recommend you take a look at the following cards.

IMPORTANT NOTE: Our site is in Beta. Please check our calculations by clicking on 'More Detail'. Make your own decision regarding whether any credit card is suitable for you.

Company Card Why we suggest this card Amount you could save a year
  • Saga Platinum Credit Card Saga Platinum Credit Card Lower interest charges (£256.04 lower)
    Lower foreign currency charges (£71.82 lower)
    Lower cash withdrawal charges (£3.00 lower)
    £330.86 More Detail>
  • Barclaycard Platinum for Purchases card Barclaycard Platinum for Purchases card Lower interest charges (£255.72 lower)
    Lower foreign currency charges (£14.52 lower)
    Lower cash withdrawal charges (£0.24 lower)
    Note: Card issued by your current card company
    £270.48 More Detail>
  • Tesco Clubcard Credit Card Tesco Clubcard Credit Card Lower interest charges (£255.86 lower)
    Lower foreign currency charges (£14.52 lower)
    Higher cash withdrawal charges (£2.52 higher)
    £267.86 More Detail>
  • smile classic card smile classic card Lower interest charges (£255.80 lower)
    Lower foreign currency charges (£14.52 lower)
    Higher cash withdrawal charges (£2.52 higher)
    £267.80 More Detail>
  • smile gold card smile gold card Lower interest charges (£255.80 lower)
    Lower foreign currency charges (£14.52 lower)
    Higher cash withdrawal charges (£2.52 higher)
    £267.80 More Detail>
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