Capital One update ~ August Statement posted
My new billing cycle for my Capital One card started, and the updated numbers and my new statement posted. I’ve made some progress!
My balance posted as $5478.40. My balance is actually $5467.71, which is reflected on my “numbers” page, because I snowflaked $10.69 after the previous billing cycle ended that is not on my new statement. For comparison, my balance at the beginning of last billing cycle was $5852.72. So I’ve reduced the principle by $385.01 from the last statement to this one.
I made payments this billing cycle of $421.45, compared to $362.86 last cycle. I am hoping to continue that upward trend. Why not the same as what the principle was reduced by? Because we move on to the…
Interest charges. I accrued $47.63 in interest charges, compared to $53.98 last cycle. This was lower for the obvious reason of my balance being lower, but also because I got my interest rate lowered from 10.9% to 9.9%. Not a huge change but every little bit helps!
And last, but not least, my minimum payment dropped from $117 last cycle to $109 this cycle. I don’t know why I like tracking that progress so much but I do.
Hopefully I will be transferring my balance within the next 7-10 days to the 0% offer and then I will just have to pay whatever interest accrues between now and then and be done with credit card interest, hopefully for good. Until then I will keep chipping away at it, the more I pay, the less I transfer and the less interest I ultimately pay.
~J
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August 28th, 2007 at 9:22 am
Congratulations on paying off over $400 in debt! Good luck with paying down your debt.
What type of 0% interest card are you looking at? Does the card have a balance transfer fee?
August 28th, 2007 at 9:46 am
It is the AT&T Universal Card, and it doesn’t have a balance transfer fee on the first transfer and 0% on that transfer for 12 months from the date of transfer.