I’ve Paid For This Twice Already…

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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