credit card interest

[oldgent]

Hi anyone had any dealings with AEON credit company. the reason i ask is because i think my friend

is being overcharged with to much interest. she owes 28,401.57 Baht, her min payment is 3,200 baht

per month. she has paid the last 2 months that is 6,400 baht but it has not gone to reduce the 28,401.57

it has gone to pay the interest. is she being ripped off

[ignis]

Look at the monthly statement....

Have mine in front of me = very clear at the bottom

Say's what the min is xxx

Principal xxx

Interest credit purchase xxx

interest Cash Advance xxx

other charges xxx

Aoen Happy Plan 0

Minimum Payment Due = x,xxx

[JAS21]

Well, that is considerably over 100% interest p.a. from the information that you have given. I assume from what you say she is now not using her card for purchases.

Just pay it off for her ... does she really need a credit card. Bangkok Bank charge 20%pa according to their website.

[oldgent]

thanks Ignis will get her to let me see it

[oldgent]

Well, that is considerably over 100% interest p.a. from the information that you have given. I assume from what you say she is now not using her card for purchases.

Just pay it off for her ... does she really need a credit card. Bangkok Bank charge 20%pa according to their website.

thanks for that yes paying off would be the answer

[blackcab]

Payments are deducted in a specific order which is normally interest and charges first. If she had been withdrawing cash and making minimum payments or less then it's going to be painful.

You could pay it off. Or you could let the lesson sink in.

[Pib]

I expect she has been adding purchases/cash withdrawals over the last two months and/or has not really made the payments as mentioned. Generally AEON cards carry a 20% interest on purchases and 20% on cash advances plus the 3% cash advance fee. And in Thailand credit cards tend to require a minimum monthly payment of 10% of outstanding balance. Take a look at the last statement for the cost breakout, transactions, etc. Hard for a computer to make a mistake on printing-out that monthly statement.

[DogNo1]

Well, AEON might be high but I've been shocked to see loans advertised on UK TV at 39.9% and 49.9% APR!

[keeniau96]

I would love to get 20% pa. on my money. Wonder how much those Thai "informal" lenders charge, would expect the vigorish to well exceed 100% if annualized.

[Pib]

I would love to get 20% pa. on my money. Wonder how much those Thai "informal" lenders charge, would expect the vigorish to well exceed 100% if annualized.

100% per year is way too low. 20 to 30% per month is more the norm for loan sharks sometimes also nicely referred to as informal lenders.

[ignis]

Well, AEON might be high but I've been shocked to see loans advertised on UK TV at 39.9% and 49.9% APR!

Yes but not at that LOW APR, many a lot higher one always on TV advertised @ 399% APR and some even higher over a 1.000% APR..

just one of many https://www.providentpersonalcredit.com/