How to Calculate Fixed Payment Option with Coles Mastercard over 6 Months?

msmhw on 21/10/2022 - 16:46
Last edited 21/10/2022 - 23:15 by 1 other user

Hi everyone,

I have $1000 to pay off but not sure how to calculate the FPO?

Monthly Instalment $166.67 for 6 months with One-off FPO fee of 1.49%
Applicable Interest Rate 0.00 % p.a.

Is it $14.90 if I pay everything on time?

This balance in my credit card.
Thanks

• 

  MITM on 21/10/2022 - 16:57

  FPO ?

  • 

    msmhw on 21/10/2022 - 17:30

    fixed payment options. from coles mastercard
    https://www.coles.com.au/content/dam/coles/coles-financial-s…

    • 

      randomusername2017 on 21/10/2022 - 17:51

      Ah ok..Citi/nab product

      Instead it will be shown on
      Your statement for the Cycle in which
      You set up Your FPO

      FPO fee payable next statement…

      Not a bad concept if that is the total balance..just be aware it changes the way payments are applied if other amounts involved…

      • 

        msmhw on 21/10/2022 - 18:37

        they are offering me $50 in Flybuys points if I accept that. I just wanted to know how the fees are calculated.

        • 

          randomusername2017 on 21/10/2022 - 18:42

          +1

          @msmhw: Not bad $35 profit 👍
          Expect minimum of 90days for the points to land though.

          1.49% ($14.90) of initial amount billed as a fee on your next billing cycle.

• 

  randomusername2017 on 21/10/2022 - 17:06

  FPO = fixed/flexible payment option? Amex/paypal/Citibank?

  $14.90 fee sounds about right.. suprised they haven't factored that into the 6 instalments..

  • 

    msmhw on 21/10/2022 - 17:31

    yeah, Fixed Payment Options from coles mastercard.

• 

  avoidfullprice on 21/10/2022 - 17:29

  When product is sold to you as interest free but slap a 3%pa interest as “FPO fee”

  Anyways, the $14.90 will come out from the first payment, on top of the $166.67

• 

  grips on 22/10/2022 - 09:06

  Be careful to check the monthly payment from the statement. In the "Account Summary" there is block "Closing Balance less Instalment Balance" with the reminder "Pay this amount by the due date to maintain interest free days", otherwise you will be charged the credit card interest.
  The $14.90 will be charged on its own as 'Fixed Payment Option Fee'
  My last fee for $1100.- was 16.39, so 33.61 profit.