Whats the minimum monthly payment on an Egg card?

makershaker wrote: »

Can someone tell me what the minimum monthly payment on an Egg credit card would be if i had £4800 on the account?

Cant understand the jargon on their site so not sure if its 1% of the balance or 2%?

The minimum payment is the full Revolving Balance if it is less than £5, but otherwise the greater of
(1) 2% of the Revolving Balance or
(2) the total of (i) interest billed on the statement on the Revolving Balance (ii) 1% of the Revolving Balance (iii) any Card Repayment Protection premium shown on your statement and (iv) billed fees for late or returned payments shown on your statement or
(3) £5.

So the biggest number of:
(1) 4800 x 2%
(2) (monthly interest on 4800) + (4800 X 1%) + PPI + Fees
(3) 5

So if it's a 0% offer, and you've no fees or PPI you'll pay £96.
If it's not a 0% offer and you're on 16.9% APR with no fees or PPI it'd be
(4800 x 1%) + (4800 x 1.3097%) = £110.87

The minimum amount will always be shown on your online statement

Unless you're stoozing, why would you only want to pay the minimum payment anyway?

Your lucky to get an egg card, I got thrown off mine because they didn't make any money out of me lol

Kymi