Abbey 0% minimum payment?

jules73_2

Hi all

Just wanted to check that I'm not going to get hit by some charge for only paying £5 minimum payment as stated on the statement.

I transferred £3000, and was quite surprised to find that my first statement repayment was a fiver!!

Now obviously that's a huge benefit to me, as I get to keep more cash in the savings for the next year.

Just wanted to check with you guys first before phoning them up.

Thanks

YorkshireBoy

Each month you must pay at least the minimum payment set out in your statement. The minimum payment will be the lesser of:

• 2.25% of the balance shown in your statement (minimum £5, or the full balance if less than £5); or
• the total of payment protection premiums plus interest and fees charged on the statement, plus £5.

http://www.abbey.com/csgs/Satellite?c=GSDetalleProducto&cid=1157698188950&idParent=1157698106817&pagename=Abbey%2FGSDetalleProducto%2FGS_DetProducto

Since you're in a 0% period, and assuming you haven't taken PPI or incurred fees, then the minimum payment is indeed £5.

Happy_frank

My first payment was 80 odd pounds but since then it's been a fiver every month. Been paying just a fiver for several months now on over £3500, no charges. Don't worry just enjoy the very cheep credit.

jules73_2

Thanks YB,

I did see this, but just wanted to double check that I had not missed any small small print.

I just had this image in the head that I would get to the end of the 12 months and be told "yes, you paid the minimum payment of £5, but you will be charged interest for not paying 2.25%"

Just me being paranoid.

NickX

jules73 wrote: »

I just had this image in the head that I would get to the end of the 12 months

If it is the Abbey Zero card that you have, then the 0% period is only for the first 6 months.

And yes the minimum payments are only £5 - lovely jubbly :beer:

jules73_2

No, it's the standard credit card, so 13 months interest free.
I tend to pay them off after 12 months to be on the safe side.
Even more lovely jubbly:beer:

HamiltonL

It's usually high for the first statement due to the BT and the fee. Then it's just a fiver until the 0% ends. Or you add PPI, or you use the card to withdraw cash or make purchases...