Minimum payment to avoid interest

AndyRat

Hi, I am new to 0% credit cards, so, please forgive me if this is a daft question.

I have just got my first statement for my Abbey card, the T&Cs state that the minimum payment is 2.25% or £5.00 whichever is the greater, however, my statement is asking for £5.00 on a balance of £517.13 (which I would have thought would have required a minimum payment of approx. £11.64), the statement says that the estimated interest for the next statement is £0.00 if I pay the "agreed minimum amount"

Am I safe to just pay £5.00, or shoudl I be paying more to continue to get 0% for the full nine months.

Many thanks for any help.

YorkshireBoy

See post #13 in this thread...

http://forums.moneysavingexpert.com/showthread.html?t=105921&page=2

YorkshireBoy

AndyRat wrote:

Hi, I am new to 0% credit cards...

Set up a direct debit for the minimum payment - NOW!!!!!

Pay an additional £5 by debit card when you get your next statement, just in case the DD doesn't get set up in time.

AndyRat

Sorry, forgot to mention that I have aleady set-up the DD for the minimum payment, but intend to pay this one as well, as I don't think the DD will go through in time.......anyway, an extra £5.00 paid would be better that paying the interest......IMHO

AndyRat

YorkshireBoy, thanks for the link.......thats makes it clear now.........

Wish that the info MBNA/Abbey supplied was as clear asyou make it.......

Many thanks.......