High minimum payment..?

andyox

I've transfered a credit card balance from Virgin Money, where I was making a ~0.7% minimum payment, to Tescos/RBS (0% for 14 months), and discovered that the monthly minimum is now around 3%. So that is in excess of 4x the amount, and seems excessive.

Will they allow requests to reduce the minimum, or is this another consequence of the credit crunch?

Andy

latecomer

If thats the standard minimum then I dont think they will change it. surely repaying at ~0.7% min payment would weren't even covering the interest (unless it was on a deal)

YorkshireBoy

andyox wrote: »

...seems excessive.

You've transferred from one of the lowest (at £25 per month) to one of the highest (only Debenhams, of the mainstream cards, charges more at 4%).

Next time, read the T&C's (or at least the summary box) before applying?

andyox

Yes, I missed the % min. payment in T&C. On a positive note, at least at the end of 14 months, I'll have paid off about ~40% of the balance. It does need to be paid off, and it's been sitting at 0% for around 18 mths to date.