Minimum payment vs interest

chrissy13

Hi All,

Hopefully someone can help me!

I have a credit card (won't mention who with in case i'm not allowed) i've never been over my limit and pay the minimum payment by direct debit every month. However I have now had a letter saying I am over my limit. Having looked into this I have found out its because my minimum payment is (for example) £100 a month but the interest I am being charged is £115 (again an example) this has eventually put me over my limit.

Are there any rules anywhere that state the minimum payment should be more than the interest?


Thanks in advance

Paul_Herring

Are there any rules anywhere that state the minimum payment should be more than the interest?

Only if the CC provider has mentioned them in the T&C's for the card (which some do.)

thriftymomma

I think the onus is on the borrower to check what they are paying.

Simon_Preston

thriftymomma wrote: »

I think the onus is on the borrower to check what they are paying.

What this guy said. You really should look at your statements for longer than 20 seconds. It'll all become clear.