credit card advise needed....

Jonno118

Hi

Ive recently activated my new barclay card.

It is my first credit card I have owend so need abit of advise on how it works.

The bloke asked how I would pay each month I said direct debit and minimun repayments.

Im abit puzzled by the minimun repayments bit.say If you max out your card for the month and the limit is say £1500 do I have to pay that back all in 1 payment the next time the statement comes through because of the direct debit or can I choose how much.? If not how much is the minimum amount I would expect to pay ?

thanks for help

hattiefats

Minimum repayment would depend on your interest rate. You wouldnt have to pay the entire balance every month just a percentage of it. I'm guessing that an average minimum payment on a maxed out card £1500 would be around £40 per month or thereabouts. If you say what your interest is I could probably be more help! Am quite new to boards though so someone else might be able to give better advice! I'm just going on cards I had in past.

daily_2

Min repayments will be something like 1.5% of the balance or £5.

The fastest way to get into debt troubles is by paying only min repayment, if you want to stay out of trouble, pay off the full balance each month by direct debit, and don't spend more than you can afford.

Jonno118

hi

The card interest rate is 12.4% APR i think thats right.

thanks