Card with lowest monthly minimum repayment?

PeteHi

I'm currently with Tesco and pay 3% of the balance as a minumum repayment each month.

Used to be with Virgin and it was £25. I preferred that as I could overpay what I was able to that month.

Does anyone know of any 0% deals for new customers with a minimum repayment of £25 a month?

Also, Tesco's adviser reckons they will be changing the 3% soon to a flat fee like a lot of other companies, anyone know any more about this?

izools

The halifax plus credit card has a minimum payment of 1% of the balance or interest + £5, whichever is greater.

I think MBNA are the only ones to employ a £25 minimum, Halifax seem to have the lowest repayment on their 0% card

(And the Tesco card is part of RBS, so you would be able to transfer the balance)

PeteHi

izools wrote: »

The halifax plus credit card has a minimum payment of 1% of the balance or interest + £5, whichever is greater.

I think MBNA are the only ones to employ a £25 minimum, Halifax seem to have the lowest repayment on their 0% card

(And the Tesco card is part of RBS, so you would be able to transfer the balance)

Thanks for the advice, although the last sentence confuses me?

Halifax is 1% repayment, so will give them a look!

ILW

PeteHi wrote: »

I'm currently with Tesco and pay 3% of the balance as a minumum repayment each month.

Used to be with Virgin and it was £25. I preferred that as I could overpay what I was able to that month.

Does anyone know of any 0% deals for new customers with a minimum repayment of £25 a month?

Also, Tesco's adviser reckons they will be changing the 3% soon to a flat fee like a lot of other companies, anyone know any more about this?

Why are you looking for the lowest minimum payment? Will cost you a fortune in the long run.

Moggles_2

PeteHi wrote: »

Thanks for the advice, although the last sentence confuses me.

Originally Posted by izools
(And the Tesco card is part of RBS, so you would be able to transfer the balance)

You cannot transfer balances between credit cards underwritten by the same bank (that would be trying to pay 'em off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:
http://www.stoozing.com/cards.htm

PeteHi

ILW wrote: »

Why are you looking for the lowest minimum payment? Will cost you a fortune in the long run.

PeteHi wrote: »

Used to be with Virgin and it was £25. I preferred that as I could overpay what I was able to that month.

and I like to have flexibility on what I can pay back each month, whilst paying the actual balance off.

PeteHi

Moggles wrote: »

You cannot transfer balances between credit cards underwritten by the same bank (that would be trying to pay 'em off with their own money.)

This table on the stoozing site (which is sponsored by Money Saving Expert) should help:
http://www.stoozing.com/cards.htm

Thanks for the link, useful site!

Looks like Halifax is the way for me to go then, unless Tesco pull their finger out

Moggles_2

PeteHi wrote: »

Looks like Halifax is the way for me to go then, unless Tesco pull their finger out.

Yes, MBNA is the market leader, in this respect. Cards issued by MBNA (such as Virgin) have the lowest minimum payments in the UK, currently £25 during an introductory 0% period.

The HBOS stable is next best. In particular, the Halifax Plus credit card is a straight forward, no-strings deal, which is not linked to your other cards.

13 months at 0% is currently available to new customers on balance transfers made in the first 90 days. There's a 3% BT fee.
Minimum monthly payment is just 1% of the balance shifted.
http://www.halifax.co.uk/creditcards/pluscard136.aspifaxith

YorkshireBoy

Moggles wrote: »

Yes, MBNA is the market leader, in this respect. Cards issued by MBNA (such as Virgin) have the lowest minimum payments in the UK, currently £25 during an introductory 0% period.

Whilst some old customers may still be on the old £5/10/25 per month minimum payments Moggles, I believe all new customers (and many old ones - myself included) are now on "£25 or 1% whichever is the greater".

Unless you know any exceptions?