Egg mimimum monthly repayments?

Still04

I have a question regarding Eggs minimum monthly repayments. I currently have a HSBC card with a balance of £500, which I intend to BT to my new Egg Card. With HSBC each month the minimum payment is £5 or 3% of the balance (whichever is greater). I read the following on Eggs website regarding minimum monthly repayments:

Each month you must pay by Direct Debit at least the minimum payment stated in your statement by the Payment Date. The minimum payment will be:
the full Revolving Balance if it is less than £5, but otherwise the greater of 2% of the Revolving Balance and £5, or (if it is more) the total of (i) interest and (ii) the Card Repayment Protection premium, both as shown in your statement

Plus for each Transferred Balance made during an introductory rate or promotional rate period for Transferred Balances (but only for the duration of that period);
the full amount of the Transferred Balance if it is less than £5, but otherwise the greater of 2% of the Transferred Balance and £5.

So, when I BT over the £500 onto my Egg card, each month will they charge me 2% of the full amount PLUS £5?

sicker

You will be charged 2% on the £500 balance on your Egg card. That will be a minimum payment of £10. When your balance owing drops to £250 then the £5 minimum payment will start to apply. e.g. if your debit balance is £200, 2% payment would be £4 but you will be debited the minimum £5.

John

Still04

Thanks, John. I understand now