Min Payment on M&S card

hamburger200

Could someone tell me how much the minimum payment per month would be on the M&S a/more card if i put £2000. on it. at 3.9%..Thanks

grumbler

Minimum repayment
Greater of 3% of the outstanding balance or £5 each month

Summary Box

£2000*3%=£60

Danger! Avoid Minimum Repayments If you only pay the minimum repayments on your credit cards, watch out. Minimum repayments are deliberately set up to keep you perpetually in debt, paying huge swathes of interest.

Tr@cker

Yeah but at least you wont forget to make that minimum payment thereby not incurring charges and reverting to the much higher interest rate. You can also make additional payments each month if you want.

ddavis

Yep but the minimum payment on the 3.9% per year card is actually quite a big repayment - 26% per year.

Not bad really.

3% off balance each month, 0.325% interest each month. A lot better than nothing.