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Question about minimum payments
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Nyla1979
Posts: 274 Forumite
in Credit cards
I have just changed from a Virgin credit card to a Post office card as my 0% balance transfer offer had ended. I have both cards set to the minimum payment amount, the new Post Office card has the minimum payment as almost twice a much as the Virgin card has been - both balances are the same so wondering why the Post Office card payment is going to be more than I was paying to Virgin?
It's probably something simple, can anybody help out please?!
It's probably something simple, can anybody help out please?!
" Though no one can go back and make a brand new start, anyone can start now and make a brand new ending. "
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Comments
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The minimum payment is a percentage of your balance, which varies between credit card companies.
Virgin is (or was) 1% of the monthly balance, post office I think is 2.5% (your T&C will give the correct figure).A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
Thank you for the reply, I did think it might be something like this!
" Though no one can go back and make a brand new start, anyone can start now and make a brand new ending. "0
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