Minimum repayment %

Nicky321

How do i find out the minimum repayment on credit cards eg, % of repayments.

Virgin Money Credit Card
Barclaycard Simplicity
Egg

Thankyou

Any

You go on their websites and look on T&C for each... it is usually stated in the summary box..
example
http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp

Nicky321

Any wrote: »

You go on their websites and look on T&C for each... it is usually stated in the summary box..
example
http://uk.virginmoney.com/virgin/credit-cards-v3/popup/summary.jsp

Looking on there it still leaves me confused.
The statement shows

Balance from previous page £4043.88
Est Interest - next statement £58.61
Minimum Payment £73.78 due 30th Jan

On the Barclaycard Simplicity T & Cs it shows

Minimum repayment

The highest of:

2.25% of the amount you owe us on your monthly statement;
£5 (or the entire amount if less than £5);
any interest, account fees and default charges that have been added to your account since your last statement plus 1% of the remaining balance.

So his balance on Barclaycard Simplicity is £4071.55

Statement shows
Previous balance £4173.90
Purchases £ 0.00
Interest & charges £ 25.24
Payments received £ 127.59
Closing balance £ 4071.55

Due date 17 Feb 11
Minimum payment £ 91.60
Estimated Interest Next Month £ 20.71


Im trying to work out what the minimum payment % is to add into the snowballing spreadsheet.

CLAPTON

well 2.25% of 4071.55 = 91.60 for the barclaycard simplicity

Nicky321

CLAPTON wrote: »

well 2.25% of 4071.55 = 91.60 for the barclaycard simplicity

Thankyou, I can see the working out for that now. However I have just spoken to an adviser from Virgin Mastercard and been told the % for minimum repayment is 1%, I cannot work out why the minimum payment asked for on most recent statement is £73.78 (balance is £4043.88) and last month the minimum payment was £65.69 (balance is £4049.79).
Any idea?

[Deleted User]

It's 1% plus fees and interest.

Nicky321

Deleted_User wrote: »

It's 1% plus fees and interest.

Thankyou. So how would I enter this into the "snowballing spreadsheet?"

[Deleted User]

Well....

Assuming you don't pay late fees or overlimit as a matter of course (if you do - stop it right now), then you could add your monthly intereset rate (use the retail one, assuming it's all purchases and add that to the 1%.

So you'd get something like 1% plus 1.3245% (or whatever) as your monthly payment.

But then check on the t&cs that it is not over ridden by comething like 2.5% if that is more.

You'll find your monthly rate on your statements with a bit of luck.