Natwest Yourpoints Query....

rhino2k

Hi all, i recently got talked into having this card, all sounded good so thought "what the hell".

Just got my first statement through, and it says i have to pay a minimum payment of £5 by the 16th june......but clearly states on my letters from them that i have 6 months interest free on purchases!

It also says the same online!

is this just one of those things where it says it but i wont get charged?

just want to be sure as i have never paid a penny interest and dont intend to start now

Thanks for your time

Neil

YorkshireBoy

rhino2k wrote: »

Just got my first statement through, and it says i have to pay a minimum payment of £5 by the 16th june......but clearly states on my letters from them that i have 6 months interest free on purchases!

Even though it's interest free, it's not payment free! You still need to do what it says on the statement...pay at least the minimum amount by it's due date.

Is this your first credit card?

rhino2k

No its not my first card, but is the first one with an interest free period, i did not realise i would still have to pay the minimum payment!

So as long as i pay the £5 per month i should be ok?

Thanks

YorkshireBoy

rhino2k wrote: »

So as long as i pay the £5 per month i should be ok?

Your post reads as though you may be considering setting up a £5 standing order? Don't!

You should do what I said in post #2...pay at least the minimum amount shown on each monthly statement before it's payment due date.

It would be foolish to assume the minimum required would be £5 each and every month. The £5 required this month is their minimum and is based on your current balance. If you continue to use the card, the amount payable will exceed £5 once your balance exceeds £500 (because £5 is 1% of £500)...

Your minimum payment on that card is the greater of 1% of the balance or £5.

rhino2k

YorkshireBoy wrote: »

Your post reads as though you may be considering setting up a £5 standing order? Don't!

You should do what I said in post #2...pay at least the minimum amount shown on each monthly statement before it's payment due date.

It would be foolish to assume the minimum required would be £5 each and every month. The £5 required this month is their minimum and is based on your current balance. If you continue to use the card, the amount payable will exceed £5 once your balance exceeds £500 (because £5 is 1% of £500)...

Your minimum payment on that card is the greater of 1% of the balance or £5.

Ah i see, no i was going to set up a direct debit so they can take the full balance, but i am going to assume i should just pay the minimum payment each month until the interest free period is over? Or can i go ahead and setup a direct debit and pay the minimum via my online account each month?

With my other card i simply have them take the full balance from my account when its due

I am a bit green with CC's as i have seen to many people go into serious debt with them, but i like the protection you get with purchases

thanks again

rhino2k

I should mention i cant access my online account fully so am not sure of my options. my other card was setup over the phone and i dont use an online acount with it as have no need