Min payment on a card with two APR's

Ralphy101

Hi

Bit confused.

If i had a balance of 1650 at 16.9 % apr
and a balance of 1750 at 6.9 % apr

How would the minium payment be calculated?

is is 2.25 % of the whole combined value

or 2.25 % to each of the serpeate apr's added together?

Can someone help me

Thanks

molerat

I believe it would be 2.25% of the total combined balance but would be credited to the balance with the higher APR.

Tixy

If the minimum payment on your card is 2.25% - then both of your options give the exact same figure of £76.50 as a minimum payment.

This will be allocated first to the interest for the month (for both 'parts' of the debt) and the remainder will pay off a small part of your balance at 16.9%.