Quick question regarding Capital One bal transfer

Tixy

The minimum payment will be detailed in the terms & conditions of the account (it varies from card to card and I don't know what that cap 1 card is).

It will be at least the interest for the month plus 1% of the balance as that is what is has to be by law.

You don't get to choose when your first payment is due, that will be based on when your statement is generated. Once you receive your statement you need to make payment in time so it is credited to your account before the due date - that typically gives you around 2weeks to make the payment with most cards, depending on how you choose to pay.

You won't know when your first statement will be generated until it arrives in the post. It could possibly be that your first payment would need paying mid May for example, but it might not be until early June.

MartinLewisIsSound

Tixy wrote: »

The minimum payment will be detailed in the terms & conditions of the account (it varies from card to card and I don't know what that cap 1 card is).

It will be at least the interest for the month plus 1% of the balance as that is what is has to be by law.

You don't get to choose when your first payment is due, that will be based on when your statement is generated. Once you receive your statement you need to make payment in time so it is credited to your account before the due date - that typically gives you around 2weeks to make the payment with most cards, depending on how you choose to pay.

You won't know when your first statement will be generated until it arrives in the post. It could possibly be that your first payment would need paying mid May for example, but it might not be until early June.

Judging by the bold, I'm assuming the monthly repayment rate stays the same regardless of my outstanding balance on the card but supposing my card's balance was full (I had not spent any OR I'd paid the full amount back), I'd obviously have nothing to pay for that month. Is this right? If the repayment is £50 a month, for example, I'd pay £50 if I had spent £100 on the card just as I'd pay £50 another month if I had spent £300 on the card?

Tixy

No, you assume wrong. I mean it varies from card provider to card provider. Eg barclays is 2.25% of the balance, HSBC 2.5% of the balane, saga 3% - I personally don't know what capital one is, as I don't have a copy of their T&Cs.

The minimum payment on most cards is a % of the balance on the last statement. And so varies from month to month as the balance fluctuates depending on what you spend and what you pay off.

The only time it might remain static is if the balance is low and the usual % calculation would be below an overall minimum (on some cards thats £5, on others £25).

If you've been accepted for this card surely you have a copy of the terms & conditions? It will be detailed in there.

MartinLewisIsSound

Tixy wrote: »

No, you assume wrong. I mean it varies from card provider to card provider. Eg barclays is 2.25% of the balance, HSBC 2.5% of the balane, saga 3% - I personally don't know what capital one is, as I don't have a copy of their T&Cs.

The minimum payment on most cards is a % of the balance on the last statement. And so varies from month to month as the balance fluctuates depending on what you spend and what you pay off.

The only time it might remain static is if the balance is low and the usual % calculation would be below an overall minimum (on some cards thats £5, on others £25).

If you've been accepted for this card surely you have a copy of the terms & conditions? It will be detailed in there.

Ok I see what you mean. And yes you were right there's a £5 minimum; the terms and conditions:

The monthly credit card payment is:
- the full outstanding balance if it is less than £5, but otherwise the greater of:
An amount equal to the total of
(i) 1% of the outstanding balance on your account;
(ii) interest applied to your account in that month;
(iii) all Default Sums incurred in that month; and
(iv) one twelfth of your Annual Fee, or
£5

Last question - assuming I get this card then with £200 credit (that's the minimum), and I spend the lot, at once, as soon as I get it - how much will the monthly repayments be? Surely not just 1% of what I've spent + £34% interest? That's next to nothing.

Tixy

Don't ever spend right up to the limit - you need to ensure you leave sufficent space that one the interest is added t the balance that you are still under the limit. Otherwise you will be charged for going over the limit.

If your balance was £190, then your minimum payment would be £1.90 + interest (say around £5.50) so roughly £7.50, give or take depending on the number of days in the month.

Thats assuming that you are accepted for the APR you mentioned previously. If you are accepted but with a higher APR then the payment would be slightly higher.

MartinLewisIsSound

Thanks Tixy, picked up quite a bit from what you've wrote, handy since I've never had a credit card so nice one.

MartinLewisIsSound

jon142 wrote: »

i'm not 100% just 99% they always always always give a low limit to start you off.

You won't get above £300 i can almost gurantee it.

Not to discredit the fact you were trying to help me with your advice - but it's actually arrived with a £1000 limit!? Thanks for your answer anyway but I guess I'm in the 1%.

jon142

MartinLewisIsSound wrote: »

Not to discredit the fact you were trying to help me with your advice - but it's actually arrived with a £1000 limit!? Thanks for your answer anyway but I guess I'm in the 1%.

Capitalone don't give a starting limit of £1000.

and you only applied yesterday you won't have the details yet.

sound like BS to me

Fruit_and_Nut_Case

Anyone else noticed that threads titled Quick question... are the ones that generate lots of replies? :think:

chanz4

capital one also allow you to change the payment cycle date!