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0% Credit Card Question
AFK_Matrix
Posts: 682 Forumite
in Credit cards
Ok, I may well be in stupid mode when thinking about this but just wanted to double check.
I have got the M&S 15month 0% interest Credit card and aim to take out around £2500 on the card and thus I will pay £25 a month as the minimum payment and then pay off the amount in month 14. Now am I right in thinking that the £25 I am paying per month will actually come off the amount I owe so after 14 months I will have to pay back £2150?
Thanks and sorry if its an obvious question.
I have got the M&S 15month 0% interest Credit card and aim to take out around £2500 on the card and thus I will pay £25 a month as the minimum payment and then pay off the amount in month 14. Now am I right in thinking that the £25 I am paying per month will actually come off the amount I owe so after 14 months I will have to pay back £2150?
Thanks and sorry if its an obvious question.
0
Comments
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Correct.
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Thanks mate. Thought that was the case but had a moment of doubt
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The method is correct, but the M&S minimum payment is actually 2.5%, so it'd be in the region of £60 rather than £25.0
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