Barclaycard minimum payments.

GSD4ME

Can anyone tell me how Barclaycard calculate their minimum payments please?

I have a platinum card which I have not used for over a year and am paying off as much as I can each month. Last month my minimum payment almost doubled and this month it has doubled again. Why?

I get on-line statements only, so I have looked on-line at their site but I can find no info. about how they calculate the payment.

Now I know some smart alec will say I should read my T & Cs, but I am in the throws of moving and all my paperwork is in boxes or storage so I thought it would be quicker to ask the intelligent and knowledgeable people on here.

Roland_Sausage

2.25% of the balance. There is a minimum it can be which is £5 i believe.

CLAPTON

GSD4ME wrote: »

Can anyone tell me how Barclaycard calculate their minimum payments please?

I have a platinum card which I have not used for over a year and am paying off as much as I can each month. Last month my minimum payment almost doubled and this month it has doubled again. Why?

I get on-line statements only, so I have looked on-line at their site but I can find no info. about how they calculate the payment.

Now I know some smart alec will say I should read my T & Cs, but I am in the throws of moving and all my paperwork is in boxes or storage so I thought it would be quicker to ask the intelligent and knowledgeable people on here.

the barclay's website says

Minimum repayment



Unless stated otherwise on your statement your minimum payment will have been calculated as the highest of:

• for Gold, Platinum and Classic 2.25% of the amount you owe us on your monthly statement
• for Barclaycard Football 2.25% to 2.5% of the amount you owe us on your monthly statement
• for Initial and Choice 2.5% of the amount you owe us on your monthly statement
• for Student Visa 3.00% of the amount you owe us on your monthly statement
• for Student MasterCard 5.00% of the amount you owe us on your monthly statement
• for FlexiRate 2.25% to 3.00% of the amount you owe us on your monthly statement
• for Charity 2.25% to 2.5% of the amount you owe us on your monthly statement
• for Cashback 2.25% to 2.5% of the amount you owe us on your monthly statement
• £5.00 (or the entire amount if less than £5.00)
• Interest, account fees and Default Charges since your last statement plus:
  • for agreements entered into on or after 26 November 2010 or if you have moved to a new product since that date: 1.00% of the remaining balance
  • for agreements entered into before 26 November 2010: 0.1% of the remaining balance

If you only make the minimum payment each month it will take you longer and cost you more to clear your balance.

maybe tell us a little of your circumstances
are you paying fees or anything?

GSD4ME

Thank you Clapton, I could not find that on the site.

It is interesting as my minimum payment was a lot less than 2.25% and still is less than that even with the increase. I have no fees or charges to pay, but I was originally paying off a 0% balance transfer and that offer has now expired so it is attracting interest.

Having said that the interest charged on the statement is less than the minimum payment asked for.

Taadaa

I have a platinum Barclaycard, and my minimum payment is about 1% of the balance. I had a balance transfer deal that has expired now too. I haven't missed any payments or had any fees added. Very odd.

shedhead55

Just checked my actual BC Plat minimum payment, exactly 2.25% of balance.