Minimum Repayments

FiftyPents

My partner recently applied for a Barclaycard credit card (I wasn't involved in any of this) and has just realised that the minimum repayment each month is 2.25%. Is this standard? With my credit card for example, with MBNA, i'm paying 1%. She's already completed a balance transfer so she'll have to pay it.

Anyway, she's going to really struggle to afford that monthly repayment each month, does she have any options? I suggested applying for another credit card straight away and balance transferring it over to a new one on a smaller monthly fee?

FiftyPents

Or could she perhaps haggle it with Barclaycard? Since they prefer low monthly repayments to keep the interests high?

Mulder00

How big is the debt that she can't pay 2.25% of it?

A debt of £500 paid in minimum instalments of 2.25% or £5 if it works out to less will take 7 years to repay if only the minimum payment is made!!!

[Deleted User]

No. She needs to make the specified min payment. Most cards are 1% plus fees and interest, but as you've found, it can be higher.