Advice on what my minimum payment will be

D1on

Say my vanquis credit card has a 2.84% interest rate on purchases,

and I spent £200 on it, How much will my minimum payment to pay each month be?...

ec07733

£5.68 will be interest, plus £2 or £3 extra added on I expect

D1on

so if i'm struggling this month but able to pay off in full next month,
my minimum payment on this £200 should be less than £10?...

YorkshireBoy

From your summary box...

Your Minimum Repayment will be shown on your statement and will be the highest of:

1. depending on your APR, one of 3.5%, 4.5% or 5% of

(i) the balance owing on your Account as at the statement date

and

(ii) any amount by which your Account balance exceeds your Credit Limit;

or

2. any interest/minimum finance charge, default charges and any account maintenance fees added to your Account since your last statement plus 1.5% of the remaining balance;

or

3. £5.

For further details, please refer to your credit card terms and conditions.

We may increase your Minimum Repayment. If we vary your Minimum Repayment we will write to you to tell you.

YorkshireBoy

D1on wrote: »

so if i'm struggling this month but able to pay off in full next month,
my minimum payment on this £200 should be less than £10?...

Looking at your T&Cs, you're on 39.9% APR so your minimum payment will be 4.5% of the statemented balance, so less than £10 yes.

D1on

okay then thanks
also when it says withdrawing cash off a credit car you will be charged a fee of £3..
Is this a one off fee? also will the minimum payment be the same as if you'd used the amount of cash you withdrawn on a purchase?...

Sorry to be a pain, New to all this...

D1on

For example yorkshire boy,
If i'd of drew out that £200 in cash instead of purchases, What would my minimum payment be then?

brendon

The minimum payments would be the same, but the cash attracts a higher interest rate (about 60%).

YorkshireBoy

D1on wrote: »

For example yorkshire boy,
If i'd of drew out that £200 in cash instead of purchases, What would my minimum payment be then?

Well it'd be the highest of...

4.5% of £206

or

(1.5% + 3.43% 4.93% of £206

I don't have access to a calculator at the moment. Perhaps you could tell me?

YorkshireBoy

brendon wrote: »

The minimum payments would be the same

They'd be slightly more, because OP would now be on option 2 for calculation purposes (see the summary box above)

but the cash attracts a higher interest rate (about 60%).

Not quite as high as that, it's 49.9%.