What's the minimum repayment on a 0% RBS Platinum?

chrestomanci

Hi all,

Silly question here, but I want to double check.

I was just approved for an RBS Platinum card (0% on all purchases for the first 15 months). We're getting married in June, so thought it would be nice to put the bigger purchases (e.g. honeymoon) on this card, set up a DD, and worry about it after everything else has been paid off.

I'm a bit confused at the minimum payments bit. The T&Cs state:

Each month, the greater of:
(i) interest, default charges, 1/12 of your annual fee (if any) and 1% of your remaining balance (excluding any remaining
part of the annual fee); or
(ii) £5.

Let's assume I put £3,000 of our honeymoon on it.
Since the interest is 0% and there is no annual fee, am I to assume that each month, we would have to pay 1% of £3k (£30)? As long as we keep on paying this amount, will we doing OK? (i.e. our thinking is to pay the minimum until July, then pay the rest off with cash gifts).

Thanks!

[Deleted User]

Correct.

Although it would be wise to pay a touch above the minimum.

YorkshireBoy

Deleted_User wrote: »

Although it would be wise to pay a touch above the minimum.

Normally I'd agree, especially if OP had debts elsewhere, but they seem to be intending clearing the debt in 5 months so it might not be worth bothering paying over the minimum over such a short timescale?...especially as the marker will be accompanied by a promotional rate indicator.

chrestomanci

Great - thanks

scott_lithgows

chrestomanci wrote: »

Hi all,

Silly question here, but I want to double check.

I was just approved for an RBS Platinum card (0% on all purchases for the first 15 months). We're getting married in June, so thought it would be nice to put the bigger purchases (e.g. honeymoon) on this card, set up a DD, and worry about it after everything else has been paid off.

I'm a bit confused at the minimum payments bit. The T&Cs state:

Each month, the greater of:
(i) interest, default charges, 1/12 of your annual fee (if any) and 1% of your remaining balance (excluding any remaining
part of the annual fee); or
(ii) £5.

Let's assume I put £3,000 of our honeymoon on it.
Since the interest is 0% and there is no annual fee, am I to assume that each month, we would have to pay 1% of £3k (£30)? As long as we keep on paying this amount, will we doing OK? (i.e. our thinking is to pay the minimum until July, then pay the rest off with cash gifts).

Thanks!

I did something like this however I wish I used a M+S card in hindsight.

chrestomanci

scott_lithgows wrote: »

I did something like this however I wish I used a M+S card in hindsight.

Any reason?

PeacefulWaters

chrestomanci wrote: »

Any reason?

M&S vouchers as a form of cashback?

scott_lithgows

PeacefulWaters wrote: »

M&S vouchers as a form of cashback?

That is the very reason.also use a Post Office card for the holiday spend (if abroad) or any card with no foreign charges.