1% or 2.25% minimum payments with sainsburys 0%16months purchases c.c?

moneysavinggirl40

Does anyone understand the terms and condition for minimum payment on Sainsburys 0% Nectar purchase card, i would copy text but struggling so i have copied link

http://www.sainsburysbank.co.uk/library/default/pdf/cca_sainsburys-purchase_cc_april_2014.pdf

Hope it works..
Can you understand/explain the 1% and the 2.25%?

Tixy

If its 0% interest then it will be 2.25% of the balance.

The 1% only comes in to factor if 1% of balance plus interest/charges were higher than 2.25%, (e.g. if your APR was 20% that would be interest equivalent to 1.5% plus the 1% of balance i.e. 2.5%)