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What if the monthly minimum repayment is higher than the credit amount due?
zeemouse
Posts: 3 Newbie
in Credit cards
Hi all, my first post on the forums and just looking for a bit of clarification please.
I'm new to credit cards and this is more than likely a very 'noob' question but...
What if the monthly minimum repayment is higher than the credit amount due? e.g. The minimum repayment I'm seeing is £25 for a lot of credit cards. If my balance on the card is only £15 would it take £25 from my direct debit making the balance on the credit card -£10?
I'm pretty sure it means that if the minimum repayment percentage of the statement credit equals below £25, then £25 is due (provided the statement credit is equal to £25 or more). However I felt the need to check with one of you experts.
Thanks for reading, and sorry if this seems like a silly question.
I'm new to credit cards and this is more than likely a very 'noob' question but...
What if the monthly minimum repayment is higher than the credit amount due? e.g. The minimum repayment I'm seeing is £25 for a lot of credit cards. If my balance on the card is only £15 would it take £25 from my direct debit making the balance on the credit card -£10?
I'm pretty sure it means that if the minimum repayment percentage of the statement credit equals below £25, then £25 is due (provided the statement credit is equal to £25 or more). However I felt the need to check with one of you experts.
Thanks for reading, and sorry if this seems like a silly question.
0
Comments
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Where are you seeing this?...The minimum repayment I'm seeing is £25 for a lot of credit cards.
E.g. Summary Box | Barclaycard0 -
The minimum payment will never be higher than the outstanding balance. The minimum monthly payment only applies when the total outstanding balance is equal or higher to it0
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only ever way it can be higher is if a refund took place after the statementDon't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.0
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