Sainsburys credit card payment

sjh101

I recently got this balance transfer credit card (December time)

The very first statement showed minimum monthly payment due 6th January -£0 ( so I didn't pay anything)

I did, however pay £10 on 15th jan

I've just logged onto my account and it says minimum monthly payment due 6th February - £16.36

Is this right??

The terms on the website are:
Minimum Repayment Each month in which you have a balance outstanding on your account you must repay the greater of:-
a) an amount equal to the total of any Credit Card Repayments Cover premiums, interest, default sums, plus 1% of the balance shown on your statement;
b) 2.25% of the balance shown on your statement; or
c) £5, or full balance if less than £5,
plus any amount you owe that is more than your credit limit.

My balance on the card is £732 so surely I shouldn't have to pay £16.36??

I thought it might have been a charge for not paying anything for the first statement even though it said nothing was due, but all it says on statement is initial balance transfer, the balance transfer fee amount, and then the £10 payment I made on 15th jan.

Any ideas what it might be??

Thanks

bengal-stripe

sjh101 wrote: »

b) 2.25% of the balance shown on your statement;

My balance on the card is £732 so surely I shouldn't have to pay £16.36??

2.25% of £732 = £16.47, so £16.36 is slightly under.

If your payment of £10 has hit the account after the statement was compiled (check the dates) then it should count towards the minimum payment, leaving another £6.36 still outstanding.

If the payment was booked before the current statement, then it will not count towards the minimum payment.

P.S. Re-reading your post, the payment of £10 was received before the statement was compiled, as it is listed on your current statement.