minimum repayment %

Nicky321

Just wondered if anyone can tell me the minimum payment terms % for Barclaycard Platinum and Santander Credit Card, and I am correct in thinking the minimum payment for Sainsbury credit card is 2.25%

Thanks in advance

Cycrow

2.25% for Barclaycard and 1% + interest and fees for Santander

i believe they both have a minimum of £5

Nicky321

so if the APR for Sainsbury is 16.9% monthly compound rate (MCR) is 1.3097%

Would the monthly minimum repayment be
1% + 1.31%(MCR) = 2.31%

Cycrow

no you cant really work out the interest that way.

Interest is calculated daily, so it'll depend on when each transaction appears on the statement, rather than simply a % of the final statement balance.

if you had a balance of £0, then the day before your statement put £100 on, then you will have a days interest on the £100, not a months worth.

And if you hold a balance on the card, the amount of interest you pay is also effected by when you actually pay your previous statement, as you will have daily interest on the previous statements balance until the day its paid off

Nicky321

so what should i put down for my snowball calculator? Im trying to clear my balances on all credit cards

2.25% for Barclaycard
?.??% for Sainsburys
?.??% for Santander

Can anyone help with the % figures for the above?

TIA

YorkshireBoy

Nicky321 wrote: »

so what should i put down for my snowball calculator? Im trying to clear my balances on all credit cards

2.25% for Barclaycard
?.??% for Sainsburys
?.??% for Santander

Can anyone help with the % figures for the above?

TIA

You have 4 options:

1. Check your statements
2. Ring each of them and ask
3. Check their respective websites
4. Ask some random person on the internet

The first two are likely to result in more accurate information being obtained.