Minimum Payment on BarclayCard

Mr_Singleton

I've just put £10,000 on a 32 month BarclayCard balance transfer Credit card.

Am trying to work out what the minimum monthly payment is so I can see what will be left of the balance in 32 months. Have looked on BC's website and Googled it but it appears to be a national secret as I'm still stumped.

I've seen 2.25% a month a few times but can't confirm that's the figure. Don't want to wait till the first bill is due so can anyone confirm the figure.
Thanks

[Deleted User]

Believe it's this -

The highest of:
£5 (or the full outstanding balance if it’s less than £5)
2.25% of your main balance plus any purchase plan instalments due for that month
An amount equal to any interest, default fees or account maintenance fees that have been added to your account since your last statement, plus 1% of the rest of your main balance plus any purchase plan instalments due for that month

Though it's 2.5% on Initial I believe, so could vary across cards.

20aday

zx81 you're right that it's 2.25% of the main balance (text taken from the Barclaycard Platinum 32 Month Balance Transfer Summary Box which sounds like the product OP has opened):

The highest of:
1. £5 (or the full outstanding balance if it’s less than £5)
2. 2.25% of your main balance plus any purchase plan instalments due for that month
3. An amount equal to any interest, default fees or account maintenance fees that have been added to your account since your last statement, plus 1% of the rest of your main balance plus any purchase plan instalments due for that month

According to Barclaycard's Balance Transfer tool seen here: http://www.barclaycard.co.uk/personal/balance-transfer-calculator the minimum monthly payment is £250/month, cost £295 in Interest/Fees and take 3 years and 8 months to pay in full.

kindofagilr

I have a barclaycard platinum and the minimum is 2.25%

Hope that helps

Anthorn

I looked at Barclaycard a month ago and very nearly applied but a 32 month BT is a new one on me. According to the printed summary box I have in front of me the minimum payment for the 37 month, 24 month BT cards appear to be the same as that previously quoted by zx81.

I went with the Lloyds Platinum life of balance card.instead although at a higher APR than advertised.

Nasqueron

You can also set a fixed amount for the DD (more than the minimum) in the online banking, my minimum is about 85 or so and I pay £175 to clear more of it off before I get to the end of the interest free period when I'll have a bit to clear