Halifax min payment calculation?

AJ84

Hi all,
I posted this yesterday - something that was confirmed on typing this up today as the original subject line was in my cache list but the thread is no where to be found so here it is again...!

I'm trying to work out how much minimum payments Halifax requires...My current Barclaycard account is easy to understand with a flat 2.25% min payment but Halifax seems to have it what I feel a very confusing text:

"Your monthly minimum payment will be an amount equal to the higher of £5 or the total of any interest charged,
any default charges payable, 1/12th of your annual fee (if applicable),any Credit Card Repayment Cover (if
applicable),and 1% of the balance you owe shown in your statement.If you owe less than £5 you must pay the full
amount you owe"

It would be a straight BT so no annual charge or repayment cover.

The deal is I want to transfer 3/4 of my barclaycard balance, pay the remaining quarter off in the next 2 months by paying minimum on Halifax and maxing it out on barclaycard.
Once 0, I can then up the amount into the halifax account from the new year but for that, I need to make sure Halifax do not want an obscene amount as a minimum on the balance.

I assume it's not 1% of the balance?
Tried to have a look at my previous statements for Halifax but because I've been generally paying it off the following month, I can't find any with obvious amounts of interest (usually always 0)

thanks all!

glentoran99

Halifax it is 1% of balance plus any interest or charges

[Deleted User]

It's 1% of your balance, plus any fees or interest. So assuming a 0% BT, just 1% of balance.

AJ84

wow - thanks both for the quick replies. I did wonder whether it was 1% but couldn't think why they charge so little...or is that what they want?

Looking at £65 minimum as opposed to £146 - just did not look right hence the thread