Minimun monthly payments

Reachforthestars

Can someone explain how it would work, for e.g. The Sainsbury's card is saying the min monthly repayments would be greater than 1% plus interest, 2.25% or £5

So the greater than 1% is ok- either pay 1% of debt or more, I think there would be no interest to pay as it's a 0% deal. What's the 2.25% or £5 bit refffering to?

Barclay card is saying min 1% plus any interest or £25, does this mean either 1% OR £25- whichever is greater or is it 1% plus £25

Sorry if that's daft but best to know this before I apply! Thanks

[Deleted User]

You'll pay whichever is the biggest sum.

Either -
1% plus interest
2.25%
or £5.

Reachforthestars

Right so I should be looking at the 2.25% then really and working out how much that would be to how much I'd like to borrow. Thanks

jonesMUFCforever

IMO you should be looking at repaying it all ASAP not making minimum payments where it will take years and years to pay off whilst the lenders are laughing all the way to the bank!

swindiff

Not if you are on a 0% deal, better off having your money earning interest in the bank.