Any CC that let you set the minimum repayment?

save-a-lot

Hi

Are there any credit cards that give you the option set your own min repayment? I am looking for a 0% card offer with this aswell.

Cheers

sicker

If you know the minimum payment you want to make you must have a figure in mind. If so do as I do and set up a standing order to make this payment each month/week. It can be set up for a long period of time and is easily adjusted (by yourself) at any time.

John

DeepSporran

If you mean that you want to tell them you'll only pay 1 penny each month (or nothing at all) then I think you're unlikely to find anything. Otherwise everyone would do this and the CC company would never get their money back.

If you mean that you'd like to set your minimum payment higher than the default 2%, 3% or whatever, then some CCs allow you to set up your direct debit for a fixed amount. If the calculated minimum payment is less than your fixed amount, then they'll take your fixed amount (but never taking more than the total balance on the card). If the calculated minimum payment is greater than your fixed amount, then they'll take the calculated minimum payment.

I know that Egg and Morgan Stanley offer this option and there are probably many others

save-a-lot

DeepSporran wrote: »

If you mean that you want to tell them you'll only pay 1 penny each month (or nothing at all) then I think you're unlikely to find anything. Otherwise everyone would do this and the CC company would never get their money back.

If you mean that you'd like to set your minimum payment higher than the default 2%, 3% or whatever, then some CCs allow you to set up your direct debit for a fixed amount. If the calculated minimum payment is less than your fixed amount, then they'll take your fixed amount (but never taking more than the total balance on the card). If the calculated minimum payment is greater than your fixed amount, then they'll take the calculated minimum payment.

I know that Egg and Morgan Stanley offer this option and there are probably many others

This post is on the behalf of my brother and he managed to name his min payment (within reason) when he took on the card (I think it is with Abbey) - this was below the 2% usual limit. His deal is now up and want to do the same again.

Milarky

save-a-lot wrote: »

This post is on the behalf of my brother and he managed to name his min payment (within reason) when he took on the card (I think it is with Abbey) - this was below the 2% usual limit. His deal is now up and want to do the same again.

It was probably an MBNA card in that case. It used to be £5 + interest (usually a lot less than 2% of balance) but they are moving to a £10 minimum at present it seems (quite complicated - it's much easier to just have a %age of balance - or a still higher fixed amount IMO)