What is the minimum amount payable on a Capital One card with a limit of £300?

JustAGuyWithQuestions

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

cymruchris

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

CKhalvashi

The minimum will be printed on your statement, but I doubt it'll be more than £96 as that would be almost impossible on a CC.

You really need to re-organise financially to ensure you are cycling money through the card to pay for other things to ensure you don't pay interest on this card.

JustAGuyWithQuestions

cymruchris said:

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

Not yet. Why?

cymruchris

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

Not yet. Why?

It will tell you your minimum payment based on your statement balance...and when you need to pay it by...

JustAGuyWithQuestions

cymruchris said:

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

Not yet. Why?

It will tell you your minimum payment based on your statement balance...and when you need to pay it by...

I understand that but I want to know beforehand so I know what to expect. I have £96 remaining of the £300 and was hoping somebody could give me a rough estimate on how much I will have to pay back at minimum. 

cymruchris

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

Not yet. Why?

It will tell you your minimum payment based on your statement balance...and when you need to pay it by...

I understand that but I want to know beforehand so I know what to expect. I have £96 remaining of the £300 and was hoping somebody could give me a rough estimate on how much I will have to pay back at minimum. 

It will depend on the terms attached to your card as they are all different (you can probably work out the minimum payment percentage from a previous statement by looking at the statement balance and the minimum payment) - but if it happens to be 10 percent of the balance for example (and it's usually less than that - although there's also usually a minimum £ repayment of £5 as well) - and you say you have just over £200 of spend on there at the moment - it would be about £20 in this scenario - but the interest will be charged on the outstanding £200 - so by paying minimum you won't make any headway into the debt itself. Emergencies happen - and as you say not everyone is in a position to pay off the balance in full from time to time, but due to the significant interest - hopefully you can get yourself back into a position of clearing the balance at the earliest chance to reduce the cost of the borrowing to you. 

JustAGuyWithQuestions

cymruchris said:

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

cymruchris said:

JustAGuyWithQuestions said:

I will be unable to pay in full this month due to financial reasons. I've looked online for what the minimum amount will be but can't seem to find an answer. Help please. MI have £96 remaining by the way. 

Have you received your latest statement since your previous payment?

Not yet. Why?

It will tell you your minimum payment based on your statement balance...and when you need to pay it by...

I understand that but I want to know beforehand so I know what to expect. I have £96 remaining of the £300 and was hoping somebody could give me a rough estimate on how much I will have to pay back at minimum. 

It will depend on the terms attached to your card as they are all different (you can probably work out the minimum payment percentage from a previous statement by looking at the statement balance and the minimum payment) - but if it happens to be 10 percent of the balance for example (and it's usually less than that - although there's also usually a minimum £ repayment of £5 as well) - and you say you have just over £200 of spend on there at the moment - it would be about £20 in this scenario - but the interest will be charged on the outstanding £200 - so by paying minimum you won't make any headway into the debt itself. Emergencies happen - and as you say not everyone is in a position to pay off the balance in full from time to time, but due to the significant interest - hopefully you can get yourself back into a position of clearing the balance at the earliest chance to reduce the cost of the borrowing to you. 

Thankyou. I just had a look at my past statements and got the answer!

Vinknut

So you have about £200 bearing interest?

You should have a statement from last month, that will tell you what the minimum payment will be.

If you can't find the statement, or won't find it, the minimum payment is usually a percentage of the balance, plus the interest on the balance.

Making massive assumptions about it...

Assuming the APR is about 20%, then the interest on £200 will be about £3-4 (will vary depending on when the statement is generated)
Assuming the percentage of the balance you have to pay is 1%, that will be £2

So the minimum payment *should* be about £5 or £6

IntoTheForest

From their website "your minimum payment is calculated as 1% of the current card balance entered plus interest, or £5, whichever is higher" and they also have this calculator showing how much it could cost you to not pay in full https://www.capitalone.co.uk/support/repayment-calculator.jsf