We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Credit Card payments
Options

JimC2022
Posts: 3 Newbie

in Credit cards
Hi All,
I hope you are well.
If I pay the more than the minimum will my minimum go up next month? or down? My CC is 1% of the balance and 19% APR.
I hope you are well.
If I pay the more than the minimum will my minimum go up next month? or down? My CC is 1% of the balance and 19% APR.
0
Comments
-
Your minimum is always the same calculation each month - eg 1% plus fees and interest. It all depends on your balance.0
-
Assuming you make no more transactions on the card then next month's minimum payment will go down. Until you get close to paying it off in full - most cards have a minimum of "x% or £5, whichever is the greater".Though you really should be aiming to repay in full every month, both for the sake of your credit history and to avoid paying interest.0
-
Although if your minimum spend is only 1% and the APR is 19%, then your interest charge will exceed the monthly minimum and the balance (and future min payments) will continue to rise.
Pay as much as you can over the minimum amount, preferably clear the thing. Otherwise as Ebe says, you'll continue paying interest. Aim to clear it as fast as you can.0 -
Martico said:Although if your minimum spend is only 1% and the APR is 19%, then your interest charge will exceed the monthly minimum and the balance (and future min payments) will continue to rise.a firm must set the minimum required repayment under a regulated credit agreement for a credit card or a store card at an amount equal to at least that amount which repays the interest, fees and charges that have been applied to the customer's account, plus one percentage of the amount outstanding.1
-
Thanks for the correction!0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards