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Working out minimum payment
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alicer87
Posts: 2 Newbie
in Credit cards
Hi all, I just got a 0% credit card with virgin. It has a balance of £3500. Please can someone help me work out the rough minimum payment due? I’m not good at working these things out! Thanks
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Comments
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The minimum payment is %1. So if the initial balance is £3500, the first payment will be £35. Since the new balance will be £3465, the next payment will be £34.65. And so on until the balance drops below £2500, when £25 will be taken from this point.1
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Thanks very much for the reply. I understand this now1
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