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Capital One minimum payment change
GibbsRule_No3.
Posts: 489 Forumite
in Credit cards
Let me say from the start that I adhere to Martin’s law and “Pay in Full” every month. I was wondering though, how people who don’t, feel about the minimum monthly payment going from 1% to 3% in June? There example to me went from £19 to £103 big jump. Email said it is for our benefit so we pay off quicker and pay less interest. I just like having the money in my current account for longer and the protection the credit card gives over my debit card.
Paddle No 21:wave:
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Comments
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Not sure the maths is right, if the minimum at 1% was £19, at 3% it would be £57.1
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Is that a general thing? I'm with Capital One and have not had anything ...Debt Free Wannabe by 1 March 2026
Satisfied customer of Octopus Agile - currently saving on average 33% of standard tarrif
Deep seated hatred of Scottish Power and all who sail in her - would love to see Ofgem grow a pair and actually do something about it.0 -
The wife got a letter advising the 1% to 3% minimum hike. I however have not received similar.MikeyPGT said:Is that a general thing? I'm with Capital One and have not had anything ...
Her card has a balance that is being slowly cleared, mine is always paid in full.1 -
I am surprised if Cap One allowed a 1% minimum payment, being a sub-prime card.
3% makes more sense0 -
Hence why - you are not considered a risk, she is because she is paying interest so even if she's only paying the minimum, 3% will clear fasterparadigital said:
The wife got a letter advising the 1% to 3% minimum hike. I however have not received similar.MikeyPGT said:Is that a general thing? I'm with Capital One and have not had anything ...
Her card has a balance that is being slowly cleared, mine is always paid in full.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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