1% minimum repayment credit cards

modano1000

Hi all,

just wondering if anyone knows a quick way to identify 1% of monthly balance repayment cards?

It’s quite hard to find which ones are. Unless I’m missing something, it seems that you have to get quite the way through an application before you can find it-and it’s always in the small print.

Anyone know of a quicker way?

Cheers

Ryan

flaneurs_lobster

Recent thread here, specific question was about balance transfer cards but the same answers apply

https://forums.moneysavingexpert.com/discussion/6590209/low-minimum-payment-on-balance-transfer-cc

Altior

Some can be client specific I believe. However I have a few cards. If it helps.

Virgin, Nationwide, Nat West, Tesco, Fluid, Barclaycard are all 1% for me.

MBNA and Lloyds (same group) are 2.5%.

WYSPECIAL

MBNA, Nationwide and BoS are all 1% for me.

M&S 2.5%

Natwest I've got one that is 1% and another that was originally with Sainsbury's that is 2.5%

First Direct 3%

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/81965287#Comment_81965287

I can add Santander, John Lewis & Amex Nectar to the 1% list, Virgin BalTran is 2%.

born_again

Unless they are 0% cards, then you are just racking up more interest by not paying the full amount each month.

CliveOfIndia

https://forums.moneysavingexpert.com/discussion/comment/81965383#Comment_81965383

I have to agree with this. If you've got a 0% promotional rate then great, look for the lowest minimum payment you can. Put money aside into a savings account that pays you interest, and make sure you'll be able to repay the full balance when the time comes.

But if you're talking about looking for the lowest repayment on an interest-bearing card then this could be the start of a slippery slope. Only paying the minimum (irrespective of what the minimum percentage is) will cost you a fortune in interest and mean you're in debt for a long time.

modano1000

Thanks for all the comments-really appreciate it.