Credit card questions

[TFU] Thegoon84 · 6 Apr 2017 at 17:38

Guys i took out a credit card last year to finish off my Garden, i've since added a few things on too it... Nothing to much on there around the £1400 mark... My question is and i cant seem to find an answer is this.

The agreement was i paid 1% of the balance for 2 years, its within the 2 years.... I'd expect to pay £14.... However i'm getting charged £39.40 min payment? Have i missed something?

POB · 6 Apr 2017 at 17:39

Call the bank and ask them to explain.

Rotty · 6 Apr 2017 at 17:43

do you mean the min payment was 1% ? didn't they get told by the government that they had to raise minimum payments?

[TFU] Thegoon84 · 6 Apr 2017 at 17:49

Damn it.... Thought it was 24 months interest free!

Do i simply take out a new credit on 0% and do a balance transfer?

jsmoke · 6 Apr 2017 at 17:53

Tell em to do one or you'll get big frank to pay a visit.

Rotty · 6 Apr 2017 at 17:55

[TFU] Thegoon84 said:
Damn it.... Thought it was 24 months interest free!

Do i simply take out a new credit on 0% and do a balance transfer?

it may well be but you still have to make minimum payments

is the 1% what your payment was?

Haggisman · 6 Apr 2017 at 18:30

It's probably 1% of the balance plus any charges and interest

weringo · 6 Apr 2017 at 20:15

To benefit from the 0% offer most cards require you to make the purchase within the first few months of getting the card

tom_e · 6 Apr 2017 at 20:24

Call the card issuer and clarify what you've actually got before you get yourself in bother.

413x · 6 Apr 2017 at 20:41

I've never not had a card where you don't have to make minimum payments each month.

Be careful. If this is the case. You MUST do it.

Seriously, you really should understand the Ts and Cs with credit cards

killsta · 6 Apr 2017 at 21:00

What's the issue with paying the £40 minimum payment?

If you can't afford the minimum payment you really shouldn't have racked up £1.4k on a credit card

TJM · 6 Apr 2017 at 21:32

[TFU] Thegoon84 said:
Damn it.... Thought it was 24 months interest free!

Do i simply take out a new credit on 0% and do a balance transfer?

It is interest free. The payments are going towards the debt.

[TFU] Thegoon84 · 6 Apr 2017 at 22:02

killsta said:
What's the issue with paying the £40 minimum payment?

If you can't afford the minimum payment you really shouldn't have racked up £1.4k on a credit card

Lol course i can afford that. have just made a noob mistake.... Took the credit card out, didn't really read the fine print of how to keep the 0% interest.

Just got a 0% transfer balance and 41 months % free card. It was only a temp thing until my daughter finishes creche (£600 a month) in June... Can pay it off in 3 months.