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Minimum payments
On your credit card, at least the minimum payment needs to be made each month by your payment due date. If your payment is not received on time, you could be charged a late payment fee. You may also lose any promotional offers you have on your card, and affect your credit score.
Three payment options each month
You could cut your borrowing costs if you pay more than the minimum
To avoid paying interest on your credit card, you could clear your statement balance. It's always a good idea to pay more than the minimum if you can in order to reduce your overall interest.
Here is an example of what paying each option could look like. This is based on a balance of £3,000 with an effective interest rate of 24%. This assumes you don't use your credit card.
Repayment calculator
Use the repayment calculator to see how your monthly repayments impact the total paid and amount owed.
Frequently asked questions
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Each credit card provider will calculate your minimum payment in a different way. Your minimum payment will be either 2.5% of your statement balance plus interest and fees or £5 - whichever is higher.
Have a look at these two examples, based on a 0% promotional offer credit card for 12 months.
Example one
Your balance is £2,000. Your minimum payment is 2.5% of this, which is £50.Example two
Your balance is £199. Your minimum payment is 2.5%, which is £4.98. This takes your minimum payment to £5, as it's the higher of the two amounts.If you have an introductory 0% promotional interest rate, you still need to make the minimum payment each month.
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To avoid missing a payment, you could set up a Direct Debit. This sends regular monthly payments to your credit card.
If a Direct Debit isn't taken for 37 months, it will become inactive and your bank and building society will remove the details from their systems. If this happens, you'll need to set up a new one.
If you have a zero balance in any statement period, we won't take a payment. Your direct debit will still stay in place for when there is a balance to pay.
You can make more than the minimum payment each month. Extra payments can be done through the Mobile Banking app, online, with cash and with cheques.