minimum repayment on CC

W

who ru

Registered User
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Hi,

just a quck question on the minimum repayment on my CC which is with PTSB.

before xmas i owed almost 1,100euro - my online statement said the minimum repayment required on this amount was 60.31euro.

since then i have repaid over 600euro and now owe roughly 490euro but the minimum repayment remains the same on the reduced amount. is this normal?
 
You might want to check this with ptsb, but my understanding would be as follows:

If your outstanding balance is more than the minimum payment, you must make the minimum payment every month, regardless of when the underlying transactions were undertaken.

And for what it's worth, interest will accrue on the full €1,100 until it is cleared in full.
 
hi,

ok thanks for that - overall just get it paid off asap seems the best policy.

however, previously if i made a payment on my CC the minimum repayment required was also reduced the following month. also PTSB are dog slow at recalculating the minimum repayment amount.

like i said in the last post the min repayment was 60.31euro which had to be paid by 5th jan yet only now on 14th jan have the bothered to tell me the new amount min repayment which is due Feb 5th. it doesn't matter now that the amount is the same but they could speed up the process a little.
 
I guess their formula could be €60.31 or X%, whichever is lesser/greater?

This is from the [broken link removed] terms and conditions

(e) The Visa Card Department normally sends a monthly Statement to the Principal Cardholder. The Principal
Cardholder will pay not less than the minimum amount shown as due to the Bank within 25 days of the date of
the Statement. The minimum amount shall be the greater of €6.00 or 5% of the amount outstanding, unless
otherwise stated, or the whole amount if less than €6.00.
 
If at all possible avoid only making minimum payments on your credit card and try to clear the balance. A CC is generally a very expensive way to borrow money other than at 0% for the normal credit/billing period (clearing the bill before interest charges apply) or when you have transferred to a 0% or low interest rate balance transfer offer for a few months.
 
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