Credit Card Minimum Payments

Almost all credit card companies expect a minimum monthly repayment toward the balance of a credit card. Depending on the credit card provider this is normally a percentage of the total outstanding balance with typical amounts being between 2% and 5% however sometimes this is a fixed amount, often the greater applies.

The Banking Code sets out that the minimum payment towards a credit card must be more than the amount of interest that you will bw charged. You should be careful however if you have a card with a 0% interest rate as the minimum payment can be very low. You should always try and pay off a credit card as soon as your personal circumstances dictate.

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