Brandon_Sucks wrote

acon6907 wrote

Sean wrote

acon6907 wrote

Craig wrote Depends on what offer you got. Depends if you have any interest free periods on purchases.

For example I have a credit card that offers 26 months instrest free on all purchases, meaning I can spend what I want on the card within those 26 months and not get charged a penny interest. As long as I meet the minimum repayments each month, but they are small.

So it all comes down to the card you have and what the card offers.

im logged into the actual card now

it says the minimum is 0.00

so surely I can set my own up that I can afford? say £15 a month?

that's an example...

if theyre happy with say £15 if I spent £800 , would that occur no interest or nothing??

The minimum is the minimum you have to repay on the balance on the statement since you've not spent anything its 0.

The minimum payment depends on how much you've spent plus the interest rate so if you spent say £100 one month the next month they will say this month your minimum payment must be £X towards the £100 you used.

You don't get a say in the payback rate to balance you must pay the minimum its worth noting paying the minimum normally is just the interest you wont be clearing the balance.

if your limit is £1500 on this card you DO NOT want to cross 40% of the total balance of the card other wise it will have a negative effect on your credit rating

£600 is the total limit you should push that card if I was you I would use it for little things and pay it off each month after 3 months they will up the credit limit to 2-3k allowing you higher usage.

I totally get that and ill do it


but on a real, if you think I spend £600, what do you think the min payment monthly will be? and will it occur interest ? or only if I miss payments? sorry about the questions im trying to be super careful

Ring your bank, Cancel your credit card you shouldn't have one.

Sean wrote

acon6907 wrote

Sean wrote

acon6907 wrote

Craig wrote Depends on what offer you got. Depends if you have any interest free periods on purchases.

For example I have a credit card that offers 26 months instrest free on all purchases, meaning I can spend what I want on the card within those 26 months and not get charged a penny interest. As long as I meet the minimum repayments each month, but they are small.

So it all comes down to the card you have and what the card offers.

im logged into the actual card now

it says the minimum is 0.00

so surely I can set my own up that I can afford? say £15 a month?

that's an example...

if theyre happy with say £15 if I spent £800 , would that occur no interest or nothing??

The minimum is the minimum you have to repay on the balance on the statement since you've not spent anything its 0.

The minimum payment depends on how much you've spent plus the interest rate so if you spent say £100 one month the next month they will say this month your minimum payment must be £X towards the £100 you used.

You don't get a say in the payback rate to balance you must pay the minimum its worth noting paying the minimum normally is just the interest you wont be clearing the balance.

if your limit is £1500 on this card you DO NOT want to cross 40% of the total balance of the card other wise it will have a negative effect on your credit rating

£600 is the total limit you should push that card if I was you I would use it for little things and pay it off each month after 3 months they will up the credit limit to 2-3k allowing you higher usage.

I totally get that and ill do it


but on a real, if you think I spend £600, what do you think the min payment monthly will be? and will it occur interest ? or only if I miss payments? sorry about the questions im trying to be super careful

£600 at 34.9% interest rate would work out at something like £53 minimum each month and that won't be clearing off the £600 you would need to pay more than 52 to start clearing.

I'm not a maths guy but that's about right

Craig wrote If it's credit score you're after, then the more you use it and the faster you pay it all back the better.

I've been doing this over the last 4 years and my Experian score is 999 using that method so. Seems to work.

acon6907 wrote

Brandon_Sucks wrote

acon6907 wrote

Sean wrote

acon6907 wrote

Craig wrote Depends on what offer you got. Depends if you have any interest free periods on purchases.

For example I have a credit card that offers 26 months instrest free on all purchases, meaning I can spend what I want on the card within those 26 months and not get charged a penny interest. As long as I meet the minimum repayments each month, but they are small.

So it all comes down to the card you have and what the card offers.

im logged into the actual card now

it says the minimum is 0.00

so surely I can set my own up that I can afford? say £15 a month?

that's an example...

if theyre happy with say £15 if I spent £800 , would that occur no interest or nothing??

The minimum is the minimum you have to repay on the balance on the statement since you've not spent anything its 0.

The minimum payment depends on how much you've spent plus the interest rate so if you spent say £100 one month the next month they will say this month your minimum payment must be £X towards the £100 you used.

You don't get a say in the payback rate to balance you must pay the minimum its worth noting paying the minimum normally is just the interest you wont be clearing the balance.

if your limit is £1500 on this card you DO NOT want to cross 40% of the total balance of the card other wise it will have a negative effect on your credit rating

£600 is the total limit you should push that card if I was you I would use it for little things and pay it off each month after 3 months they will up the credit limit to 2-3k allowing you higher usage.

I totally get that and ill do it


but on a real, if you think I spend £600, what do you think the min payment monthly will be? and will it occur interest ? or only if I miss payments? sorry about the questions im trying to be super careful

Ring your bank, Cancel your credit card you shouldn't have one.

lovely that from you


nah, you need a good credit score to get into stuff business wise majority of the time

just because im asking questions, im not thick. im using this card a score builder nothing more..

I think, you have the wrong end of the stick im not uneducated im just quizzing people that clearly know how it works

thanks tho!

Craig wrote If it's credit score you're after, then the more you use it and the faster you pay it all back the better.

I've been doing this over the last 4 years and my Experian score is 999 using that method so. Seems to work.

acon6907 wrote

Craig wrote If it's credit score you're after, then the more you use it and the faster you pay it all back the better.

I've been doing this over the last 4 years and my Experian score is 999 using that method so. Seems to work.

That's exactly why I want it mate, not for silly spending..


having a good credit score helps for ALOT of things in life ££

so im gonna start to build mine now

thanks for everybodies help, appreciate it

AK wrote I work for a credit card company your minimum payment is a percentage of your balance plus any fees , charges or anything additional[if there is any].

For example : Halifax bank their credits cards minimum payment is calculated with this formula.

ip wrote

AK wrote I work for a credit card company your minimum payment is a percentage of your balance plus any fees , charges or anything additional[if there is any].

For example : Halifax bank their credits cards minimum payment is calculated with this formula.

Every credit card company uses this formula for minimum payments.