Minimal APR charge cards
Minimal repayments aren’t interest-only (love mortgages), where you pay back the attention but nothing else. Under legislation introduced in 2011, minimum repayments need to be at the least 1percent of one’s stability, plus any interest.
As minimum repayments are determined as a share of the stability, you will theoretically spend less and less with time. But you’ll nevertheless owe the bank card provider cash because until you begin to pay back more than simply the minimum repayment every month, the general stability on your charge card will scarcely decrease.