Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Credit Card - Minimum Payment due

  • 05-12-2024 01:39AM
    #1
    Francescoli
    Registered Users, Registered Users 2 Posts: 350 ✭✭


    Hi all

    Looking at a PTSB credit card statement and it has a credit limit of €2000 with available credit €1327.

    Payment due is 13/12/2024 but minimum payment due is zero.

    My question is if none of the €673 is paid by payment due date is there interest/charges added?

    Why does it say the minimum payment due is zero?



Comments

  • #2
    gipi
    Registered Users, Registered Users 2 Posts: 3,297 ✭✭✭gipi


    It sounds like you're looking at your November statement, which includes purchases up to approx 20th November, which must be cleared by 13th December to avoid interest.

    Purchases made after the November statement date will be included in the December statement.

    When were the charges of 673 euro made?



  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭Geuze


    Look at the statement summary on the front page.

    There should be a line called: "New balance this period"

    What does that say?



  • #4
    Francescoli
    Registered Users, Registered Users 2 Posts: 350 ✭✭Francescoli


    https://www.boards.ie/discussion/comment/122923813#Comment_122923813

    The majority of the €673 was made before 20th November, approx €550 predates 20th November.



  • #5
    Francescoli
    Registered Users, Registered Users 2 Posts: 350 ✭✭Francescoli


    https://www.boards.ie/discussion/comment/122923815#Comment_122923815

    Statement dated 18th November, has new balance this period as €951.

    It also says minimum payment this period as €23.78.

    I cleared €500 off it on 28th November.



  • #6
    gipi
    Registered Users, Registered Users 2 Posts: 3,297 ✭✭✭gipi


    So you have made the minimum payment for November by paying 500 euro. That's why it's been reset to zero.

    The minimum payment isn't the amount you need to pay to avoid interest, it's the smallest amount that the bank expect you to pay each month (remember it's to their benefit if you don't clear the bill in full).



  • Advertisement
  • #7
    Geuze
    Registered Users, Registered Users 2 Posts: 14,309 ✭✭✭✭Geuze


    https://www.boards.ie/discussion/comment/122923850#Comment_122923850

    Okay, so you will face a large interest bill unless you repay the full 951.

    The min payment is probably 2.5% of the outstanding loan.

    Paying 500 will not affect the interest bill.

    To avoid interest, you must repay in full.



Advertisement