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How To Manage Your Minimum Payment On Your Credit Card

If you’re only making the minimum payment on your credit card each month, it could take years to clear your balance. Follow our simple steps and you could save yourself money and time.

What is a minimum repayment?

Unlike loans and mortgages, your credit card offers you the ability to choose what you repay each month. Technically, you only need to make the minimum payment as set out on your statement. This is the smallest amount you are required to pay back each month.

If money is tight, it may make sense to just make the minimum payment, but it’s important to be aware of the consequences. Your credit card’s minimum payments drop a little each month. At first this sounds like good news, but it actually means you’ll be making interest payments for a very long time. Even a small debt will end up drawn out over a long period of time, costing you a significant amount of money in interest. Luckily, there’s a simple solution. By opting for fixed monthly payments, you can choose the amount that suits you, while paying off your balance quicker.

Use this repayment calculator, on the Money Advice service website, to see how much interest you could potentially save by paying more than the minimum payment each month on any credit cards you have.

Missing a payment or not paying the amount required could affect your ability to get credit in the future. If you’re struggling to meet your minimum payment, speak to us or The Money Advice Service could help.

Three helpful tips

  1. Protect yourself with a Direct Debit: If you can’t afford to pay off your balance, either partially or in full, set up a Direct Debit to cover at least the minimum payment on your card. Missing a payment will have a negative effect on your credit rating.
  2. Set a fixed payment: If you can afford to pay off more than the minimum repayment, make a monthly payment that you’re comfortable with, and keep this payment fixed, if possible.
  3. Pay in full: Remember, by paying off your debt in full you will save yourself hundreds, if not thousands of pounds in interest. The quicker you repay, the less it costs. With marbles, instant online access, balance updates and payment reminders give you the tools you need to stay in control of your account.

Representative Example:

Interest rate for purchases34.9% P.A.(variable)
With a representative34.9% APR(variable)
Max credit limit£ 1,200

The APR applicable to your account will depend on our assessment of your application. Credit only available to aged 18 or over, resident in the UK and subject to status.

Using your credit card/basics

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Credit available to UK residents aged 18 and over. Subject to status. Terms apply. The APR applicable to your account will depend on our assessment of your application.

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Credit is provided by NewDay Ltd. NewDay Ltd and NewDay Cards Ltd are companies registered in England and Wales with registered numbers 7297722 and 4134880 respectively. They form part of the NewDay group of companies. The registered office for these companies is 7 Handyside Street, London, N1C 4DA. NewDay Ltd and NewDay Cards Ltd are authorised and regulated by the Financial Conduct Authority (FCA) with numbers 690292 and 682417 respectively. NewDay Ltd is also authorised by the FCA under the Payment Services Regulations 2017 (ref no: 555318) for the provision of payment services. marbles is a trademark of NewDay Cards Ltd, which is used under licence by NewDay Ltd.

© NewDay Ltd. 2021