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4 Jul 2020


Use your credit card wisely and save thousands!

Michelle Slade, analyst at Moneyfacts.co.uk comments:

“With families’ disposable income greatly reduced, many will be reaching for their credit cards to buy some luxuries over the summer. Whether it’s a family holiday or days out, the costs can soon mount up.

“If only the minimum repayment is paid each month, many could find themselves paying more than twice as much for their purchases.

“If you spent £3,000 on a credit card charging 15.9% APR and repaid the minimum of 2.5%, min £3, you would end up paying an additional £2,729.16 in interest and it would take you 25 years and 2 months to repay the debt.



Purchase APR

Minimum repayment

Interest charged if minimum repaid and length of time to repay the debt

Interest charged if £100pm repaid and length of time to repay the debt


Standard Card


2.5%, min £3

25 years 2 months

3 years 2 months


Lowest Standard Purchase Rate

Barclaycard Simplicity Visa


2.25%, min £5

16 years 10 month

2 years 9 months


Introductory Purchase Deal

Halifax All In One MasterCard (0% for 10 months)


2%, min £5

31 years 4 months

2 years 9 months


Based on £3,000 on the card
Source: Moneyfacts.co.uk 24.6.08

“The Halifax All in One MasterCard offers 0% on purchases for 10 months. Many shoppers would be tempted by such a deal. However, if they just repay the minimum, they will end up being worse off than if they had used a card without such a deal.

“Just by repaying a small percentage, more customers can save thousands.

Min Repayment

Interest charged on £3,000

Length of time to repay debt

2%, min £5


32 years 8 months

2.25%, min £5


26 years 1 month

2.50%, min £5


21 years 11 months

Based on £3,000 on the card at a rate of 15.9% APR
Source: Moneyfacts.co.uk 24.6.08

“Paying just the minimum is very tempting, especially at times like these when many families are struggling, but by doing so you will be storing up additional debt for the future.


Moneyfacts Group
Moneyfacts is the UK’s leading independent provider of personal financial information and our data is used and trusted throughout the financial industry. 



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