What happens if I only pay the Minimum payment rather than the Minimum Payment Plus amount ?

To keep your credit card repayments up to date you only need to pay the minimum payment. The Minimum Payment Plus is an amount that’s been calculated as a guide to avoid holding debt for a long time on your credit card, to help you repay your balance quicker than if you were paying the minimum.

If you continue to pay only the minimum you may notice the Minimum Payment Plus amount increasing each month. This is because it’s calculated to help you avoid or move out of long term debt over time and the amount is adjusted each month based on your previous repayments.

For example, a customer who has a balance of £3,000 with an interest rate of 18.9%, would have £43 of interest applied. This means their minimum* would be £73, and the Minimum Payment Plus would be at least £87. The Minimum Payment Plus amount asked for an extra £14 on top of the contractual minimum. If this voluntary extra wasn’t paid, the £14 would be carried forward and included in requested payments in future months.