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Financial flexibility, payment security and rewards are one of the many benefits of owning a credit card. But debt can mount up quickly if you don’t keep on top of your balance. Read on to understand your repayment options.
Credit Card repayments pay back the money you’ve spent on your Card. At the end of your statement period, you’re in control of how much of your balance you want to pay off, but you must pay the minimum repayment amount.
When your statement arrives, you’ll have a choice of repayment options. To avoid paying more interest, you can pay off the entire Credit Card bill on (or before) the statement due date. Alternatively, you can choose to spread your Credit Card repayments out over time by simply settling the minimum monthly repayment amount. Or anything in between.
A Credit Card minimum repayment is the lowest amount you need to pay to your Credit Card provider on or before the payment due date. By paying this you avoid late repayment fees and prevent a negative mark on your credit score, but interest will be applied to what’s still outstanding.
The way your minimum repayment amount is calculated will depend on the Card issuer. With some, the minimum repayment is a percentage of the balance you owe, while others may be a percentage of the balance plus a finance charge.
You can find out more about your Card’s minimum repayment calculation by looking at your Credit Card agreement. For more details, Click Here
To avoid paying back more than your balance, keep track of your card use and repayment deadlines. These tips should help: