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UNDERSTANDING CHANGES TO YOUR MINIMUM MONTHLY PAYMENT

 

 

If you recently received a letter from us, notifying you of a change to your minimum monthly payment (effective on the date of your first statement after 1 October 2019), this article will help you understand:

  • why we are changing your minimum monthly payment
  • how this will affect you
  • how we are here to support you through this change.

Note: This Help Page is relevant to you if you recently received a notification letter from us that your minimum monthly payment is changing.

If you are unsure whether you are affected by this change, you can confirm by checking which minimum payment type your Account is currently subject to. You can find this information on your monthly statement (online PDF or paper statement). Refer to the Summary Box page at the end of the statement and locate the Minimum Repayment section.

 

This article is ONLY applicable to you if it says :

(1)    £5 (or the total amount you owe if less) or

(2)   2.5% of the total amount owing

 

 

Understanding changes to your minimum monthly payment

Check how your current Minimum Monthly Payment compares to your new one

Use our calculator below to see an estimation of how much your minimum monthly payment will increase by. You will also see how long it will take to pay off your balance and the total interest charges compared to your current minimum due payment amount

 

Simply enter the following details:

 

  1. The total balance from your last statement (you can find this on your Online Account, Amex App or paper statement)
  2. The monthly interest rate for your Account (this refers to Monthly Rate of Interest for Good and Services that you can find on your PDF statement on your Online Account or on the Amex App)
£
Please enter a current balance above £1.
%

Your results:

This shows how your Minimum Monthly Payment amount will change, how this will help you pay off your balance faster and pay less interest.

Current Balance:

Monthly Interest Rate:

Current: Minimum Monthly Payment1

New: Minimum Monthly Payment2

This change will not affect your repayments if you generally pay an amount which is greater than the new Minimum Monthly Payment.

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**

Current: Total interest you'll pay

Total amount repaid including interest

New: Total interest you'll pay

(If you pay the minimum payment every month)

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Total amount repaid including interest

Current: Time to pay off your balance in full

New: Time to pay off your balance in full

(If you pay the minimum payment every month)

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  1. 1. Highest of the following: £5 or the total amount owed (if less) 2.5% of the total balance owed .
  2. 2. Highest of the following: £25 or the total amount owed (if less) Interest charges + 1/12th of annual card membership fee (if applicable) + other fees and charges + 2% of remaining balance.
  3. *This only applies if you recently received a notification letter from us that your minimum monthly payment is changing.
  4. ** The above results are illustrative only and assume that there is no additional spend, no account fees, no cash withdrawal and static interest rates. The new minimum monthly payment is an initial guide and will decrease each month as your balance comes down.