The example shows how much interest it would cost and how much time it would take to clear a balance of £2,500 on a card with a 19.9% annual interest rate. This assumes that there is no further spend on the card.
Note: these results are a guide, calculated on approximate minimum payment rates which vary by provider and product. We assume no additional spend on the card, no fees are incurred and the same static interest rate is paid on all balances.
Before you go ahead and fix your monthly payments, here are a few things to think about:
If you don’t think you can fix your monthly payments at the moment, you can always make additional payments whenever you’re able to. You can make a payment from your UK bank account, through the Barclaycard app or online servicing.
If you fix your payments and carry on spending on your card, check your fixed amount regularly because you may want to increase the fixed amount to make sure it still meet your needs.
If you fixed your payment with a Direct Debit, but your monthly balance means this isn’t enough to cover your minimum payment, we’ll automatically take your minimum amount. We’ll let you know if this happens.