Looking at getting a 0% APR credit card, but a bit confused by how the minimum payments work?
In the T's and C's it says:
Your minimum payment will be the greater of:
the total of all interest and default fees charged on your statement plus 1% of the new balance shown on your statement (excluding 'Tesco Buy Now Pay Later' special offers) plus any arrears carried over from your previous statement; or
£25 plus any existing arrears carried over from your previous statement; or
the amount you owe over your credit limit which includes any over limit fees.
So say if I borrowed £500, could someone explain how the minimum payment works for this and what the default fees are?