How much will I have to pay each month?

How much you have to pay back each month depends entirely on how much you owe – however the general rule for most credit card companies is that you either make a minimum payment of 2% of the balance or £5, whichever is the higher figure.

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You can choose to pay anything between this figure and the full balance – and this is recommended because paying off only the minimum amount each month will not help to bring down your balance, and you will have to pay a lot more interest in the long run.

We recommend that if you have a large outstanding balance, you pay off as much as you can afford each month. The other way around paying interest is to transfer your outstanding balance to a new credit card with a 0% balance transfer rate – then you can pay off the balance without accruing further interest.