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What is a minimum payment?

A minimum payment is the amount you must repay each month to comply with the terms of your credit agreement.

A minimum payment is due each month in which there is an outstanding Polar Credit balance. It consists of the interest for the statement period, any default charges, any transaction charges, any amount that remains overdue from the previous statement period and the higher of £10 or 5% of the outstanding capital. The interest for the statement period is the amount of interest that has accrued on any credit that you had outstanding since your previous statement.

If you only make the minimum payment each month, it will take you longer and cost you more to repay your borrowing from us.