What is the minimum repayment amount for the Platinum Card?
Asked 6 months ago
The minimum repayment amount for the LloydsTSB Platinum Card is determined by a specific formula. It is calculated as either 1% of the total outstanding balance or a set minimum amount, whichever is greater. This ensures that a reasonable portion of the balance is repaid each month. The exact minimum repayment amount can be found on the monthly statement or online. It is important to note that paying only the minimum amount will result in interest being charged on the remaining balance, prolonging the time taken to repay the debt. For effective debt management, it is recommended to pay more than the minimum amount whenever possible.
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