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  • Is the amount you're paying a % of the total or a set amount which is 4.17% of the total now?

    That is a good point. I'll check.

    The min is 2.5% or £5, whichever is greater. But the DD will always take at least the min repayment so there shouldn't be a penalty.

    Basically I'm looking to use a new credit card predominantly as a short term loan for a series of purchases to avoid dipping into savings, but then going forward as a way to help me save/take advantage of interest.

    As a starting point I just wanted to check my logic - assuming I just spent a load of £s in month 1, but no more in months 2-25.

  • It should be pretty simple:

    Amount spent / 24 = Monthly direct debit amount to pay

    The only thing to consider is if that amount falls below the minimum payment amount. It sounds like it isn't.

    If i were you, i'd set up the direct debit with your bank rather than through the card provider as they usually only allow minimum statement balance or total balance as the payment options and neither are what you want.

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