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Does paying minimum amount on student credit card effect my rating?

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  • 22-07-2014 5:03pm
    #1
    shuffles03
    Registered Users Posts: 2,058 ✭✭✭


    Hi,

    I have a student credit card since 2008 (have not been a student since 2008). The limit is very low (EUR850). I have only ever paid off the minimum amount each month. I have a sizeable sum in my current account and there has always been enough money in the account each month for the direct debit. 

    Does paying the minimum amount affect my credit rating?


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    #2
    28064212
    Registered Users Posts: 10,632 ✭✭✭✭28064212


    It wouldn't affect your credit rating unless you miss a payment. But are you not going to end up paying quite a lot of interest doing that? Why would you not just pay it off in full if you have the money in your current account?

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  • Options
    #3
    Bank of Ireland: Paula C
    Closed Accounts Posts: 253 ✭✭Bank of Ireland: Paula C


    Hi shuffles03,

    Thank you for your query.

    As 28064212 correctly mentioned, paying the minimum balance on your Credit Card bill will not affect your credit rating. Your credit rating would only be affected if you were to miss payments.

    Should you have any concerns about your credit card please contact our Credit Card Services Team on 0818 251 251 where a representative will be more than happy to offer you assistance.

    Thanks,
    Paula C


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