How is the minimum monthly payment on Credicorp Flex calculated?

Your minimum monthly repayment on Credicorp Flex is calculated using a simple formula: it is the GREATER of (a) 10% of your drawn balance at the cycle date, or (b) £20.

Worked examples

• Drawn balance £1,000 → minimum payment = max(£100, £20) = £100.
• Drawn balance £150 → minimum payment = max(£15, £20) = £20.
• Drawn balance £50 → minimum payment = max(£5, £20) = £20 (the £20 floor).

How the minimum payment is applied

Each cycle's minimum payment is split: interest accrued during the cycle is paid first; whatever remains of the minimum is applied against the principal. So if a £1,000 drawn balance accrues £75 of interest over the cycle, the £100 minimum becomes £75 interest + £25 principal, bringing the next cycle's balance to £975. Next cycle's minimum becomes £97.50 (10% of £975), and so on — the minimum scales down as the balance does.

Paying more than the minimum

You can pay more than the minimum any time at no penalty. Larger payments reduce the principal faster, which means less interest in subsequent cycles. To pay the full balance and close the drawing, use "Settle in full" in the portal — the meter stops the same day.

Full mechanics + worked drawings: inside Credicorp Flex. To check your specific cycle, see your statement in the portal or ask us.