Hike in Minimum Payments

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limbo1
limbo1 Posts: 1 Newbie
in Credit cards
Hi i'm new here and just wanted to ask could anyone tell me whether a credit card company could hike up your minimum payments? Thanks

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  • redlooney
    redlooney Posts: 180 Forumite
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    Apparently there are European rules that some are having to abide by - MBNA have just notified me of my increase later this year - up by about £20 per month
  • Poosmate
    Poosmate Posts: 3,126 Forumite
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    Yes they can. They will (should) give you 30 days notice. MBNA have just done this to many of their customers. I was disappointed when I got my letter, I was hoping for a 0% offer.

    The up side of this is that you'll be paying your debt off quicker, the obvious down side is your monthly payments will increase.

    You do know that if they hike your interest rate you can refuse the new terms and conditions? If they do and you choose to refuse the new terms and conditions (i.e. the new higher interest rate) you will not be able to use the card again and the account will be closed when you have paid it off (which doesn't have to be all in one go - you can continue to make minimum payments or slightly higher).
    One of Mike's Mob, Street Found Money £1.66, Non Sealed Pot (5p,2p,1p)£6.82? (£0 banked), Online Opinions 5/50pts, Piggy points 15, Ipsos 3930pts (£25+), Valued Opinions £12.85, MutualPoints 1786, Slicethepie £0.12, Toluna 7870pts, DFD Computer says NO!
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