MBNA minimum payment changes- WARNING

Bisoy

Hi to all mser's,

Good day and I just want to givw you some update with regards to my MBNA platinum card. Apologies if it has been posted before.

I have received a letter from MBNA today regarding changes to my CC T&C.

" From your statement date in October 2008, we are changing the minimum payment required on your account. To reflect this, clause 1B of your T&C of your account will change to:

1b The minimum payment that you must pay by the payment due date shown on your statement each month will be as follows:
- if the balance shown on your statement is less than £25, your minimum payment will be the total of your statement balance; or
- if the balance shown on your statement is £25 or more, your minimum payment will be whichever is greater of: £25; or any charges for Payment Protection cover, interest and default charges plus £5."

Meaning this is the end of £25 minimum payment and they will now charge the 3% of your total balance. Rumours as well that they will soon introduced 5% BT fees. This is not really good news from MBNA which was a lender that stoozers really profits over these years.

YorkshireBoy

Bisoy wrote: »

- if the balance shown on your statement is £25 or more, your minimum payment will be whichever is greater of:

£25;

or

any charges for Payment Protection cover, interest and default charges plus £5.

OK, I'm with you so far; they're increasing it from £5 to £25. But...

Meaning this is the end of £25 minimum payment and they will now charge the 3% of your total balance.

...where's the 3% figure from? You don't mention it in your above quote from MBNA.

Bisoy

Sorry YB. It has not been specifically stated 3% on the letter that I've received. It was my assumption as my existing T&C says monthly minimum payment is 3%.

Bismarck

so when's the sticky going to be put up on the board for this? or would that be tempting fate? it's a fair enough question to ask but every time it's asked, we sit there and doubt it ourselves for a moment until we're reassured that the wording has not materially changed...

speedbird1973

The new T&C clearly state £25 or interest plus a fiver. So if you're on a 0% you're on £25.

My platinum card wasn't a minimum of £25 - it was purely interest + £5. If you're on 0% you'd be paying £5, now £25

Dagobert

interest ... plus £5

Is this a charge or will this contribute towards reducing the balance?

YorkshireBoy

Dagobert wrote: »

Is this a charge or will this contribute towards reducing the balance?

It reduces the balance. In fact, during a 0% period it's the only payment towards your balance (if you're on the old T&C's as I am ), which makes it such a good stoozing card.