MBNA minimum payments

Flux_capacitor_2

Sorry I know I am a pain for not searching the forums (but I am in work). Can anyone tell me the minimum payments on an MBNA card. I am about to use the 6.9% for life on BT's but need to check the min payments are within my plans.

thanks

YorkshireBoy

Usually:

3% of the balance

or

Interest + ppi + fees + £5

Whichever is the LEAST, and providing it will always be at least £25.

Flux_capacitor_2

Damn that is what I thought I wanted to keep it at around £200 for a few months until I sort out my other priorities but 3% would tip me over. I was hoping it was the £25 payment I had heard talked about .

Bismarck

Flux_capacitor wrote: »

Sorry I know I am a pain for not searching the forums (but I am in work). Can anyone tell me the minimum payments on an MBNA card. I am about to use the 6.9% for life on BT's but need to check the min payments are within my plans.

thanks

not heard of a 6.9% LOB on MBNA before...is that on a new card?

Flux_capacitor_2

No, it's a dormant account - promotional offer.

ToMoCo

Assuming a balance of circa £7k (based on your 3%) calculation

I think your MINIMUM payment with MBNA would be no more than £50.00 per month.

Interest on £7k @ 0.58% per month £40.60 + £5 if no insurance / fees

YorkshireBoy

Using a £7,000 BT as the example...


Assuming no BT fee

The first minimum payment will be...

(£7,000 x 0.5576%) + £5 = £44.03

Where 0.5576% is the monthly rate for 6.9% APR.


Assuming the customary(?) 3% BT fee

The first minimum payment will be either...

(£7,210 + (£7,210 x 0.5576%)) x 3% = £217.51 (it's the LEAST remember)

or

(£210 + (£7,210 x 0.5576%)) + £5 = £255.20

Second, and subsequent, minimum payments will be based on the 'interest + £5' calculation method, so around £44 or so.