minimum payment (which card?)

monkeysnail

Which card requires the least minimum payment?

Clariman

Any of the MBNA family of cards (e.g. MBNA Platinum, Virgin, A&L etc). The minimum monthly payments is never more than £5 (!). Unbelievable, I know. However, paying off only £5 per month is going to make no dent whatsoever in anyone's debt.

Clariman

Caped_Avenger

Unless they only have a debt of £5...

Lucky sods if they do.

southernscouser

Clariman wrote:

Any of the MBNA family of cards (e.g. MBNA Platinum, Virgin, A&L etc). The minimum monthly payments is never more than £5 (!). Unbelievable, I know. However, paying off only £5 per month is going to make no dent whatsoever in anyone's debt.

Clariman

Are you sure it's not £5 OR 2% whichever is greater?

Clariman

southernscouser wrote:

Are you sure it's not £5 OR 2% whichever is greater?

Certainly am sure !

From their website summary box just now ....

Monthly minimum payment: The lesser of:
2.25% of your balance (minimum £5) or charges for Payment Protection Cover plus interest and fees plus £5 or the balance, if this is less than £5.

See
https://wwwa.applyonlinenow.com/UKCCapp/Ctl/entry?sc=pboc015945_mcds&mc=MBN-MC-38676-38707&pid=mp

southernscouser

Monthly minimum payment: The lesser of:
2.25% of your balance (minimum £5)
or charges for Payment Protection Cover plus interest and fees plus £5
or the balance, if this is less than £5.

To me this says if the balance is less than £5 obviously you pay this in full.

If you have PP you pay that plus monthly interest plus £5.

If neither of the 2 above apply you pay 2.25% of the balance!

I maybe wrong!

Watson

I have an MBNA card and my minimum payment is (and has been for ages) a good deal more than £5...

I must check out their site.

Watson

southernscouser

Watson wrote:

I have an MBNA card and my minimum payment is (and has been for ages) a good deal more than £5...

I must check out their site.

Watson

Yeah mine is 2%!

asandwhen

I pay £5 per month off my mbna card but this is because I am within the promotional period - after that it will be £5 plus interest and charges or 2.25% what ever is the LEAST! (ps my balance is -4800 stoozed )

Watson

I've had my MBNA card for ages, so that explains that. Thanks.

Watson

Clariman

Hmmm .... I have never paid MBNA more than £5 but I only use the card for stoozing during the introductory period. I apologise if I got that wrong. Where is YorkshireBoy when you need him ?

Clariman