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Credit Card Payment Calculation
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whitechapel100
Posts: 1 Newbie
in Credit cards
Are MBNA unique in setting their minimum monthly repayments as a percentage of the interest charged so that on a 0% Card the monthly payment would only be £5.00 ie the minimum charge?
Do any other Card Providers calculate monthly payments in the same way? Most seem to set their minimum re-payment as a percentage of the outstanding balance.
Do any other Card Providers calculate monthly payments in the same way? Most seem to set their minimum re-payment as a percentage of the outstanding balance.
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whitechapel100 wrote:Are MBNA unique in setting their minimum monthly repayments as a percentage of the interest charged so that on a 0% Card the monthly payment would only be £5.00 ie the minimum charge?
Do any other Card Providers calculate monthly payments in the same way? Most seem to set their minimum re-payment as a percentage of the outstanding balance.
Yes they are unique in doing this. No other providers do this that I am aware of.0
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