Quick question for those in the know...

TastyTeeth

Probably a very easy answer to this...but one I'd like to know!

If someone had a minimum payment of £50 on a standard status credit card, what would the approximate outstanding balance be?

I know this varies a bit between card providers, but its a status card and I'd expect the interest rate to be typical.

Experts, what do you think?

cifpower

Around £1400?

TastyTeeth

cifpower wrote: »

Around £1400?

I'd have expected it to be higher...

CLAPTON

if minimum payment was
1% then the balance would be 50/1% =5,000
2% the then the balance would be 50/2% = 2,500
if 3% the balance 1,666
of course some cards don't charge quite like that

DaiJoA

In the main it is charged at between 2 and 2.5% it would depend on who the provider is - for example Halifax is 1% of the total owed, but Barclays is either 2% or 2.5%. The total owed must be over £1000 though.

TastyTeeth

DaiJoA wrote: »

In the main it is charged at between 2 and 2.5% it would depend on who the provider is - for example Halifax is 1% of the total owed, but Barclays is either 2% or 2.5%. The total owed must be over £1000 though.

Does anyone know what % MBNA would apply? Is it 1, 2 or 3%?

saskay

TastyTeeth wrote: »

Does anyone know what % MBNA would apply? Is it 1, 2 or 3%?

It would be clearly mentioned in their terms & conditions. Follow "MBNA credit card terms and conditions" results on Google.[make sure you refer to the same MBNA co-branded credit card's t&c as the one you are interested in].