Quick question for those in the know...

Options
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?

Comments

  • cifpower
    cifpower Posts: 6,502 Forumite
    Options
    Around £1400?
  • TastyTeeth
    Options
    cifpower wrote: »
    Around £1400?

    I'd have expected it to be higher...
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    Combo Breaker First Post
    Options
    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
    DaiJoA Posts: 114 Forumite
    Options
    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
    TastyTeeth Posts: 205 Forumite
    edited 19 August 2010 at 11:00PM
    Options
    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
    saskay Posts: 53 Forumite
    First Post First Anniversary Combo Breaker
    Options
    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].
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards