Mbna CC Min Paymeants going up

malkie

I have a Mbna CC and have just noticed that the min are going up. I have had my head in the sand for about the past 6 months and have been busy paying off to other CC.

Today I looked at the statments and noticed that the min paymeants are increasing even thou the debt is decreasing how does that work? 8k debt - £250 min paymeant(cash transactions)

About 1 year ago I cut the card up so today I phoned Mbna and they told me they will send me another card and I can log into there banking system and pay more than the min paymeant hopefully that will stop the min paymeants from rising.

I hope somebody can explain to me why the min paymeants are going up.

malkie

OK have been doing some research on the paper work. I have found the paper work which says they are putting the intrest up on the cards. How do they get away with putting up the intrest?

Tixy

Rules have changed and now minimum payments must cover at least 1% plus the interest charged for the month. MBNA used to have lower repayments than this so MBNA customers will experience an increase in their minimum payments.

It is not necessarily anything to do with the interest rate going up.
However if you have been notified about an increase in your APR you have 2months to choose to opt of of the rise and then you will continue to be charged your current APR. Credit cards companies have always been allowed to increase the APR if the choose to do so.

malkie

Thanks for the up-date Tixy going to start paying more than the minimum this month so hopefully it will be fine..

Thanks again.