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Who's got the cap one no interest card jan 2008? Minimum payment to high?

I got the new capital one card with the 0% until jan 2008.
I got my 1st statement today and was shocked with the minimum payment.
I have only got a balance of £2800 and my min payment was £84.00

Now I had the mbna platinum card before and by balance was about the same and my minimum payment was only £5.00 a bit of diffrernce.

Was anyone else shocked at there min payment? Also it says they add the balance transfer fee on at month 4. as I thought the 1st payment might cover that thats why its so high. Anyway thanks for letting me have my first moan !!!:D
:eek: Karen xx:eek:
:o Always trying to get a Bargain lol :o
:rotfl: IF you like what I have written Press the THANKS button lol:rotfl:
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Comments

  • Bunny
    Bunny Posts: 529 Forumite
    Part of the Furniture Combo Breaker
    I don't have that particular capital one card, i have the 6.9% no hassle one, but when my balance was roughly £2800, my minimum payment was roughly the same.
    It should say on the agreement how much is expected, such as 5% or £5 whichever is the greater amount.
  • rsykes2000
    rsykes2000 Posts: 2,494 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    2% is cheap in comparison with some. HSBC have 3% minimum. I think it is also more responsible lending - at a fiver minimum you'd never pay the thing off, I know it's not great for stoozers, but it is better for the average person in the street IMO.
  • Bunny wrote:
    I don't have that particular capital one card, i have the 6.9% no hassle one, but when my balance was roughly £2800, my minimum payment was roughly the same.
    It should say on the agreement how much is expected, such as 5% or £5 whichever is the greater amount.

    I should have read them before jumping in, I WILL learn one day!
    :eek: Karen xx:eek:
    :o Always trying to get a Bargain lol :o
    :rotfl: IF you like what I have written Press the THANKS button lol:rotfl:
  • Bunny
    Bunny Posts: 529 Forumite
    Part of the Furniture Combo Breaker
    I'm the same don't worry, only because i'm getting my head around how to sort out paying things off, that i've started reading the agreements, I know i'm naughty!
  • Hanxx
    Hanxx Posts: 315 Forumite
    Part of the Furniture Combo Breaker
    From reading previous threads it would appear that MBNA are one of the few card providers that set their minimum repayments so low. Most others ask for 2 or 3% as previously mentioned.
  • Phoenix79_2
    Phoenix79_2 Posts: 1,434 Forumite
    Most ask for 2%-3% or £5 whatever is higher. MBNA ask for the lower amount out of the percentage they charge or £5. I think thats unique in the credit card business?
  • jojo1978_3
    jojo1978_3 Posts: 1,432 Forumite
    Phoenix79 wrote:
    Most ask for 2%-3% or £5 whatever is higher. MBNA ask for the lower amount out of the percentage they charge or £5. I think thats unique in the credit card business?
    And because of this, you'll find that your min payment is not even covering the interest you are paying, therefore instead of paying you cc off, your balance is increasing every month.
    :)Henry James Born 18/03/2011-11 days late!:)

  • Phoenix79_2
    Phoenix79_2 Posts: 1,434 Forumite
    jojo1978 wrote:
    And because of this, you'll find that your min payment is not even covering the interest you are paying, therefore instead of paying you cc off, your balance is increasing every month.

    Not if you are on 12 months 0% BT. Ideal for stoozing purposes
  • GunJack
    GunJack Posts: 11,884 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    However I believe MBNA's min £5 payment only operates when you're in a deal period, i.e. when the 0% BT deal ends, so does the £5 min payment and you're back to the 2-3% of balance
    ......Gettin' There, Wherever There is......

    I have a dodgy "i" key, so ignore spelling errors due to "i" issues, ...I blame Apple :D
  • GunJack wrote:
    However I believe MBNA's min £5 payment only operates when you're in a deal period, i.e. when the 0% BT deal ends, so does the £5 min payment and you're back to the 2-3% of balance

    That would explain it, I suppose they dont want you to pay to much off when there NOT chargeing interest then cain you when they do. OH WHAT FUN xx
    :eek: Karen xx:eek:
    :o Always trying to get a Bargain lol :o
    :rotfl: IF you like what I have written Press the THANKS button lol:rotfl:
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