Hike in Minimum Payments

limbo1

Hi i'm new here and just wanted to ask could anyone tell me whether a credit card company could hike up your minimum payments? Thanks

redlooney

Apparently there are European rules that some are having to abide by - MBNA have just notified me of my increase later this year - up by about £20 per month

Poosmate

Yes they can. They will (should) give you 30 days notice. MBNA have just done this to many of their customers. I was disappointed when I got my letter, I was hoping for a 0% offer.

The up side of this is that you'll be paying your debt off quicker, the obvious down side is your monthly payments will increase.

You do know that if they hike your interest rate you can refuse the new terms and conditions? If they do and you choose to refuse the new terms and conditions (i.e. the new higher interest rate) you will not be able to use the card again and the account will be closed when you have paid it off (which doesn't have to be all in one go - you can continue to make minimum payments or slightly higher).