MBNA credit card question

Rosco1112

Hi Everyone

I currently have £3500 on my MBNA credit card and I need to make full or minimun payment by the 12/12/11 If I pay the full balance today will I get charged less interest than if I were to just pay it on 12/12/11?

Appreciate your help

Ross

bengal-stripe

If you haven't paid last month's balance in full, you will be charged interest until the day the money has been repaid.
If you pay early, there will be less interest.

If you have paid the previous balances in full, there won't be any difference. Either way the interest will be nil.

Fruit_and_Nut_Case

Rosco1112 wrote: »

Hi Everyone

I currently have £3500 on my MBNA credit card and I need to make full or minimun payment by the 12/12/11 If I pay the full balance today will I get charged less interest than if I were to just pay it on 12/12/11?

Appreciate your help

Ross

It depends.

• If you just spent the £3500 in last billing period you will pay no interest whenever you pay, as long as it's in full and by the due date.
• If the money has been owed for some time and you have already been paying interest, the sooner you pay it off the better. However, you will almost certainly have some residual interest to pay next month.

Edit: What bengal-stripe said.