MBNA interest and minimum payment

bimboxhollie_2

Hi all,

Sorry if this question sounds stupid but it has been bugging me.

I have an MBNA credit card and has noticed that their minimum payment and interest rate changes each month even though I am now not spending on the card.

For example;

My interest in March 13 on a balance of £3366.77 was £44.68 and minimum payment was £83.09
In April 13 on a balance of £3335.98 was £47.11 and minimum payment was £77.90 and so on. The minimum balance changes each month and so does the interest rate. Surely if my balance is going down so should my minimum payment and interest?

This month my balance was £3152.12 interest rate of £47.54 and minimum payment of £78.59. I know my balance hasn't decreased by much but surely the interest nearly a year later with a smaller balance shouldn't be higher?

I should also point out that I had received a letter stating that they were going to hike my interest up however I rejected this.

Many thanks in advance for your help

jonesMUFCforever

The interest varies month to month due to the number of days in each month and the date due to repay. The due date will always fall on a business day.
I can't comment on the minimum payment although I will ask whether you are paying for any PPI on this card?

PeacefulWaters

A different number of days in each statement period.

Interest is charged daily.

YorkshireBoy

jonesMUFCforever wrote: »

The due date will always fall on a business day.

Lenders don't set due dates for bank working days only. The due date is a product of the statement date and the card's 'up to xx days interest free' figure.


Many posters on here have complained "how am I supposed to pay on a Sunday?" The answer is they can't...they must have cleared funds with them by the close of business the previous working day. On the flipside, those who use DD will pay the next working day...and still not be 'late'.