MBNA min payments

MARTIMAN

I did a BT of £5150 a couple of mths ago, & paid the min balance of £154.50, last mth,which is correct, but, this mth my statement state the min payment is £25, surely this is incorrect? Anyone else had this? Just wondering whether to just pay the £25, or could this somehow come back on me,even though if its a mistake, its theirs?

YorkshireBoy

Your minimum payment is the lesser of...

• 3% of the balance £154.50
• Interest + fees + PPI + £25 £0 + £154.50 + £0 + £25 = £179.50 (but £0 + £0 + £0 + £25 in the second and subsequent months)
• Your balance, if it's less than £25 It isn't!

With the first and second options, it will always be at least £25.

See your T&C's or those on the MBNA website.

nomoneytoday

Its because the balance transfer fee plus interest was due in month one, this month there is no BT fee, so the minimum drops.

If you are stoozing this is great, if you are only paying the minimum balance, then take a look at Martin's piece, to stop this taking 25 odd years to pay off

david_hellier

Monthly Credit Card Rates and Time Taken to

Payoff £$€1000* and the Interest Paid

Monthly% APR% Time Interest
1 12.68 11y 1m 470.93
1.1 14.03 11y 6m 544.93
1.2 15.38 12y 1m 627.18
1.3 16.76 12y 8m 718.86
1.4 18.15 13y 4m 821.88
1.5 19.56 14y 1m 938.45
1.6 20.98 15y 0m 1071.47
1.7 22.42 15y 11m 1224.44
1.8 23.87 17y 1m 1402.70
1.9 25.34 18y 5m 1612.80
2 26.82 20y 0m 1864.30
2.1 28.32 21y 11m 2170.94
2.2 29.84 24y 3m 2553.00
2.3 31.37 27y 4m 3043.14
2.4 32.92 31y 3m 3693.72
2.5 34.48 36y 10m 4602.18
2.6 36.07 45y 0m 5959.51
2.7 37.67 58y 6m 8211.90
2.8 39.29 85y 3m 12699.05
2.9 40.92 164y 5m 26099.39

*Assumes minimum payment of the higher of £$€5 or 3% per month