Working Out Mimimum Payments help please

AVENUE

Hi There...I'm not great at working out interest amounts & wonder if someone could assist?


If I did a Balance transfer of £3500, to a MBNA Card with a 4.9% per annum (0.4034% monthly) for the life of the balance with a Minimum monthly payment of 1% of the Balance, what would the Monthly minimum payment be please?


Also apart from MBNA & TSB does anyone know of other Credit Cards with a Monthly minimum payment of just 1% of the total balance?


Many Thanks.

eskbanker

AVENUE wrote: »

If I did a Balance transfer of £3500, [STRIKE]to a MBNA Card with a 4.9% per annum (0.4034% monthly) for the life of the balance[/STRIKE] with a Minimum monthly payment of 1% of the Balance, what would the Monthly minimum payment be please?

£3500 x 1% = £35!

If the minimum monthly payment is 1% plus interest then add another £3500 x 0.4034% = £14.12.

These figures are for the first month - they'll decrease very slightly each month thereafter if you don't spend on the card (or will of course decrease faster if you pay more than the minimum).

Sharon87

Also MBNA charge a minimum of £25 when your balance gets lower. So even if you only have £1000 left on your card the minimum payment is £25 a month.

I have the same deal and my minimum payment seems to be 1% plus the interest I think. My minimum payment for £6194 is £67.08. I've tried to do the maths and can't quite to the figure...

AVENUE

Thanks much appreciated.