MBNA ambiguous about monthly minimum payment on website

richdav1971

Am considering making an application to MBNA for a 0% balance transfer card. Although I will be making more than the minimum repayment every month, there may be an occasion when I need to make the minimum payment instead. All their website says is:

The minimum payment we ask for is charged on a monthly basis and will be the higher of £25 or:

A percentage of the total balance you owe (including interest and charges), as shown in your statement and in line with your terms and conditions.

I don't want to make an application (and leave a footprint on my credit record) to find out when the first statement arrives what that percentage is. Furthermore, I can't find their T&Cs on their website. Can anybody direct me to the information, or any current MBNA customers advise what the percentage is? I'd call them but they only take calls from existing customers (and are obviously prioritising those who are most affected by Covid-19)

Many thanks in advance. 

[Deleted User]

The minimum payment may vary by card type, so you'll need to check the key facts for the type of card you're applying for.

richdav1971

Thanks for the quick reply. But will I get to see the Key Facts sheet before clicking on the apply button?

[Deleted User]

Yes.        

SnowTiger

richdav1971 said:

Am considering making an application to MBNA for a 0% balance transfer card. Although I will be making more than the minimum repayment every month, there may be an occasion when I need to make the minimum payment instead. All their website says is:

The minimum payment we ask for is charged on a monthly basis and will be the higher of £25 or:

A percentage of the total balance you owe (including interest and charges), as shown in your statement and in line with your terms and conditions.

Seems to be poorly worded.

The back of my MBNA statement contains the following: 

Minimum repayment

Your monthly minimum payment will be an amount equal to the higher of £25 or the total of any interest charged, any default charges payable, your annual fee (if applicable), LifestyleProtect (if applicable), and 1.00% of the balance you owe shown in your statement. If you owe less than £25 you must pay the full amount you owe.

The wording you have suggests you pay a percentage of the total balance, which includes interest and charges.

TadleyBaggie

I have two MBNA cards, Everyday and Platinum. They both have a 1% minimum payment.

molerat

SnowTiger said:

richdav1971 said:

Am considering making an application to MBNA for a 0% balance transfer card. Although I will be making more than the minimum repayment every month, there may be an occasion when I need to make the minimum payment instead. All their website says is:

The minimum payment we ask for is charged on a monthly basis and will be the higher of £25 or:

A percentage of the total balance you owe (including interest and charges), as shown in your statement and in line with your terms and conditions.

Seems to be poorly worded.

The back of my MBNA statement contains the following: 

Minimum repayment

Your monthly minimum payment will be an amount equal to the higher of £25 or the total of any interest charged, any default charges payable, your annual fee (if applicable), LifestyleProtect (if applicable), and 1.00% of the balance you owe shown in your statement. If you owe less than £25 you must pay the full amount you owe.

The wording you have suggests you pay a percentage of the total balance, which includes interest and charges.

I don't think op is concerned over the wording but is concerned at what that actual percentage may be as there seems no way of finding out until you are actually into the application process.

redux

Count it as a percentage plus any interest, which covers both versions anyway.

While you're in the 0% period these are of course the same, unless you add some modest spending. Thus for example £2500 balance, minimum £25, but with spending £50, interest 80 pence, minimum would be £25.80 (I'd send £51 or more though).

Marcio45

We have taken a second MBNA card recently (money transfer) and it has a minimum payment of 2.5% of the balance. The first we had was 1% plus interest. So it appears to differ depending on the card.

CRISPIANNE3

I recently applied to exchange my MBNA card with another one. However on the statement  the min payment is 2.5 percent of the balance. Not a problem but I am sure in the terms and conditions I received with the card it was £25.00 plus 1 percent thereafter.