MBNA credit card minimum monthly payment

Suzycoll

Thanks far fetch. Thats miles away from  my original post &  comment ! Thread has got lost 

maxximus75

Suzycoll said:

hello . Hope someone can help
I recently took out a % interest credit card with MBNA & transferred my balance from my old card. I THOUGHT  ( I read in T& c's) that the minim payments was 5% of the balance which would be approx £45 per month. When I had my first statement it was £101. 
I rang MBNA & the operator said that the minimum payment is high in the first 6 months just to check I could pay it ! odd ! He did say that if I was struggling they may be able to lower it but I declined at the time. I was just wondering if I was to ask to lower the payments would  it affect my credit score at all ?

Are you sure the £101 first payment didn’t include the “fee” for the balance transfer?

bengal-stripe

maxximus75 said:

Are you sure the £101 first payment didn’t include the “fee” for the balance transfer?

That probably is the right explanation.

Minimum payment at MBNA is 2.5% or £25.00 (whichever the higher). For the first payment the transfer fee gets added, which might be 3% or maybe 5%.

OP check your agreement, it will state the transfer fee in percentages. Then check your invoice if it corresponds.