MBNA Min payment

oscar52

I know this was being discussed last week, but dont remember seeing an answer.

MBNA has changed its min payment to 5%, and the £5 minimum (when on 0%) has gone - but only to £10 minimum.

just thought I would let people knoe for definite.

Bismarck

so for anyone on a 0% deal that's a £10 minimum payment...when would the 5% part strike? sorry if I'm being dumb, it's been a long day!

oscar52

yes, rather than the old £5 min payment, its now ten, the 5% would come into effect after the promo period, usually (with MBNA) after 9 months or 12 months if a virgin card (also issued by MBNA).

Gemmzie

That's nice of them isn't it :rolleyes:

kizzykizzywizzy

cor that's a bit steep:eek: those with MBNA will have to make sure you swap to another card before the 0% ends.
Just got rid of Virgin MBNA card as 0% ended, only moved though - unfortunately not cleared yet........

oscar52

Possibly is a bit steep, but other lenders have or are following suit by increasing minimum payments.

Personally, i would love to move some of mine onto 0%, but no one wants to know, and my credit file is clear, with the exception of 1 or 2 missed/late payments to CC's that most people have anyway.

moneydesperate_x

Dont get me started on MBNA......

They recently tried to contact me to 'talk through my Credit Card' (they have never done this before and when i call them they try and sell me insurance etc) but as they called my mobile and the number was withheld i didnt answer it. A week later a letter comes through to say they have reduced my credit limit as they couldnt contact me! I ignored this aswell.
Then when my payment was 12 hours late last month they charged me £12 and reduced my credit limit even more, leaving it in £10 credit which meant the late fee took me over my credit limit so they then charged me another £12!!!!!
They will be receiving my DMP in the post in the next week!

Bismarck

"Possibly is a bit steep, but other lenders have or are following suit by increasing minimum payments."

what kind of bad news is there coming re other cards....I'm trying to sort out a minefield and the last thing I need is a doubling of minimum repayments!

I thought the CC companies liked us being in debt forever....hence the 2.25%.....

boredofbeingathome

MBNA, are users and you have to play them at their own game. they tried some tactics with us after the 0% deal ended, we had two cards with them,one standard mbna and the other was a virgin one. Cleared them both fortunately, but on the virgin one i thought i had cleared off the debt, but they added interest onto the balance. i didnt pay that month and i was charged it took me two phonecalls and letters to get me my money back and the interest, which they refunded as a gesture of good will. They had other dealings with my husband phonecalls etc when he was late. the cards were good on 0% but they also have a tactic of hiking up interest rates after the deal then you are paying less off and also the latest of paying 5% min- so the only thing i can say is use them for short term then transfer if you can.

Bismarck

thanks for that.....it's just they're so different to the other cards...in some ways, that's useful with sometimes low payments etc but it seems to go from a good deal to a bad one really quickly whereas other cards just aren't so good when a deal ends...


bigger concern really is the spread of higher monthly repayments when you're trying to snowball your debt repayments...

oscar52

Bismarck wrote: »

"Possibly is a bit steep, but other lenders have or are following suit by increasing minimum payments."

what kind of bad news is there coming re other cards....I'm trying to sort out a minefield and the last thing I need is a doubling of minimum repayments!

I thought the CC companies liked us being in debt forever....hence the 2.25%.....

They did, it earned them lots of interest, but along came six letters of the alphabet - DMP and IVA. Then there are those people that just dont bother paying them at all.