MBNA Min payment

Gemmzie

I really don't get how people get ratty because min payments are going up, it's going to happen to all cards - that's why it's called a Credit Crunch. And we are following the Americans into a nice mess, they have 8% min payments on some cards now.

Easy credit is over, it's gonna be difficult for most people and probably push more people into DMPs and IVAs. I don't get their logic but I guess they figure they'll get what they can while they can

Bismarck

don;t mean to sound ratty...more wondering what to do when you've planned a switchover to low life of balance cards and life of balance could turn out to be not very long!

if it's the crunch, and they want their money back, how come they're still offering new credit? or is it the BT fees they're after instead?

mummytofour

MBNA in owned by America bank... Hence the reason they have become HUGE blood suckers... Anyway, they should have our DMP letter by now! Its all well and good decreasing credit limit's and increasing min repayments, but its the fact that they have double and more interest rates. Some ppl are paying 35%, MBNA are the very reason we decided to go onto an a DMP, I shall imagine we will have a fight on our hands, but hey Im a fighter!

Gemmzie

They want new people to slip up on 0% periods, the BT fees, they want your capital from other cards.

oscar52

mummytofour wrote: »

MBNA in owned by America bank... Hence the reason they have become HUGE blood suckers... Anyway, they should have our DMP letter by now! Its all well and good decreasing credit limit's and increasing min repayments, but its the fact that they have double and more interest rates. Some ppl are paying 35%, MBNA are the very reason we decided to go onto an a DMP, I shall imagine we will have a fight on our hands, but hey Im a fighter!

MBNA has always been an American Bank, however it is true that they have become like the proverbial leech and will suck the blood out of everything.

tsharp

I have a £2876 debt with them on a Rewards card at 0%, and my minimum payment is currently £25, which is no way 5% or 2%.

Next payment is £25 too, so no signs of any change!

speedbird1973

My interpretation of the new T&C is:

5% of the statement balance or interest + £5 whichever is less.

The thieving toerags did the same to me APR from 19.9 to 34.9.. the usual 2% wouldn't cover the interest. I owed £8000 on the card!!

I was in a fortunate enough position to be able to deal with this proactively and I have to thank them for giving me a lightbulb moment all of my very own!

MBNA are very flexible when you're in a position to close your account with them! and their interest plus a fiver policy has freed up a lot of money to throw at another debt, which will be clear by the time the MBNA deal runs out.

I have to MBNA cards and I've been told I can have the total limit split however i like over the two cards and I can "fine tune" the limit as and when I please... I shall be doing this daily just to get some petty revenge on the thieving bar stewards!!

tsharp

When does this kick in? My Jan statement says £25 min payment, but at 5% it would be £143ish....

Bismarck

Hi,

Yeah, it's like a Jekyll & Hyde....it's really important to be careful from what I've read....the cards are sometimes just what you need but if you fall out of their period you're toast. I've had cards with them for years without ever really understanding them until I got on the forum...suddenly I began to understand the interest thing and how it affected the minimum payments etc...