MBNA minimum payment

mrsroller

I guess i must be stupid but ive only just found out how MBNA work out your minimum repayment each month on their visa card.
Every other card i have or have had charges a percentage or £5 whichever lower.
MBNA charge the interest plus £10 which goes towards your balance. This is crazy. Im not even sure how they work out the interest. My balance is going down (slowly I admit) as I dont use the card but this months interest charged is £16 more than last. How will i ever get rid of this awful card.

_Andy_

mrsroller wrote: »

I guess i must be stupid but ive only just found out how MBNA work out your minimum repayment each month on their visa card.
Every other card i have or have had charges a percentage or £5 whichever lower.
MBNA charge the interest plus £10 which goes towards your balance. This is crazy. Im not even sure how they work out the interest. My balance is going down (slowly I admit) as I dont use the card but this months interest charged is £16 more than last. How will i ever get rid of this awful card.

Why is it 'crazy' exactly?

I don't wish to be too blunt but you were the one that made the decision to rack up the debt and now the CC company are 'crazy' for wanting £10+interest each month back?

nomoneytoday

If you can afford the payment this month, then continue at the same level instead of dropping it to the minimum each month.

With a minimum payment, it takes something like 40 years to pay off...