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&more card
mg87_2
Posts: 5 Forumite
in Credit cards
for the past 9 months, i have been paying a minimum payment of £5 on a £3,000 mbna credit card. the interest free payment came to an end, so i transfered this balance to the &more card, interest free for 6 months. i just got my first statement through and the minimum payment is now £85 pounds! what's that about?!
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Comments
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On the back of your statemement it will tell you that the minimum payment is £5 or 3% of your balance, whichever is greater.
This is pretty standard with all credit cards, with the exception that some cards charge a minimum of 5% not 3.
Not really sure how you got away with paying only £5 a month to MBNA.0 -
In my experience all MBNA cards have a min payment of £5, which is great for stoozing in particular.0
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em, also have a virgin card with £2,000 on it and only pay £5 a month there too...and here i thought that this was the norm...0
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I stand corrected! Sorry!
I pay my &more card (well all my credit cards) in full each month, but on the back of the statement it says the minimum payment is £5 or 3% of your balance, whichever is greater.0 -
you know, i checked out the blurb on the mbna and virgin website just there and they state that it's £5 or 2.something% of the balance...hmm, i'm just gonna keep quiet about this till my interest free period is up...0
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you know, i checked out the blurb on the mbna and virgin website just there and they say that it's £5 or 2.something% of the balance...hmm, i'm just gonna keep quiet about this till my interest free period is up...0
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sorry for doing that twice there...0
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Most card repayments are either 2% or 3% usually.
All the cards in the MBNA stable (which includes Virgin) only have a £5 minimum payment for the duration of the opening offer.
The MBNA stable of cards tend to be an exception, I don't know of any other card company which does a low initial repayment like this.
M&S minimum payment is 3%, on £3000, that's £90.Herman - MP for all!
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Maybe I was kind of right after all - well I am female!!!0
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