Mbna (abbey Card) - Minimum Payment

df2008

Afternoon all

Just a quick query regarding the minimum payments on the Abbey (MBNA) credit card.

I recently transferred a balance of £3668.65 to this card with a BT Fee of £110.05. I have today received my statement and was expecting the minimum payment to be £5 plus interest (£17.37), however, my minimum payment is £85.36.

I've 'phoned MBNA and was told that this is because of the BT Fee but I don't understand how this can be. I set out below what my statement looks like:-

Balance Transfer (3668.65)

Balance Transfer Fee (110.05)

Interest Charged (17.37)

New Balance: 3793.92
Minimum Payment: £85.36.

She said that next month my mp should be £5 plus interest but I'm worried that it won't be.

Any help much appreciated.

Thanks

df2008

ayeaye

It's the lesser of:
2.25% of the balance or
Interest plus fees plus £5

So this month because you have a balance transfer fee of £110, the minimum payment is the 2.25% of the outstanding balance, ie the circa £85.

Next month it will be interest plus £5 because there's no fees next month.

df2008

Thanks for your help - I get it now!