mis sold balance transfer

natb_2

hi we just tranferred a balance from one card to another, because we had virtually nil on the new new card and rather than take a 0% for x amount of months we took 6.9% for life of balance, but we have just had a statement and they insist that minimum 5% is paid each month which we were not told about when we did the balance transfer, where do we stand?

NickX

I would suspect that the 5% minimum repayments are detailed in the Terms and Conditions. If they are, there is not much you can do, although this does seem high - most cards are 2-3% so worth double checking.

YorkshireBoy

Is it an MBNA run card?

natb_2

no its capital one

exel1966

What actually has been mis-sold/mis-represented to you ? Were you told you'd have to pay less than 5% or were you expecting to pay nothing ?

"The monthly payment is an amount equal to at least 5% of the outstanding balance from time to time, shown in your monthly statement or £5, whichever is greater"

Most current cards have a 3% minimum, though one or two carry the 5% minimum. The paper/card which your card was attached to when you recieved it will clearly display what the minimum is for your particular card.

Which card exactly do you have ?

NickX

Al_Mac wrote: »

In the good old days, long before the credit crunch, all cards were 5%.

Not MBNA - I've only ever had £5 minimum repayments with them (except when paying the Balance Transfer fee with the first repayment).

NickX

Al_Mac wrote: »

MBNA wasn't in the UK, when I was a lad.

LOL ok. I had my first MBNA card back in 1999\2000

exel1966

Al_Mac wrote: »

MBNA wasn't in the UK, when I was a lad.

Hence the name :-

M - Maryland (US)
B - Bank
N - National
A - Association

Part of the Bank of America Group.