MBNA raising minimum payment??

iVillage Member
Registered: 12-05-2004
MBNA raising minimum payment??
3
Mon, 09-26-2005 - 10:35pm

I just got my MBNA bill, and there was an insert saying that, starting with the December '05 statement, there will be an increase in minimum payments, from 1% up to as much as 5% of the total balance! Ack! I've got a balance of $11,500, so my minimum 'could' be (if they ask for 5%) as much as $575!! Oh Gosh, that's not good at all. I have GOT to make this my target debt. My mortgage loans will hopefully be merged in my upcoming refi, and my car payment just is what it is for now, but the card balance has to go. I'm hoping I'm one of the lucky ones who gets to pay only 1% of their minimum balance. That gives me the opportunity to pay more when I can and the minimum when I can't.

Pat

iVillage Member
Registered: 05-09-2005
Mon, 09-26-2005 - 11:49pm
Hi,
I have MBNA too so I'll probably get the same love letter. I think, tho, that you have the option of closing the account and keeping the original payment percentage. It might be something to ask about.
Megan
iVillage Member
Registered: 12-05-2004
Tue, 09-27-2005 - 2:36am
I think you're right about that, but this is our sole credit card. It's the one we only use, now, for things like emergency hotel reservations when our parents are sick in another state, and we have to get a room close to the hotel, and the hotel will only accept credit cards, etc. Also, it's got a great rate. I don't think I want to close it, but I definintely need to pay it down. I almost missed the insert because it was placed inside of the little "Privacy Statement" brochure they stuffed into the envelope also. LOL! :-D
iVillage Member
Registered: 04-27-2005
Tue, 09-27-2005 - 8:38pm
I'm not really sure of this but I did call last night and got my interest rate lowered from 16% to 11%. We use this card for our majority of purchases and pay over the minimum every month, on time. We have had it for 5 years and really never had a problem.