Personal Finance

0% BT Minimum Payment

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  • Aug 17th, 2019 10:58 am
[OP]
Newbie
Dec 5, 2012
60 posts
6 upvotes
Bridgewater

0% BT Minimum Payment

Can someone clarify this for me as this was my first time using an MBNA CC for a 0% BT

I took out 15000 and transferred to my bank account on a 3% fee -- I though the minimum payment was 10.00 per month but it is telling me 405.00 per month -- this is fine ad not a problem just wanted to know if the 405.00 was correct
11 replies
Sr. Member
Nov 22, 2012
735 posts
833 upvotes
NS
tdaniels wrote: Can someone clarify this for me as this was my first time using an MBNA CC for a 0% BT

I took out 15000 and transferred to my bank account on a 3% fee -- I though the minimum payment was 10.00 per month but it is telling me 405.00 per month -- this is fine ad not a problem just wanted to know if the 405.00 was correct
Min payment is normally 1% of your balance. If your balance is $15,000, the min payment would be $150. Did you perhaps go over your credit limit or have other charges on this account?
Deal Guru
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Mar 23, 2008
13004 posts
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Edmonton
Quebec had changed recently to their minimum payment rules, but your location doesn’t sound French...

C
Deal Addict
Sep 24, 2013
1071 posts
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Ontario
tdaniels wrote: Can someone clarify this for me as this was my first time using an MBNA CC for a 0% BT

I took out 15000 and transferred to my bank account on a 3% fee -- I though the minimum payment was 10.00 per month but it is telling me 405.00 per month -- this is fine ad not a problem just wanted to know if the 405.00 was correct
Not sure why $405 but the 3% fee will be on the first statement plus $10.00. should actually be $15,000 X 3% would be $450 plus $10. $460
Member
Jun 2, 2012
329 posts
313 upvotes
NORTH YORK
Budshek is correct. First payment after balance transfer includes whole balance transfer fee plus $10.

Next payment will be back to lower minimum payment.
I don’t think it will be $10 though, I would think closer to $100.
Deal Expert
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May 8, 2009
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Going to the Moon
gemenichic wrote: Budshek is correct. First payment after balance transfer includes whole balance transfer fee plus $10.

Next payment will be back to lower minimum payment.
I don’t think it will be $10 though, I would think closer to $100.
Kiraly wrote: I got lucky and was continuously billed $10 minimum payment on a $32k BT from MBNA. The payment should have been $320 according to the terms. I didn't complain
This. But I think the terms have been updated.

After first statement, it's just $10 for non-QC ppl. It's $10 plus any fees and interest, if applicable.
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Deal Expert
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May 8, 2009
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Going to the Moon
aweawea wrote: Can also confirm that MBNA only requires $10 min payment per month for me in NS.
After first statement (which would be $10+BT fee), yes because you're not in QC. Only $10/month.

I do $25/month to hit my 3-5 PayTM payees, but that has nothing to do with MBNA.
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Member
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Nov 3, 2008
298 posts
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National Capital Reg…
MBNA has multiple payment structures for different clients and cards, so it needs to be reconciled back to your agreement. My cards all have 1% of outstanding balance, and I am in Ontario. Others in Ontario have $10+fees+interest. There are other payment structures floating around as well. Check your statement to ensure you got your BT, and not a regular cash advance hitting you with interest immediately. Otherwise, calling MBNA may be the best option to make them explain how they calculate minimum payment.
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Apr 16, 2006
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Kiraly wrote: I got lucky and was continuously billed $10 minimum payment on a $32k BT from MBNA. The payment should have been $320 according to the terms. I didn't complain
+1

My 0% BT amount is $26,500...my minimum payment is only $10 / month.

No complaints from me either. Only having to pay $10 / month almost makes up for the fact that the 0% BT time period dropped from 12 months to 10 months.
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May 8, 2009
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Octavius wrote: +1

My 0% BT amount is $26,500...my minimum payment is only $10 / month.

No complaints from me either. Only having to pay $10 / month almost makes up for the fact that the 0% BT time period dropped from 12 months to 10 months.
This.
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