0% BT Minimum Payment

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?

Quebec had changed recently to their minimum payment rules, but your location doesn’t sound French...

C

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

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.

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

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.

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.

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.

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.

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.

its possible that your first minimum payment after the B.T. includes the B.T. Fees.

See your card holder agreement for details.
I know that @ BMO they do this.