Personal Finance

0% BT Minimum Payment

  • Last Updated:
  • Aug 17th, 2019 10:58 am
[OP]
Newbie
Dec 5, 2012
59 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
613 posts
667 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
User avatar
Mar 23, 2008
12428 posts
8934 upvotes
Edmonton
Quebec had changed recently to their minimum payment rules, but your location doesn’t sound French...

C
Sr. Member
Sep 24, 2013
995 posts
702 upvotes
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
328 posts
311 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 Guru
User avatar
May 8, 2009
14597 posts
12630 upvotes
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.
Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]
Deal Guru
User avatar
May 8, 2009
14597 posts
12630 upvotes
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.
Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]
Member
User avatar
Nov 3, 2008
288 posts
215 upvotes
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.
Deal Fanatic
User avatar
Apr 16, 2006
6147 posts
599 upvotes
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.
Deal Guru
User avatar
May 8, 2009
14597 posts
12630 upvotes
Going to the Moon
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.
Premium Life: CDC [Icey Private Status]/SwissBorg/Netflix UHD [100% off]/Amazon [Prime 100% off]/Instacart [Express]

Top