Minimum Payment changes – what does it mean?
We are changing the way we calculate minimum payments on our accounts. We are replacing part of the calculation with a new element which works out 1% of your borrowing, plus the range of other factors that make up your monthly credit card bill (for example, interest, card (i.e. annual) fees and late, overlimit or other default charges) when calculating how much you need to pay. All new MBNA accounts opened since mid-2009 already use a similar calculation.
