Credit Card Offers of Reduced Monthly Payments or Payment Holidays
Guest: AJ
Posted: Mon Jun 12, 2006 11:51 am
Post subject: Credit Card Offers of Reduced Monthly payments or Payment Holidays
Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k
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Guest: fire3000
Posted: Mon Jun 12, 2006 2:20 pm
Last year I ran my balance up to over $67,000 on my MBNA card on a 0% BT. After paying the initial 2% fee I was amazed that the minium payment they wanted was only $15. I paid $1,000 each month (about 1.5% of the balance) and then paid it off in a lump sum, but still they did not increase my credit limit since then (I will be happy if they just not reduce it). Paying more than the minimum makes your report look better to a credit analyst when you later apply for more cards or ask MBNA for a limit increase. If you are paying a high interest rate, paying it off faster will save you money. They offered you a payment holiday and reduced payments to simply make more money off of you by stretching out paydown period. You are doing right by paying more than the minimum.
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Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Jun 12, 2006 2:49 pm
Quote:
"AJ"
Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k
Pay no less than the interest charged on the previous month
"IF" it is a 0.00% BT you "MAY" want to pay a lower amount
AS FOR CLI's LARGE PAYMENTS or SMALL PAYMENTS DON'T MATTER IN MY CASE (no CLI for 10+ years)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Brammy
Posted: Tue Jun 13, 2006 8:42 am
Anytime I pay my Visa, the next month I am given a 'payment holiday' because I never pay min. The payment holiday is designed to increase the amount of interest you pay on an account due to the fact that interest continues to accrue during your holiday on the amount you would have paid. I have never taken a 'payment holiday' so far and unless circumstances are dire, never will. Just hate giving people free money
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Jun 12, 2006 11:51 am
Post subject: Credit Card Offers of Reduced Monthly payments or Payment Holidays
Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: fire3000
Posted: Mon Jun 12, 2006 2:20 pm
Last year I ran my balance up to over $67,000 on my MBNA card on a 0% BT. After paying the initial 2% fee I was amazed that the minium payment they wanted was only $15. I paid $1,000 each month (about 1.5% of the balance) and then paid it off in a lump sum, but still they did not increase my credit limit since then (I will be happy if they just not reduce it). Paying more than the minimum makes your report look better to a credit analyst when you later apply for more cards or ask MBNA for a limit increase. If you are paying a high interest rate, paying it off faster will save you money. They offered you a payment holiday and reduced payments to simply make more money off of you by stretching out paydown period. You are doing right by paying more than the minimum.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Mon Jun 12, 2006 2:49 pm
Quote:
"AJ"
Every month MBNA gives me the option of a reduced payment , a payment holiday, or paying the required min due. I always pay more than min due. Will that help me to continue to receive automatic increases? Does any other bank offer this service? Limit so far 19K bal 6k
Pay no less than the interest charged on the previous month
"IF" it is a 0.00% BT you "MAY" want to pay a lower amount
AS FOR CLI's LARGE PAYMENTS or SMALL PAYMENTS DON'T MATTER IN MY CASE (no CLI for 10+ years)
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Brammy
Posted: Tue Jun 13, 2006 8:42 am
Anytime I pay my Visa, the next month I am given a 'payment holiday' because I never pay min. The payment holiday is designed to increase the amount of interest you pay on an account due to the fact that interest continues to accrue during your holiday on the amount you would have paid. I have never taken a 'payment holiday' so far and unless circumstances are dire, never will. Just hate giving people free money
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:23 PM
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