In this case, the fellows minimum payments are going to be increased from $60 to $465 based on his current balance. This is bad news if you're on a fixed income.
I'm curious to know if anybody else is having this situation with MBNA or any other credit card?
MBNA Bank Canada is changing the way it calculates minimum payments on its credit cards, starting with its August statements.
This will result in hefty increases for customers who pay only the minimum each month.
Dave Morgan, for example, was informed that the minimum payments on his low-rate MBNA MasterCard will go from $60 to $465 a month (based on his March balance).
http://www.thestar.com/business/money911/article/817610--roseman-paying-just-the-minimum-on-credit-cards-can-hurt
