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New Balance is the total amount owing on your credit card as of the statement closing date, including any MBNA Payment Plan balances.
The Minimum Payment is the amount you need to pay by Minimum Payment Due Date.
To keep your account in good standing:
- For customers without an active MBNA Payment Plan, you must pay your Minimum Payment that is due.
- For customers with an active MBNA Payment Plan, you must pay your Required Payment (which is your Minimum Payment less any Monthly Plan Payment Amounts due by the Minimum Payment Due Date).
This section appears only if you have an active MBNA Payment Plan, and explains how much you need to pay by Your Minimum Payment Due Date to avoid any Interest on new Purchases made during the Statement Period that have not been put into a Payment Plan. This is shown as the "Grace Period Payment Amount".
If you do not have an active MBNA Payment Plan, in order to have an interest free grace period on new purchases made during the Statement Period of your monthly statement, you must pay your New Balance in full by your Minimum Payment Due Date.
This indicates how long it would take to pay off your current outstanding balance in full, if you only make the Minimum Payment shown on each Statement. If you would like to see the assumptions used to calculate this amount, please see the MBNA Account Agreement (and MBNA Payment Plan Amending Agreement if you have any Payment Plans).