MBNA new changes to terms

john1002

Just thought I would update the forum on new changes happening to MBNA, seems like a constant thing now with not just MBNA but most card issuers.

BT, credit card cheques, money transfers now rising to 5% fee with no maximum range.

Change in due dates from september meaning now only 50days int free

October sees an increase in minimum payments to £25 instaed of the old £10

Credit Crunch, more like profiting

john:eek:

clio

5% fee for balance transfers, surely not it's money for nowt coz all they do is transfer it by computer,
takes all of 2 seconds. Wonder if other credit cards companys will see this as a chance to get more
business by undercutting the MadBankNaughtyAmericians

DestroyingAngel_2

John 1002, what is the source of your information? Is this a general thing, or did you receive a letter in the post specifically tailored toward your own account? I've not heard of these changes myself.

Jinos

I had a letter yesterday about this, 5% for BTs!

J

Spark

I had the letter too. This is what it says for payments ( not addressed to me but on a flyer added to my statement) :
From your statement date in October 2008, we are changing the minimum payment required on your account. To reflect this, clause 1b of the terms and conditions of your account will change to :
1b The minimum payment that you must pay by the payment due date shown on your statement each month will be as follows:
. if the balance shown on your statement is less than £25, your minimum payment will be the total amount of the statement balance; or
. if the balance shown on your statement is £25 or more, your minimum
payment will be whichever is the greater of: £25; or
any charges for Payment protection Cover, interest and default charges
plus £5.
As I understand it, if your balance is £25 or less, You are expected to pay the lot at once, over that your minimum payment is the same as before?

NickX

Spark wrote: »

I had the letter too. This is what it says for payments ( not addressed to me but on a flyer added to my statement) :
From your statement date in October 2008, we are changing the minimum payment required on your account. To reflect this, clause 1b of the terms and conditions of your account will change to :
1b The minimum payment that you must pay by the payment due date shown on your statement each month will be as follows:
. if the balance shown on your statement is less than £25, your minimum payment will be the total amount of the statement balance; or
. if the balance shown on your statement is £25 or more, your minimum
payment will be whichever is the greater of: £25; or
any charges for Payment protection Cover, interest and default charges
plus £5.
As I understand it, if your balance is £25 or less, You are expected to pay the lot at once, over that your minimum payment is the same as before?

OK this is regarding payments, but please could you document the new rules regarding 5% BT fees.

5% BT fee is extortionate - I do not see how they can justify such a fee.

Jinos

My letter said:
'From 1 September 2008 the handling fees for balance transfers, credit card cheque transactions, cash transactions and money transfers will be 5% of the amount of each transaction, and at least £3 with no maximum.'

It also said the payment date would change in September 2008 plus the changes to the minimum payment as already discussed...

At least they haven't (yet) put up my variable rate!

J

NickX

Jinos wrote: »

From 1 September 2008 the handling fees for balance transfers, credit card cheque transactions, cash transactions and money transfers will be 5%

Hmmm well I won't be paying a 5% BT fee - there are plenty of others out there with 2-3% fees and still a few fee free.

I suggest customers vote with their feet.

DestroyingAngel_2

...could be the start of the Credit Crunch avalanche, where ALL cc providers start raising the bar. Best start living within our means, eh?!!

~Chameleon~

Had the exact same letter myself this morning. Just glad I did the BT last week with capped fee so will be definitely be closing this card when it ends next March!

speedbird1973

You'll probably find their "catch the fish" offers and probably their repeat offers will still have flexible BT fees (my last one came through at 2.9% with an uncapped 2.5% free, which soon became fee free).

This will only be a factor if you write yourself CC cheques from time to time.