MBNA - No maximum on BT fees

Figment

Seems MBNA are changing their fee structure for BT/SBT's again.

I did a SBT last month and it was 2% capped at £35.00. On 1st November it increased to 2%, capped at £50.00. I was just looking at the application form again for someone else and noticed it now says:

2% handling fee (min. £2, max. £no max) on: credit card cheques and some balance transfers.
2% handling fee (min. £2, no max.) on: cash transactions.

Elsewhere it says

"You may be charged a fee for transferring a balance, unless you request a balance transfer online with your application. See terms and conditions for full details."

which state:

1f We may charge a handling fee for balance transfers. We will charge a handling fee for all cheque transactions and cash transactions. All handling fees will be 2% of the amount of each transaction, and will be at least £2. For cheque transactions and balance transfers the handling fee will be no more than £no max. There will be no maximum handling fee for cash transactions. We will charge an annual handling fee of £0.

Whilst I presume this is for new applications, I suspect the "no maximum" will be rolled out to everyone in the not too distant future.

Unbelievable_2

What a wierd way of putting it! Makes it look like someone forgot to fill in the boxes before posting it onto their website! :-/

Robert_Sterling_3

The end is nigh.
But not all that nigh.

Reaper

Ouch.

It may not apply to all their cards though e.g. Virgin seem to do their own thing.

Doh

MBNA are really on a Tarting/Stoozing clamp down (heard from the horses mouth) no existing 0% extentions, increased BT fees and now this!

this is just a snidey way of making themselves look like players in the 0% market but are actualy charging 2% >:( >:(

Surely this is close to false advertising? how can they say they give 0% on Balance transfers if it really costs 2% ?

Martin, go sort um out

zcaprd7

Its actually 4% on a 6-month deal APR-wise...

wuly78

I think it's case by case. I did a BT yesterday and was told the max. is still 35 Pounds. I'll check the statement when it goes through.
Certainly, it's in the T&C I got. If they charge more, I'll talk with them.

shonky_2

I just rang MBNA about this and was advised that it was still capped at £35 for only the first transfer, every subsequent transfer was uncapped.

When I questioned what guarantee I had, as their T&Cs quite clearly differed from what she was saying, she effectively said that I had to trust them ???

david78

Today, I've been approved for a limit of £7500. I haven't sent the form back yet. In the T&Cs it says a 2% charge and no limit. I was expecting it to be capped at £50.

It also says if I fill in the form which came with the agreement I will be charged the 2% fee.

If I BT £7352 to my current account, there will be a massive fee of £147 (approx) and my balance on the card would be £7500.

I estimate I can make about £210 at 4% for 9 months on the
£7352 meaning I will only make £210 - £147 = £63. >:(

Clearly, I would prefer to not pay the 2% if I can help it. I would be quite happy to pay the £50. Can anyone advise me what to do. Should I do the transfer on line or telephone them to do it. (I don't need to do a Super Balance Transfer, but could transfer from my 0% Halifax card if this would help.)

(wuly78 -- how did you do the BT yesterday?)

Regards,
David

wuly78

david78
They have problems on their online systems and I cannot access my account, so I don't know how much they charged me for the BT. But the lady over the phone told me the Max. is 35 Pounds. Also, in the T&C I got, it also state the Maz is 35, and I never get a letter from them for changing the T&C. So I beleve they cannot charge me more.
Once I tried doing a BT online, it shows on the BT page that they would charge 2% to the Max disclosed in your T&C. So you need to check your T&C.
I'll let you know when I know the charges.

Unbelievable_2

david78

I would phone them to do the BT - ask them what the charge will be and then you can decide (it may even be free given it's your first transfer). I don't think it will be a problem doing an SBT over the phone - that's how mine was done.