Law of Diminishing Return

Systemaddict_2

Over the past year or so MBNA had increased the Balance Transfer Fee [BTF] (%) and the minimum amount as well as removing the upper maximum fee limit.

Surely, there must come a time when the BTF + the BT rate make BT not worth while [specially with lower credit limits].

I have one suggestion for all our forum members with MBNA cards.

Let us all phone MBNA and ask for a BT rate and what their fees are.
Then regardless of the offer [unless it is 0% for 6+months and no BTF] we all refuse to do the transfer - stating that their rate + BTF are way above the current market rates.

If we all did this within a short period, MBNA will register the dissents and may start to reconsider their position which may lead to lower rates and lower BTF.

Any comments?
Any other ideas?

kingkano

Is it not more likely that everyone else falls into line with MBNAs new policies though???? The CC companies can only service so much 'free debt' I expect. Eventually they are all going to be not making much money (everyone having their credit on 0% or near to deals) and will just make their money off the BT fees instead lol.

sicker

When I see 'MBNA' now I immediately throw it in the bucket, although they have been good to me in the past. However over the last 6 months their staffs attitude appears to have become more rigorous.

John

Systemaddict_2

Today, I had a call from MBNA offering me Bal Trf of £7K @ 0% for 6 months with a capped fee of £50.

I took the offer.

Could they be listening to some of their customers comments?