MBNA Balance transfer/Cheque *fee* now 5%!!?? Charges on the up?

The_Pedant

I've just received a bog standard email from MBNA, "reminding" me that they give "great rates" on balance transfers.... Excuse me 1 second ... *rolls around on floor laughing*

Marketing faff aside, I was shocked to see at the bottom of the email, in the small print it stated:

* You will be charged a handling fee for balance transfer, credit card cheque and cash transactions of 5% of the transaction (minimum £3).

Yes, you read that right .... 5%!! :eek:

Is this a picture of things to come?
These fees have typically crept up, but this time it's a hike of about 67% from the previous fee of 3%.

I just thought folks might like to know.

cifpower

The 5% is just for existing customers it seems. Virgin CC is still offering BT with a fee of 2.98% for new customers.

skyrider007

I've just received that e-mail as well. Says 5% on the email but 2.9% in the online banking page where you do the balance transfer. I would trust the information on the webpage more than the e-mail.

A transfer handling fee will apply of 2.9% of the transaction (minimum of £3.00)

For balance transfer to a bank account, the fee is now 4%.

A transfer handling fee will apply of 4.0% of the transaction (minimum of £3.00)

david39

I've just received my monthly statement from MBNA together with the usual sheet of their Credit Card Cheques and the "handling charge" for them is 3% according to the T&Cs.
I also received new T&Cs for the card itself a few weeks back where it said that BTs would be charged at 4% handling fee.
Looks like their rates vary from customer to customer.

Innocent_Guy

I think they make these figures up TBH

clio

wonder if virgin will up there BT fee from 2.98% too 4 or 5%!

MABLE

This is what I have been offered.

4.9% until 27 October 2009 on all balance transfers completed before 25 June 2009

..




A transfer handling fee will apply of 1.5% of the transaction (minimum of £0.03)
Transfer Balance
7.9% for the life of your balance on all balance transfers completed before 25 June 2009
A transfer handling fee will apply of 3.0% of the transaction (minimum of £3.00)
Transfer Balance


Money Transfers To A Current Account
2.9% until 27 October 2009 on all money transfers to a current account completed before 25 June 2009
A transfer handling fee will apply of 4.0% of the transaction (minimum of £3.00)
Transfer Balance

4.9% until 27 October 2009 on all money transfers to a current account completed before 25 June 2009
A transfer handling fee will apply of 1.5% of the transaction (minimum of £0.03)
Transfer Balance

7.9% for the life of your balance on all money transfers to a current account completed before 25 June 2009
A transfer handling fee will apply of 4.0% of the transaction (minimum of £3.00)
Transfer Balance

Robert_Sterling

The Credit Crunch is crunching up balance transfers.

MABLE

Robert_Sterling wrote: »

The Credit Crunch is crunching up balance transfers.

Another one of your useless one liners.:rotfl:

Moggles_2

There certainly seems to be some variation in dates and percentages. Some forum users received notice of a change last year. Others have been quoted 4% or 5% BT fees from
1 April this year.

It's worth remembering that MBNA has a reputation for regular, follow-on offers. The bank will even waive BT fees sometimes, if you're prepared to negotiate over the phone. I've had offers as good or better than the introductory deals now and again