MBNA - 5% balance transfer fee now - robbing !!!!!!s !!

[Deleted User]

Had a letter from MBNA informing me that any balance transfers etc in future will now incur a 5% fee.

What a con !!! Dont think I'll bother thanks...

voiceofreason

Why's it a con? Just a change to T&Cs, surely?

After all, they have clearly communicated it to you.....

nomoneytoday

Ditch and switch to a cheaper provider ?

[Deleted User]

Not saying they havent - just wonder why they feel the need to charge 5%.

I just think its praying on people who are desperate to get off a higher rate card. I for one certainly wont be usimg them.

rsykes2000

[quote=[Deleted User];28870787]Not saying they havent - just wonder why they feel the need to charge 5%.

I just think its praying on people who are desperate to get off a higher rate card. I for one certainly wont be usimg them.[/QUOTE]

Fair do. However a lot of people will see 5% as still less than they are currently paying.

[Deleted User]

rsykes2000 wrote: »

Fair do. However a lot of people will see 5% as still less than they are currently paying.

You do know the 5% is just an upfront fee to do the transfer, yeh?

SarahMoon

Its their money and their credit card, if you want it, you play by their rules surely?

I've noticed in the credit card board here theres alot of "Its my human right to have a credit card" and "I broke the T&C but I still want the promotional rate"

As others have said, don't like it? Don't use them

rsykes2000

[quote=[Deleted User];28955253]You do know the 5% is just an upfront fee to do the transfer, yeh?[/QUOTE]

Of course. But there are a hell of a lot of people stuck on CCs with 30+% rates. If they can get a 5% transfer fee then 0% for 13 months, they have saved a hell of a lot of money.

[Deleted User]

rsykes2000 wrote: »

Of course. But there are a hell of a lot of people stuck on CCs with 30+% rates. If they can get a 5% transfer fee then 0% for 13 months, they have saved a hell of a lot of money.

True. Just wonder that they justify the 5% as though.