MBNA new terms

pwllbwdr

Just had a couple of letters from MBNA about my two credit cards with them - change in conditions. The letters say that the admin fee for all types of balance transfer is changing to 5%.

Fortunately I don't need to do any BTs with the MBNA cards at the moment, but 5% is getting pretty steep. Is that the case for anyone else here?

caleyles

got the same today with my virgin card

Mozette

caleyles wrote: »

got the same today with my virgin card

I just did a BT on my Virgin card & it was 2.98%

**Upsy_Daisy**

I got a letter about the increase to 5% from MBNA

Doesn't worry me - no more BT with them as I'm currently at 0% with them, clearing my debts and won't be using them again

It's going to hurt a lot of people though

Rupert_Bear

All to do with risk against reward. My promo rates are still 2.5 and 3% depending on what offer I decide to take up.

**Upsy_Daisy**

Rupert_Bear wrote: »

All to do with risk against reward. My promo rates are still 2.5 and 3% depending on what offer I decide to take up.

So true - I tend to clear mine at the end of the promo period - MBNA are so hard up they have to make their money somewhere so are now trying to take it up front

Looking forward to the letter with the rate hike - that's my cue to transfer:rotfl::rotfl:

(Many thanks to CannyJock for flagging that one up)

Degenerate

**Upsy_Daisy** wrote: »

I got a letter about the increase to 5% from MBNA

Doesn't worry me - no more BT with them as I'm currently at 0% with them, clearing my debts and won't be using them again

It's going to hurt a lot of people though

It seems to be a policy of seeing what level of fees they can get away with charging existing account holders. When they did this to me a year ago on my MBNA platinum plus card, I applied for a Virgin card and transferred my credit limit across thus ending up with 2.98% fees and a higher credit limit than ever! I was then able to take out a substantial money transfer for 16 months at 0% APR.