MBNA: 5% fee but payment order changing

fozmcfc

TFD wrote: »

Yes but nobody said otherwise! You're arguing, when nobody disagrees with you.

Fair enough so what you are saying is that you think it is wrong even now to advertise, 0% BT even though there is a fee and it is clearly stated in their advertising?

TFD_2

fozmcfc wrote: »

Fair enough so what you are saying is that you think it is wrong even now to advertise, 0% BT even though there is a fee and it is clearly stated in their advertising?

It's misleading, using 0% as a headline figure, when it's often a 5-6% APR.

PNPSUKNET

they are a business and have to borrow the money from investors etc, so need to make money 5% isnt really that much

chattychappy

PNPSUKNET wrote: »

they are a business and have to borrow the money from investors etc, so need to make money 5% isnt really that much

Well.. that of course all depends. Quite a lot as an entry fee to a 6.9% LOB deal, for example. I've also had short term 0% deals offered from MBNA - eg they just offered me 0% (+3% fee) for 6 months, which I ignored. 5% fee would make seem rather pricey for such a short deal.

Anyway, it's all up to them. My guess is we will see interest rates compress a little - not such a spread between promotional and standard rates. Perhaps we'll see more competition on the fee.

TFD_2

PNPSUKNET wrote: »

they are a business and have to borrow the money from investors etc, so need to make money 5% isnt really that much

Who's arguing that? It's the way they pitch it that bothers some people. A bit like Ryanair's business model...

PNPSUKNET

These issues all stem from the reclaiming of charges, its kind of expected.