Credit card shake-up begins with MBNA payment overhaul News Discussion

This is the discussion thread for the following MSE News Story:

"Credit card shake-up begins with MBNA payment overhaul..."
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Comments

  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    The banks must be hopping mad by now.

    PPI mis-selling is already costing them a small fortune and the repayment re-ordering is going to in the future, without the need to claim anything.

    If we think bank charges are obscene now, I suspect we aint seen nothin' yet.

    It just does my heart good to see them suffer as they make us suffer. :rotfl:
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
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    edited 1 September 2010 at 12:03AM
    It just does my heart good to see them suffer as they make us suffer. :rotfl:
    Just remember though, there will only ever be one winner in this 'game'.

    "24.9% APR (typical)" anyone?

    "Up to 40 days interest free" anyone?
  • It is fortunate that most of the banks' obscenities are avoidable but methinks you're right that there will be only one side winning here.

    Who do we think will ultimately pay for the banking levy - not the banks, that's for sure. Just the condoms method of stealth tax.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • exel1966
    exel1966 Posts: 4,978 Forumite
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    It just does my heart good to see them suffer as they make us suffer. :rotfl:

    And you as the consumer(ist) will be made to suffer even more in the long run for as YB states there's only ever going to be one winner as someone, somewhere will have to pay for this and that usually means those who stay within the rules.
  • exel1966 wrote: »
    And you as the consumer(ist) will be made to suffer even more in the long run

    I think that's what I said, isn't it ?

    But still enjoying the moment.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • First post so be gentle! I am a bit of a saddo when looking at financial products and it appears to me that Nationwide may have played a blinder here as whilst they are less punitive than the likes of MBNA, when you actually read their T&C's their order of payments means that you will still suffer some pain as they pay off lower rate balances such as penalty fees and interest at any rate before paying of higher rate balances. I might be wrong here so would appreciate any advice! I think all the banks will try and re-coup the monies, just in future they will have to be more open about it!
  • Percy1983
    Percy1983 Posts: 5,244 Forumite
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    Shame its too late to help me, I had a £3k cash advance at 29.9% sat under a balance of 7k at 18.9% with the Halifax. As it is I am going to make the final blow and clear the card next month but if this would have saved me quite a bit of money.

    Yes I shouldn' have took the cash but it was needed at the time.
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  • kolin_2
    kolin_2 Posts: 245 Forumite
    Percy1983 wrote: »
    Shame its too late to help me, I had a £3k cash advance at 29.9% sat under a balance of 7k at 18.9% with the Halifax. As it is I am going to make the final blow and clear the card next month but if this would have saved me quite a bit of money.

    Yes I shouldn' have took the cash but it was needed at the time.

    I'm with you, Ive still got £4000~ on cash advances on my credit card that i'm paying off with HSBC, and they still take the purchases first :mad:

    when I asked HSBC when they planned to implement the reverse order of payments, i got this wonderful reply.
    Thank you for your e-mail dated 3 August regarding your credit card account.

    Please note that repayments will no longer pay off the balance with the highest interest first (cash - purchases - balance transfers (BTs)). The balance with the lowest Annual Percentage Rate will now be paid off first (BT - purchases - cash).

    I would like to advise you that our new Payment Hierarchy is in line with the industry. It also enables us to offer more flexible product offerings and remain competitive within the market. Please be aware that we are one of the few issuers who only charge interest from the date transactions (including cash) are posted and not the date the transaction is made - this can give you a couple of days interest free.

    I am sorry to inform you that we will be unable to change the payment allocation method.

    what is the point in asking these people questions.
  • callum9999
    callum9999 Posts: 4,392 Forumite
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    kolin wrote: »
    I'm with you, Ive still got £4000~ on cash advances on my credit card that i'm paying off with HSBC, and they still take the purchases first :mad:

    when I asked HSBC when they planned to implement the reverse order of payments, i got this wonderful reply.


    what is the point in asking these people questions.

    Apart from Sygma, I always get stupid responses like that. It's like a computer just picks up key words and sends out an automated response!
  • izools
    izools Posts: 7,513 Forumite
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    callum9999 wrote: »
    Apart from Sygma, I always get stupid responses like that. It's like a computer just picks up key words and sends out an automated response!

    What did Sygma have to say on the matter? I don't owe them any cash but it'd be nice to know :o
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