Lost MBNA Promotional Rate

AndyRHeath

Hi all,

first time poster!

Long story short... Transferred bank accounts from RBS to Halifax. Nothing went smoothly, MBNA credit card Direct Debit not set up correctly as Halifax didn't give the correct reference number and missed a payment. Made the payment as soon as I got the letter, but MBNA have cancelled the promo rate of 6.9% and given me 16.9%!
This has increased monthly payment from £60 to £148!

Halifax have admitted liability on this and I'm just writing them a nice letter to say 'Sort it out!' MBNA (quite rightly) wont put the promo rate back on as its not their fault.

Anyone else had a similar? and how did you overcome it?

I'm going to ask Halifax to sort it, but and am planning on offering them 2 solutions...

Either they give me a loan or CC @ 6.9% for the life of the balance transfer or they pay me x months of the £88 I'll lose! How many months should I ask for? don't want to appear greedy!

Cheers

Andy

twist-and-shout

Hi,
I work for MBNA and if you can send in proof to MBNA that it is your banks fault then they will appply the promotional rate back to the account. To do that you would need your bank to send you on their headed paper addmiting fault. This can be sent in via fax after speaking to a rep over the phone or via post to the Cutomer Advocate office. The extra interest you have been charged you would have to chase your bank.

Good luck

AndyRHeath

twist-and-shout wrote: »

Hi,
I work for MBNA and if you can send in proof to MBNA that it is your banks fault then they will appply the promotional rate back to the account. To do that you would need your bank to send you on their headed paper addmiting fault. This can be sent in via fax after speaking to a rep over the phone or via post to the Cutomer Advocate office. The extra interest you have been charged you would have to chase your bank.

Good luck

Thanks for your quick reply!

Thats awesome! I'd just assumed that as it was not their fault it would be gone!

I'll get Halifax to sort this out tomorrow and fingers crossed should get this back on!

Wow.. Love this forum already!

twist-and-shout

No worries.
Do you have access to a fax machine? If not the address to write into is : The customer Advocates Office, MBNA Europe bank, Chester business Park, PO Box 1004, Wrexham Road, Chester. CH4 9WW.

AndyRHeath

twist-and-shout wrote: »

No worries.
Do you have access to a fax machine? If not the address to write into is : The customer Advocates Office, MBNA Europe bank, Chester business Park, PO Box 1004, Wrexham Road, Chester. CH4 9WW.

Thats fab. Yep, have access to a fax machine, but thanks for the address. Will get Halifax to send me a letter and then write in to that.

Cheers

Andy

coldturkey247

Same happened to me, although it was my fault!

Didn't set up a DD and missed the monthly minimum payment by a day!

Lost my 0% promo rate, charged £12 non payment fee and an interest charge of over £55.

Phoned last night and because the payment was 1 day late, they could either refund the £55 or put me onto a low 1.9% rate.

Took the refunded interest and am currently applying for another 0% balance transfer card to shift the balance to!

expensive mistake and I've definatey learnt my lesson

chattychappy

coldturkey247 wrote: »

Same happened to me, although it was my fault!

Didn't set up a DD and missed the monthly minimum payment by a day!

Lost my 0% promo rate, charged £12 non payment fee and an interest charge of over £55.

Phoned last night and because the payment was 1 day late, they could either refund the £55 or put me onto a low 1.9% rate.

Took the refunded interest and am currently applying for another 0% balance transfer card to shift the balance to!

expensive mistake and I've definatey learnt my lesson

Given the fee on a new card is likely to be 3%, wouldn't you have been better taking the promotional rate? Or were you near the end of the offer anyway..

coldturkey247

chattychappy wrote: »

Given the fee on a new card is likely to be 3%, wouldn't you have been better taking the promotional rate? Or were you near the end of the offer anyway..

nah, was actually only a couple of months into the offer, but...

the amount is around 3700, so the £55 charge would have stayed, which works out around 1.48% for this month alone and then yearly rate of 1.9%, so in all, 3.38%

works out better to shift the full amount somewhere else for annual 2.9/3 %

twist-and-shout

Don't forget though you are now on the standard rate which means the interest will be calculating daily on your balance. So once you have cleared the balance you will still owe some trailing interest.

chattychappy

coldturkey247 wrote: »

nah, was actually only a couple of months into the offer, but...

the amount is around 3700, so the £55 charge would have stayed, which works out around 1.48% for this month alone and then yearly rate of 1.9%, so in all, 3.38%

works out better to shift the full amount somewhere else for annual 2.9/3 %

OK.

As per twist-and-shout's post, I think it also depends on the further interest whilst you arrange another transfer - if they refund that you're certainly quids in. If you have to pay this when the balance could have been on 1.9% then it's not so good.

One advantage of shifting off is that MBNA are pretty likely to come back with another deal soon. I've found they're the best when it comes to that.

Most cards have a higher minimum repayment requirement than MBNA - so you might have to pay more each month after the shift.

coldturkey247

chattychappy wrote: »

OK.

As per twist-and-shout's post, I think it also depends on the further interest whilst you arrange another transfer - if they refund that you're certainly quids in. If you have to pay this when the balance could have been on 1.9% then it's not so good.

One advantage of shifting off is that MBNA are pretty likely to come back with another deal soon. I've found they're the best when it comes to that.

Most cards have a higher minimum repayment requirement than MBNA - so you might have to pay more each month after the shift.

I applied for and was accepted onto an Egg card last night so I should hopefully only be paying interest for the time it takes for the card to arrive!

All being well, should have shifted the balance in a few days, but then again, that's dependant on Royal Mail!!

Here's hoping...