Disgraceful behaviour by MBNA

hstudent

When MBNA reject credit card applications because your income is too low they send you an invitation to apply for a Vanquis Bank credit card which has 39.9% APR, which is disgraceful they assume you'll run up more debt and can't get a good rate card so exploit the fact.

opinions4u

Absolutely.

Far better that a higher risk / lower income applicant should be declined and not given access to an alternative.

chattychappy

Though it was about time for another indignant thread.

PNPSUKNET

even sygma do this lol

realaledrinker

Common banking practice.

For example Co-op refer loan rejects to Freedom Finance.

Hax

hstudent wrote: »

When MBNA reject credit card applications because your income is too low they send you an invitation to apply for a Vanquis Bank credit card which has 39.9% APR, which is disgraceful they assume you'll run up more debt and can't get a good rate card so exploit the fact.

They haven't assumed anything. They've just decided that you're not a good enough risk for them and are presenting you with an alternative card provider who may consider you to be good enough.

Would you rather have no options at all?

Personally, I've found my Vanquis card to be very useful when rebuilding my credit rating. Pay it off in full and the APR makes little difference - nice to know that I've got £3K sitting there should I REALLY need it though!

lisyloo

Credit is going to be more expensive for higher risk individuals.
They are simply offering an alternative and not holding a gun to anyones head.
No-one has to accept the invitation.

I can't see anything wrong with it myself.

102091101

MBNA get a commission on it from vanquis, at least avoid that - (dont click on their link!)

I'm in the same boat due to the fact that I have not been a resident for 3 years and unfortunately , thats the system - think it should contravene some E.U law as its a block to the free movement of labour.

Hstudent, do you not have access to a graduate credit card? I had a lowlimit student credit card when i was in college.

opinions4u

think it contravenes some E.U law as its a block to the free movement of labour.

What has access to credit got to do with that?

PNPSUKNET

Its like I can grt mainstream, but vanquis wont touch me lol

Taff73

DO NOT TOUCH MBNA!!!!!

I have an MBNA credit card, which they have put the interest rate up to 34%, when I wrote and asked why this interest rate had gone up 16% they could not give me a reason, but just said it is a variable rate card its gone up. After checking my credit score which was 950+ I basically could not get much higher and the fact I have never missed a payment and in the last 12 mths have payed the card off twice. They refuse to do anything about it. The two other variable rate cards I hold have dropped 6% each to 12%.

So it is basically we do as we want and screw you with MBNA. The matter has been passed to the Financial Ombudsman services and also BBC watch dog. I am also in the process of setting up a web site, which will point out the robbing ways of MBNA. The more customers I can put off from MBNA the better.

Top Credit score, highly secure job, not one default and MBNA can still not justify this extortionate rate of interest and when you speak with them on the phone, they are ignorant as........... well I can't say pigs, as that unkind to a pig. If I was in financial trouble or a bad payer I can understand a a higher interest rate. But I am not.

Interesting fact as well, is that it all started after I cancelled the payment protection insurance on my card, as i have never used it or never will.