MBNA new terms letter

bertman

I have had a letter today from MBNA which says they are restructuring the way that everyone pays their minimum balances. There is a leaflet in the pack which shows how much extra you will pay a month on the mimimum payment.

I have an MBNA card with £1900 on it, the current payment will go up by £11.00 a month. I am not too bothered by this as I can absorb this and the debt will be paid off a bit quicker.

I do though have a Virgin card that is owned by MBNA, now this has over £7500 on it, the minimum payment will jump by a huge amount.

Does anyone know if I can either refuse the new terms by closing the account - I haven't used any credit cards for nearly a year now so this wouldn't bother me. Or does anyone know if a Virgin card owned by MBNA would be covered by this new ruling. The letter today only related to the smaller balance.

Thanks for reading..

bottleofred

Hi bertman,

I think you can refuse the increase in interest as long as you know longer use the card and continue to pay the minimum monthly payment. However, hopefully someone with more knowledge than me will be along soon.

beanielou

But its not an increase in interest at the end of the day.
Its an increase in the minimum payment.
Would doubt you can refuse the new terms & conditions but I am happy to be corrected.

DVardysShadow

beanielou wrote: »

But its not an increase in interest at the end of the day.
Its an increase in the minimum payment.
Would doubt you can refuse the new terms & conditions but I am happy to be corrected.

New terms and conditions can be refused if they are to your detriment - provided you cease using the card. Increased minimums is, in my book, detrimental.