MBNA put up for sale

Clive_Woody

walzingmatilda wrote: »

If / when a takeover happens does this affect the current T's & C's to any existing deal?

I was wondering that regarding my cash back card with them.

dazza.mk

Depends on the details of the takeover, any company would have the right to change the cashback offering but for example with the recent purchase of Egg by Barclaycard at the point of the changeover customers will have their card cancelled by Egg and will be offered a Barclaycard on their standard terms assuming they meet underwriting criteria.

.... Above assumes an account with no balances outstanding of course.

malcolmffc

Very bad news. We have 3 different rewards CCs with them and we've always had great service.

walzingmatilda

dazza.mk wrote: »

Depends on the details of the takeover, any company would have the right to change the cashback offering but for example with the recent purchase of Egg by Barclaycard at the point of the changeover customers will have their card cancelled by Egg and will be offered a Barclaycard on their standard terms assuming they meet underwriting criteria.

.... Above assumes an account with no balances outstanding of course.

If there is an outstanding balance is this paid off under current terms. I ask because I'm 9 months into a 18month 0% Balance transfer. I've worked it so my payments will pay it off over the 18 months. What I want to know is will the new owner honour any 0% deals struck with the previous company? Or are they allowed to scrap any deals from the previous ownership.

Thanks

Hugh_Jass

The Canadian MBNA Cards will be bought by the Canadian Toronto Dominion Bank Group. Not sure who is going to buy the UK/Europe side of the business.

Tangible

Of course in the current economic climate and with so many other job losses announced in the finance industry the headline doesn't bode well

5,000 UK and Ireland jobs at risk as MBNA credit card division up for sale

dazza.mk

walzingmatilda wrote: »

If there is an outstanding balance is this paid off under current terms. I ask because I'm 9 months into a 18month 0% Balance transfer. I've worked it so my payments will pay it off over the 18 months. What I want to know is will the new owner honour any 0% deals struck with the previous company? Or are they allowed to scrap any deals from the previous ownership.

Thanks

You will still get your existing deal as that was part of the initial credit agreement that you signed upto (although that isn't to say the new owner 'might' screw it up and you'll have to chase them).

fozmcfc

Rupert_Bear wrote: »

Very disappointed. They are fantastic for promo deals and purchases. I just hope they sale the business to a reputable company like Barclays.

Agreed my Virgin card currently has 4 0% offers on it for purchases, money transfers and balance transfers. Constant repeat offers from them and we are talking deals which offer 0% for 12 months + in some cases.

Absolutely trounches anything any other credit card company offers me in the way of deals and I have 6 cards.

Maybe they are fed up of people who blame everyone but themselves for the mess they get in with CC's and those who can't read and understand simple T&C's and cry foul when they get hit by charges in those simple T&C's

Who can blame them really, plenty of examples of the above on these forums.

izools

fozmcfc wrote: »

Maybe they are fed up of people who blame everyone but themselves for the mess they get in with CC's and those who can't read and understand simple T&C's and cry foul when they get hit by charges in those simple T&C's

Yeahman, they should run a test at the end of the application with various questions relating to the T&C and if you get under 85% you're declined or redirected back to the T&C until you can get 85%+ on the test :beer:

chanz4

We can see many more doing this, would be suprised if sygma isnt next.