MSE News: MBNA pulls UK credit cards from sale

Tixy

Dr_Cuckoo3 wrote: »

All the application links on the MBNA website still appear to be working

some pages starting https://www.euapplyonlinenow.com/ are not , although the AA card still is

Irish MBNA application forms still appear to be working

No mention of this on any other news website

perhaps the MSE journo has made a mistake with the press embargo date :think:

? When I go onto MBNA I can't see any branded MBNA cards now.
And specifically going onto the MBNA Platinum site brings up this message - http://www.mbna.co.uk/credit-cards/mbna-platinum-visa-credit-card/
Thank you for your interest in our credit card products.
We are sorry, but we are not accepting any new applications for MBNA credit cards until further notice.
This also applies to telephone applications.

Dr_Cuckoo3

Tixy wrote: »

? When I go onto MBNA I can't see any branded MBNA cards now.
And specifically going onto the MBNA Platinum site brings up this message - http://www.mbna.co.uk/credit-cards/mbna-platinum-visa-credit-card/
Thank you for your interest in our credit card products.
We are sorry, but we are not accepting any new applications for MBNA credit cards until further notice.
This also applies to telephone applications.

yes I saw that earlier - but this link lists a number of MBNA cards http://www.mbna.co.uk/choose-credit-card/ and is happy to allow applicants to enter all their personal details (I have not filled in and submitted an application , but I do not think they would allow all the personal details to be entered just so say they are no longer accepting applications)

Tixy

Dr_Cuckoo3 wrote: »

yes I saw that earlier - but this link lists a number of MBNA cards http://www.mbna.co.uk/choose-credit-card/ and is happy to allow applicants to enter all their personal details (I have not filled in and submitted an application , but I do not think they would allow all the personal details to be entered just so say they are no longer accepting applications)

But that link doesn't have any MBNA branded cards on it (well not when I click it?), only virgin and play and the charity and club branded cards etc which are not discontinued.

Dr_Cuckoo3

Tixy wrote: »

But that link doesn't have any MBNA branded cards on it (well not when I click it?), only virgin and play and the charity and club branded cards etc which are not discontinued.

I misinterpreted the headline "MBNA pulls UK credit cards from sale" - so MBNA are open for business as far as applications for their co-branded cards are concerned

I wonder what percentage of new business the unbranded cards attracted

Gemmzie

I hope they uphold their current offers though - otherwise that's going to cause people a lot of problems.

Rupert_Bear

Ive noticed with my mbna card I no longer receive repeat offers online. However when I phoned them a few days ago they were happy for me to bt for 12 month at zero percent or cash to my bank account also at zero percent for 12 months with the usual 3 percent fee.

fozmcfc

Gemmzie wrote: »

I hope they uphold their current offers though - otherwise that's going to cause people a lot of problems.

I would imagine, that no futher offers will be sent and by the time the business is sold, wound down, the offers for current customers will have finished.

Interesting if it was only the MBNA cards and not the ones they backed such as Virgin are closed/sold/wound down, but I suspect it will be the whole lot.

Big shame, my Virgin card, was a massive part of why I'm now debt free and the repeat offers are incredible. Repeat 12 months 0% on purchases and numerous others, none of my other 6 cards have ever offered such repeat offers.

glowgirl_2

I just received a huge credit limit increase on my MBNA card (I didnt ask for it) and 0% on purchases and BT for 13 months - is this a good thing? I'm wondering if I should take advantage of it.

ppc1

fozmcfc wrote: »

I would imagine, that no futher offers will be sent and by the time the business is sold, wound down, the offers for current customers will have finished.

Interesting if it was only the MBNA cards and not the ones they backed such as Virgin are closed/sold/wound down, but I suspect it will be the whole lot.

Big shame, my Virgin card, was a massive part of why I'm now debt free and the repeat offers are incredible. Repeat 12 months 0% on purchases and numerous others, none of my other 6 cards have ever offered such repeat offers.

I think this is a strategic move, Bank of America wants to exit the UK, it can therefore only control the cards which it owns i.e MBNA and Bank of America cards. All the other brands such as Virgin, AA, Amazon etc will continue trading.

Think about it, these are strategic partners of MBNA, there will be penalties if MBNA does not provide certain services to their customers. In the same way I have no doubt that the likes of Virgin etc will be given the opportunity to buy their own customers back! It is bound to be in any agreement if Bank Of America does/has decided to exit the credit card market.

MBNA has a approx 18% of the uk credit card market. If I was a betting man I would say that over a third of the cards issued by MBNA would be branded as Virgin.

I can see why MBNA would stop issueing its cards. Last year it advanced £12.4bn in loans and advances and it made a pre tax profit of £348m pounds. Not bad! Whoever buys MBNA will need deep profits to purchase it. I would guess £12bn - 16bn. How many companies can afford this in todays economic environment? I think MBNA will be sold to more than one company and it is quite likely that those strategic type partners will have the opportunity to buy part of the business. If MBNA keep lending and continues isssuing new promotional offers it will only make the company more expensive.

All this information I have quoted is in public demain at companies house and all info has been in the press!

http://www.liverpooldailypost.co.uk/ldpbusiness/business-local/2011/09/28/mbna-back-in-black-as-it-goes-on-sale-92534-29497611/

fozmcfc

Well I hope you are right ppc1, would hate to see my Virgin card get closed or transferred to another company who don't offer any decent 0% offers (in particular purchase offers).