MBNA cards - a warning

davp

Just to let everyone know who uses their 0% cards, MBNA ruthlessly applies its T&C and will use the rules to charge a hefty interest fee, should you, for instance, be late with a payment for whatever reason.

On the rare occasion in the past this glitch has happened to me, the issuer has been flexible. Not MBNA.

[Deleted User]

Breaking news. Lender enforces t&cs. Good stuff.

redpete

On the rare occasion in the past this glitch has also happened to me, the issuer (Virgin/MBNA) has been flexible.

Rupert_Bear

Deleted_User wrote: »

Breaking news. Lender enforces t&cs. Good stuff.

The Newbie meant well!

[Deleted User]

Rupert_Bear wrote: »

The Newbie meant well!

Yeah, well, I'm handing out lollipops and a$$-kickings today.

And I'm all out of lollipops.

Gromitt

davp wrote: »

Just to let everyone know who uses their 0% cards, MBNA ruthlessly applies its T&C and will use the rules to charge a hefty interest fee, should you, for instance, be late with a payment for whatever reason.

Two words fix that for every single provider whether flexible or not: Direct Debit.

Simples.

bengal-stripe

davp wrote: »

.......should you, for instance, be late with a payment for whatever reason.

On the rare occasion in the past this glitch has happened to me......

It doesn't seem that rare an occasion this "glitch" has happened to you.

You could try getting better organized!

davp

Deleted_User wrote: »

Breaking news. Lender enforces t&cs. Good stuff.

Hmm, I hadn't realised this site has a tendency to troll. My comment is intended to warn others. I accept DD is a way to avoid these problems, but this is the only lender I've found to be intransigent.

If that's of no interest to you, that's okay. But I would have thought there are better things to do than make inane replies.

YorkshireBoy

Anecdotal evidence (and insider knowledge?) on this board would seem to suggest MBNA will reinstate 0% introductory deals for (late payment) breaches occuring within the first 3-4 months.

Sounds like you're outside this period?

Have you tried their customer loyalty department? The number used to be 0800 783 1116, but not sure it's still in use?

davp

Yes they may well do this, but they take their "charge" first. I haven't tried the loyalty dept, if that's different to customer service, but I've closed the card now.

YorkshireBoy

davp wrote: »

Yes they may well do this, but they take their "charge" first. I haven't tried the loyalty dept, if that's different to customer service, but I've closed the card now.

So it isn't (now) a problem for you. Your warning will be read, and heeded, by some people (especially the replies suggesting DD) but, sadly, we will still get several posts each week reporting the same issue.

What a lot of people fail to see is that these deals are very much loss leaders for the lenders. After all, why would you lend money if you didn't hope to make a profit? I believe it's known as 'speculate to accumulate'.

MBNA are currently lending money (for BTs) at 0% for 16 months for a 1.99% fee which equates to an APR of less than 1.5%. I'm making a lot more than that after tax in my savings accounts...with no risk to my capital!