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MBNA Charges ...Gobsmacking!!
mountainofdebt
Posts: 7,795 Forumite
in Credit cards
Until very recently (ok since I joined these boards!!!) I was unaware of what the true APR was on my cards. I guessed MBNA was high though because I was hardly paying off any of the debt..so you can imagine how shocked I was when I found out that it was 24.9%.
Anyway transferred alot of the balance from MBNA and now only have £500 or so on the card.
Tonight I get a phone call off MBNA asking if I wanted to transfer balances at a rate of 1.9% for 6 months...that's good me thinks but hang on. Any payment will go first to clear the BT and not the balance attracting the 24.9% interest. I mention this to the caller and get told that it might be an idea to ring customer loyalty department and see if I can get a reduction in interest rates.
I promptly do this and get told that the maximum reduction I would be offered would only be 2% and for the privilage I would be charged £25!!!
As I told the woman 22% (in my opinion!) is still extnortionate in the days when the base rate is 5% and to be charged for the privilage ....well I had to use all my powers of self control not to swear!
Needless to say me and MBNA will soon be parting ways!!!
Anyway transferred alot of the balance from MBNA and now only have £500 or so on the card.
Tonight I get a phone call off MBNA asking if I wanted to transfer balances at a rate of 1.9% for 6 months...that's good me thinks but hang on. Any payment will go first to clear the BT and not the balance attracting the 24.9% interest. I mention this to the caller and get told that it might be an idea to ring customer loyalty department and see if I can get a reduction in interest rates.
I promptly do this and get told that the maximum reduction I would be offered would only be 2% and for the privilage I would be charged £25!!!
As I told the woman 22% (in my opinion!) is still extnortionate in the days when the base rate is 5% and to be charged for the privilage ....well I had to use all my powers of self control not to swear!
Needless to say me and MBNA will soon be parting ways!!!
2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
0
Comments
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24.9% is terrible.
I've only used MBNA for their 0% offers, but I'm sure my card is probably on a similarly high APR for purchases (going to have to check now).
Can you not get the last £500 onto another 0% card at all?"One day I realised that when you are lying in your grave, it's no good saying, "I was too shy, too frightened."
Because by then you've blown your chances. That's it."0 -
mrcow wrote:Can you not get the last £500 onto another 0% card at all?
Or get someone to lend it to you for just long enough to make the transfer?0 -
Can't get any 0% deals but can transfer it to another card for 9.9%.....not great but when compared to 24.9%......2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
Could transfer it to the 9.9% card then immediately back to the 1.9%. I think I am right in saying that you would the only incur a few days interest, but I am sure someone will mention here (think it mentioned this in one of Martin's articles ).
Anon0 -
Exactly. Move your debt to the least interest rate you get, and then move it back to your MBNA card, and move other debt as well, all at the low rate of 1.9%
Guess you'll not be parting ways with MBNA after all ;-)It's always the grass that suffers, irrespective of whether the elephants are fighting or making love !!!0 -
Good thinking Batpeople!!!
(Best think I ever did was to listen to Martin on Radio 4 and hear about this site!!!)
I have written to MBNA splitting my dummy out of the pram so you never know i might get a decent rate off them anyway!!!2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0
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