MSE News: MBNA to close two Amex reward credit cards

Former_MSE_Rosie

More than 75,000 MBNA customers will stop earning cashback and rewards via their Amex credit card next month, and will then be sent a replacement Visa card which won't offer any such perks...

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'MBNA to close two Amex reward credit cards'

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GTSS9486

In addition, MBNA have told me that their Everyday Plus Amex card is also being withdrawn and will be replaced by a Visa card. The same perks will be offered on the replacement Visa card - free cash withdrawals in UK & overseas, low APR (7.4%) and 0% commission on overseas transactions.

veryintrigued

Surely this decision is as much about Lloyd's buying it and now squeezing the market?

jonesMUFCforever

veryintrigued wrote: »

Surely this decision is as much about Lloyd's buying it and now squeezing the market?

No nothing of the sort - its because of the EU legislation capping fees.
Nearly all banks who issued AMEX cards have or are planning to do the same.

savingpennies

Since they cut the rates of cashback a while ago, I've hardly used my MBNA cards. Clearly time for me to get rid. There are other cards out there who offer better cashback rates.

System

savingpennies wrote: »

Since they cut the rates of cashback a while ago, I've hardly used my MBNA cards. Clearly time for me to get rid. There are other cards out there who offer better cashback rates.

Unless you are using an Amex (issued directly) then the issuer will be making a loss by giving you more than 0.3% cashback.

The writing is clearly on the wall for many (free) cashback cards.