MBNA 0% FOR 24 MONTHS - NOT WHAT IT SAYS ON THE TIN

Virgo1963

I applied for this credit card via the MSE website in August 2022. I was 100% pre-approved for it and so took it out. I noticed on the app today that they have been charging me interest so I called MBNA. So apparently the % is only for purchases made within 60 days. After that it goes to the normal interest rate. I said that this wasn't clear at all when I applied for it and the lady I spoke to agreed and said they were aware of this issue. She has agreed to refund me the interest that has been paid on purchases since the 60 days were up but has advised me that the balance which is on my credit card post the 60 days I should look to do a balance transfer so that I don't incur future interest. Anyone else had this problem!

MorningcoffeeIV

Probably not many people will have had the problem of not reading the terms AND not noticing interest being charged until 6 months later, but there will be some.

Start looking for your BT card now if you can't pay off the debt from savings. 

TadleyBaggie

Pretty normal for there to be an initial period on 0% purchase cards. 

wiseonesomeofthetime

TadleyBaggie said:

Pretty normal for there to be an initial period on 0% purchase cards. 

I agree, but the period is normally the headline period, e.g. 0% purchases for 15 months = 0% on purchases for 15 months!

However, there are some providers whose cards may have that interest free repayment period that differs to their qualifying for 0% interest purchase period.

One of those, that I have noticed in the past, were indeed MBNA, the other was a credit card advertised on the Amazon website (cannot recall provider) where there was a 15/18 month 0% interest period offer, but in the small print mentioned on good purchased within the first 60 (or 90) days.

So yes, as MorningCoffeeIV alluded to above, reading of the terms and conditions of any offer, is extremely important, so as to understand what you are actually agreeing to in a contract.

An unfortunate oversight in this instance.