Warning: MBNA 0% for 22 Months credit card.

DullGreyGuy

https://forums.moneysavingexpert.com/discussion/6611342/warning-mbna-0-for-22-months-credit-card 

There is another thread on the same.

mab3000

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

MBNA are the only provider I have come across where they limit the 0% purchase offer to purchases made within a smaller timeframe than the duration of the 0% interest offer period  

sausage_time

DullGreyGuy said:

https://forums.moneysavingexpert.com/discussion/6611342/warning-mbna-0-for-22-months-credit-card 

There is another thread on the same.

Merged, thanks.

Jami74

Do people honestly not look at their credit card apps transaction list or their statements for months at a time? I'm feeling like I must be a bit OCD to check mine every week, but how else would I know how much I've spent and how much I'll have to pay back?

How do they even know what sort of credit card they're offered if they don't read the sentence that says '0% interest for X months for purchases made within the first 60 days from account opening'? I'm pretty sure it's displayed more than once through the process.

HillStreetBlues

Jami74 said:

Do people honestly not look at their credit card apps transaction list or their statements for months at a time? I'm feeling like I must be a bit OCD to check mine every week, but how else would I know how much I've spent and how much I'll have to pay back?

How do they even know what sort of credit card they're offered if they don't read the sentence that says '0% interest for X months for purchases made within the first 60 days from account opening'? I'm pretty sure it's displayed more than once through the process.

Confirmation bias, a person believes it covers the whole period, the headline indicates that is the case so will look no further.

DullGreyGuy

Jami74 said:

Do people honestly not look at their credit card apps transaction list or their statements for months at a time? I'm feeling like I must be a bit OCD to check mine every week, but how else would I know how much I've spent and how much I'll have to pay back?

Some are years at a time, on the basis of the near daily thread about people spotting some form of subscription or continuous payment that they thought they'd cancelled/didnt realise they'd agreed to but has been ongoing for 3+ years

Imagine many just look at the headline of what the DD payment will be coming out rather than looking at all the details. Some will just have such a large float in their account that it doesnt really matter if its £400 or £1,500 as there is enough funds for the DD to go through. 

eschaton

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Did you make that up?

DullGreyGuy

eschaton said:

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Did you make that up?

More likely just hasn't looked recently, it used to be more common than it is now

eschaton

DullGreyGuy said:

eschaton said:

Altior said:

Fairly standard that you only get a small spending window on a 0% purchases card. Santander is the only provider I can recall where the 0% applied to purchases for the duration of the offer.

Did you make that up?

More likely just hasn't looked recently, it used to be more common than it is now

MBNA are the only one I’ve ever seen do it and I’ve had as many as 7 cards at a time, currently back up to 4 after clearing the last of the 7 early last year. 

I got caught out when I applied for one a few years back. Didn’t realise until I opened it but just closed it immediately, it wasn’t worth the hassle. 

I was surprised as it wasn’t a thing 20 years ago with them. The days where you could put £8/9k into your bank account for a £35 maximum fee. 

Stevey123

Since my last/first post, I have complained to MBNA stating that they had contravened the CONC rule 3.1.1 Financial Promotions must be fair clear and not misleading. The 60 day aspect was not included in the headline - see Galaerin post/screenshot. MBNA declined my complaint. Since then, they have now added the 60 day element into the headline and it now says '21 months at 0% purchases made in the first 60 days, which all accepted will get".... I believe they have done this as a response to the above contravention. If they had upheld my complaint, they would have had to, potentially, refund all other customers who have fallen for this practice. My next step is the FOS in which I will be stating that they have also breached FCA conduct rule 1 - Firms must act with integrity. I will let you know how I get on.