MBNA policy

peawack

When is a credit limit not a credit limit ? My wife was offered what seemed like good deal at 3.9% from MBNA, but was unaware of the perils which awaited her. When she made a puchase which took her 74 pence, YES, 74 PENCE ,over the 'limit', she was hit with a £25 fee, an interest charge of £59, and a hike in interest rate to 20 %. Why was the purchase allowed if it exceeded her credit 'limit , anyway ? MBNA are scoundrels and should be investigated. She complained and was offered half of the £25 fine back.

THE_ROCK84

peawack wrote:

When is a credit limit not a credit limit ? My wife was offered what seemed like good deal at 3.9% from MBNA, but was unaware of the perils which awaited her. When she made a puchase which took her 74 pence, YES, 74 PENCE ,over the 'limit', she was hit with a £25 fee, an interest charge of £59, and a hike in interest rate to 20 %. Why was the purchase allowed if it exceeded her credit 'limit , anyway ? MBNA are scoundrels and should be investigated. She complained and was offered half of the £25 fine back.

she should control her spending and in answer to your question "When is a credit limit not a credit limit ?" When you go over it!

peawack

Do you work for MBNA or just like to be ill-mannered ?

GIRLPOWER_2

It's like when you go over your overdraft.. they charge you mega bucks but they are the ones who have not declined your transaction... Think you may have had the best outcome... you have been charged for not managing your acc. and they have not charged you as much as they should cos they are the ones who have allowed this to happen. but I agree that they should not allow you to go over your limit in the first place.

THE_ROCK84

Nope. im just telling you how it is! Once you go over your limit most, CC compaines remove your promotional rates, because you have broken the terms of agreement.

Sorry mate, you broke T&C and there well in the right too charge you. You played right into there hands! CC companies love customers like you!! MBNA is a business, and at the end of the day they are there to make a profit, which is exactly what they done.

So whats the problem? If your wife wasnt sure how much credit she had, check next time, or dont use the card.

THE_ROCK84

GIRLPOWER wrote:

It's like when you go over your overdraft.. they charge you mega bucks but they are the ones who have not declined your transaction... Think you may have had the best outcome... you have been charged for not managing your acc. and they have not charged you as much as they should cos they are the ones who have allowed this to happen. but I agree that they should not allow you to go over your limit in the first place.

why should they not allow you to go over the limit? Do you really think they can monitor 10000s of accounts!? and then how would they make there profits!!??

rizla01

Phew Peawack!!

No sympathy here then.

peawack

GIRLPOWER wrote:

It's like when you go over your overdraft.. they charge you mega bucks but they are the ones who have not declined your transaction... Think you may have had the best outcome... you have been charged for not managing your acc. and they have not charged you as much as they should cos they are the ones who have allowed this to happen. but I agree that they should not allow you to go over your limit in the first place.

The best outcome indeed... she has paid off the card and will never have anything to do with MBNA again ! The ironry being that she could have paid for the purchase in several other ways, but was unaware that she would have been allowed to stray over the 'limit', responsible lending and all that !
Also, contrary to the impression given by this thread's other, ill-mannered contributor, she is far from wreckless with credit.

grumbler

£25 is not MBNA practice. This is practice of all CC companies.
And this is not hidden in small print. You can see it in the SUMMARY BOX:
Default charges:£25 for going overlimit, making late payments and for returned payments.

However, I cannot explain £59 interest. Do you always pay balance in full and in time?

P.S. Don't expect that some other CC company will stop you from going over your credit limit.

THE_ROCK84

peawack wrote:

Also, contrary to the impression given by this thread's other, ill-mannered contributor, she is far from wreckless with credit.

Doesnt seem like that from ur orginal post peewack.

peawack

I take it that this retrospective interest at the newly installed 20 % rate.
As I said earlier, they are rogues and should be investigated.