MBNA to charge £15 annual fee

vansboy

Interesting then, can't see what the idea is behind it!

I'll await my letter asking for £15 - then listen for the sound of a card being snipped in half!!

VB

serpico

Bad debts rising, can't payers going bankcrupt all affects profits, got to make it up somewhere.

YorkshireBoy

vansboy wrote:

...can't see what the idea is behind it!

No, and MBNA aren't saying either...

"When asked for an explanation, [MBNA] spokesman Paul Lawler would say only: 'This is a matter between ourselves and our customers.' He did volunteer the information that 'a small number' were involved, but would not say how many or even what percentage would be affected."

Read the full article here...

http://www.thisismoney.co.uk/credit-and-loans/article.html?in_article_id=404148&in_page_id=9&ct=5

serpico

It's called Bait. Hook. Switch and Twirl, a technique used by back street Hucksters and Loan Sharks.

Anon

As noted above though, it seems strange to still be advertising on their site:

No annual fee - we do not expect you to pay extra for the privilege of carrying our credit card.

Surely this is false advertising (and bad faith!) when they are sending letters to existing customers?

Anon

serpico

Methinks Sir/Madam, your post is something of an extreme understatement to say the least. At times one can be far to polite.

eagle

Would appreciate Martin's thoughts/input on this. Martin, no doubt you're already onto them, but any chance we'll hear something official soon?

M_Thomson

Anon wrote:

As noted above though, it seems strange to still be advertising on their site:



Surely this is false advertising (and bad faith!) when they are sending letters to existing customers?

Anon

As Martin said, they are only going to charge some (not all) people who pay off their card in full every month. Also, in every terms and conditions from a credit card company I have had it does say we reserve the right to introduce an annual fee.