MBNA Annual Fee

MSE_Martin

I've read reports on here that MBNA is introducing an annual fee to some customers, this is its response.

"MBNA has introduced an annual fee on a small number of existing MBNA Customer accounts. This represents a fraction of one per cent of our Customer base. Annual fees are not new, a number of our cards already operate an annual fee.
I cannot comment on the specific details of this annual fee as ultimately this is a matter between MBNA and its Customers. However I would reiterate that annual fees are not new and in this case, are only being applied to a small number of accounts.

The annual fee is effective from November and will appear on December statements."

The answer is simple, unless you've got a decent 0% or low rate offer from MBNA which you use. If it introduces an annual fee for you - ditch it!

Martin


Update Note

Its now confirmed there are 40,000 cardholders who will have an annual fee added (this is actually only a very small proportion of MBNA cardholders). It wont say why they've been chosen. My sneaking suspicion is its those who both pay off in full and don't use the online facility for statements (ie those who are costly) but i really don't know. If a fee is being charged, please let me know by replying to this if you fit in the category.

homersimpson_3

thanks for trying but we're still none the wiser. there was a link on one of the other postings to an article which suggested the fees were being charged on those accounts were people borrowed money each month and then paid it off straight, only to borrow it back again the next month and pay it back and so on. if people are using money to stooze the full debt won't be paid off in one go so if article right then we should be 'safe' with stoozing. time will tell and agreed if they do charge we should ditch it.

rdj104

I received one of those annual fee letters too. Mines probably because in the last couple of years I've hardly used it, except for occasional balance transfer on promotional rates.

I intend to cancel my card, infact...

Done.

I wonder if they'll now stop sending me the annoying insurance offers through the post at regular intervals?

I'd stopped using it anyway due to their charges on balance transfers. I was only keeping it for emergency use anyway.

pattycake

I had not used my card for quite some time. I assumed when the letter arrived saying they were intending to charge a fee, it was an effort to get rid of dormant accounts.

I have cancelled the card via their automated telephone service. I assume this is good enough as it was what was suggested in the letter.

jonesMUFCforever

You can check all MBNA cards regardless of which company you are with online and it tells you if your card is 'live' or not.
Like many posters on this group I don't like MBNA and the way they do business and have stoped using both cards issued by them because for me there are better options out there.
Eric

serpico

https://www.pbs.org/wgbh/pages/frontline/shows/credit /view/

Very Interesting, worth the time viewing.

Anon

£25 fee on MBNA Beyond - I use more than the 12 minimum times per year, in fact, have used quite a bit this past year as I use it for flights and trains (travel insurance included) therefore must have been chosen as I pay off in full each month.

Anon

serpico

You have been identified, you are a DEADBEAT

rhonor

Yes- I've been informed that as from November I will be charged £15 annual fee for my card. I've been with MBNA for many years and I always pay off any outstanding balance at the end of the month, though I generally pay by online transfer rather than awaiting a paper statement.

I've written to them telling them just what to do with their card (easier now I've cut it up....).

mhawkshaw

rhonor wrote:

I've written to them telling them just what to do with their card (easier now I've cut it up....).

I'm sure you've done this but just in case others don't...

Make sure you phone or write to cancel your card - simply cutting it up won't cancel your card, it just means you can't use it. Check later that they do close your account. Often they will just leave it "dorment" for a while in case any late transactions appear.

zonker84

I was just wondering, I have an MBNA card, but it is an AOL credit card. Therefore, would this make a difference in them choosing to charge a fee? I use it a fair bit to collect the points, but I've always paid it off in full.

Pretty disappointing if they do start charging a fee, but heard nothing yet