Beware Mbna Bt Expiry

Many of you will be aware of this but others may not be. I applied for a MBNA CC 6 months ago and BT'd £4,500 which has earned me a nice amount of interest thank you:D . I was aware that the BT was due to be repaid in October and expected it to be shown on the relevant statement which should have been the one I received yesterday.

Now I know I need to be aware of the repayment date but when the CC shows "Interest due at next statement" as being £0-00 I do think that this is misleading as they will be whacking the interest onto the BT if it isn't repaid.

Moral of the story is to make sure you know when the payment is due as the CC companies are employing dubious means to reclaim some of the lost interest.

I rang MBNA yesterday to confirm the due date and will ensure it's repaid in time to avoid the interest charges:)

Comments

  • Milarky
    Milarky Posts: 6,352
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    With MBNA you have to make any payment before 2pm one working day before[i/] you need the payment to be applied to the account.

    Say that the last date for 0% was '25th October' A Tuesday - then you make a payment on 24th October before the cutoff time and it will apply the next day [and be shown on updated balances the following day].

    [To be fair, I have found that MBNA generally says that interest rates will revert on the 'due date' for a particular month - which is generally 28 days from the date of the statement for that month.]
    .....under construction.... COVID is a [discontinued] scam
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