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Money transfer fee increase
Shakin_Steve
Posts: 2,844 Forumite
in Credit cards
Got my usual monthly email from MBNA today telling me about my balance/money transfer offers......like I didn't know already.:o
Anyhow...I noticed that the fee for money transfers had gone up from 4% to 4.5%, quite a hike.
Sorry, didn't check balance transfers.
Anyhow...I noticed that the fee for money transfers had gone up from 4% to 4.5%, quite a hike.
Sorry, didn't check balance transfers.
I came into this world with nothing and I've got most of it left.
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Just checked the balance transfer offer, that has gone from 3.5 to 4%.I came into this world with nothing and I've got most of it left.0
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MBNA have always been above average with balance and money transfers.0
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for a comparison....
Tesco monthly offer - for next 12 months 2.99% BT and 3.99% MT (i think this hasn't changed since original offers, but hardly use the card anymore0 -
Yes, that's what the MBNA offer was last month. The reason I posted this info was to get people's views on whether they have had any experience of borrowing becoming more expensive recently. I was wondering if MBNA were genuinely more expensive than others or were simply the first to implement across the board increases.for a comparison....
Tesco monthly offer - for next 12 months 2.99% BT and 3.99% MT (i think this hasn't changed since original offers, but hardly use the card anymoreI came into this world with nothing and I've got most of it left.0 -
Given how regulated CCs are, I do think CCs should be forced to quote an APR for balance transfers which includes these fees.
It really is nothing less than interest in advance.
True, in most cases the APR wouldn't be much more than the fee, especially for longer deals. But it's bananas to me that a CC that charges an annual fee has to inflate the APR accordingly, but for BTs they don't.0 -
chattychappy wrote: »Given how regulated CCs are, I do think CCs should be forced to quote an APR for balance transfers which includes these fees.
It really is nothing less than interest in advance.
True, in most cases the APR wouldn't be much more than the fee, especially for longer deals. But it's bananas to me that a CC that charges an annual fee has to inflate the APR accordingly, but for BTs they don't.
I understand what you're saying but quoting an APR is (IMO) just an excuse to avoid the real issue which is improving the educational standard of the population so they can actually understand the maths behind interest rates/fees/borrowing.
I personally dislike the APR as a measure intensely when it includes fees - it makes it bloody difficult to figure out what the actual interest rate being applied is unless you know what assumptions have been included for derivation of the APR (like term for instance).0 -
Well the APR without the fee is easy......0%.I came into this world with nothing and I've got most of it left.0
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Loan arrangement fees are incl in the Apr so they should with bt & Mt. Otherwise they just quote what makes it seem favourable.
MBNA mostly offer 12 month transfers so the fee is just interest up front. They do occasionally offer longer deals like 24 or 36 months which makes it a lot better deal.
People may think it the same as Apr, but you would be better off with a loan if the apr is the same as the Mt rate as you are paying it off over the term.0 -
Shakin_Steve wrote: »Well the APR without the fee is easy......0%.
As I'm sure you realise, and as per chattychappy's point, without the fee the APR is pretty much meaningless - you know it's not costing you nothing to use this card.
Anyway, off my soapbox for now ;-)
Good weekend everyone!0 -
This month I have:
MBNA no offer
Barclaycard 0%APR for 18 months with 2.4% fee
Bank of Scotland 0% APR for 30 months with 3.0% fee
Lloyds 4.9% APR for 36 months with no fee
Halifax 4.9% APR for 36 months with no fee
They vary month to month. I haven't had a decent offer from MBNA for some time.0
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