| Product: |
MBNA |
| Date: |
08/07/09 (92 review reads) |
| Rating: |
 |
Advantages: They call if there is unusual activity
Disadvantages: The statements are misleading
I have had my MBNA Credit card for almost 2 years and never had a problem with it until recently.
I had done a lot of spending on the account, and when I received my monthly statement, I looked at the front of it, saw the amount and paid it.
the next month there was interest added to my account. Upon closer inspection, it appeared that I had not paid the amount in full the previous month. So I checked my last statement and found that it continued overleaf. It only showed the first couple of items being billed on the first page, despite there being a lot of space underneath.
I feel that MBNA do this on purpose knowing that most other statements do not appear like that, so people will glance quickly and end up not paying the full amount to get them interest.
I should have checked closer, and I can hear many of you saying that I was foolish to not look at it more closely, and yes I agree, I should have. But I do feel that it is tactical on the part of MBNA to show their statements in this way.
Other than that I have had no other problems with MBNA. And they have always been quick to call whenever there is "unusual" activity on the account to ensure it is not fraud taking place.
Summary: Check your statements thoroughly and you'll be ok
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Last comments:
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- 06/08/09 devilinme, thats going to happen everywhere eventually. I worked there, I know. the FSA dictated it must be done. Basically because too many people were running up smallish debts where the minimum would be a few pounds every month and just paying the mi. FSA counted that as one reason why there is a debt issue now, and ordered ALL banks to eventually change to this £25 minimum, so even if you're monthly payment should only be £5, you're paying more and are clearing your debt faster.
Bex, no they don't do it on purpose, its just the way their systems are set out unfortunately it does catch a lot of people out.
MBNA ARE excellent when it comes to fraud checks, as it is a huge risk in modern banking, some of the ways your details can be gained are unbelievable. one thing to watch out for is how MBNA charge interest. IT is a rolling interest that accrues on a daily basis. If you were to clear your card today, the payment could take about 5 days to clear, and those 5 days would still accrue interest meaning the payment you made would not then be enough to clear it, meaning you wouldn't know and would ignore it and get charged etc etc. I saw it happen daily, 90% of calls I took were about that. My advice, if ever you go to clear your account with MBNA, check your statement and see what the 'estimated interest' is, then pay that as well. Once cleared, if you are in credit they always gladly send it back to your account. |
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- 08/07/09 Nope, you messed up. lol
They put my monthly up from a fiver to £25 and so I switched. |
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