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[Good News] Tesco and MBNA change the way Credit Card payments are applied

  • 06-02-2011 12:33pm
    #1
    lotsofthegreen
    Registered Users Posts: 473 ✭✭


    I know this card has been discussed many times here before with many peoples main gripe the fact that viewing your account online doesn't exist which hopefully will change.

    There is an automated freephone service where you can check most things.

    Anyway, apart from rewarding you with one point for every 2euro spent anywhere, since January first it has gained a new edge over every card on the irish market (that i know of) with a change to how they use your payment.

    Basically any payment is first used to clear government tax (if any left to be paid) and then the most expensive part of the balance, for example, clear any cash advance that may have been made. The interest on cash on any cards are usually always more expensive.

    Its to do with an agreement made between uk government and uk financial institutions that they decided to extend to use. this would be a big plus if you transferrred your balance to it for the 0% rate and then had to withdraw emergency cash say 100. they if you pay back this plus the cash advance fee at least it would clear the "cash" balance which costs interest everyday and it wouldnt come off the balance youre paying 0% on.

    On any other card you would ave to pay everything before you stopped paying interest on the cash advance.

    I have this card years and it's great. I pay everything with it and just use billpay to pay it wuith my laser. I even pay my BG electricity with it. it costs me nothing extra (free phonecall to an automated easy use service) but im been rewarded for paying my bills.

    A lot of Clubcard Deals are great and there's lots of new ones.

    Also a tip i've noticed in tesco where i do 50% of my shopping, i dont gave thre operator my clubcard and just pay with the credit card. This works as your clubcard but i find when you do this its seems to almost always spit out BONUS POINT vouchers whereas when i use to scan my clubcard before or during the transaction i never really got them


Comments

  • #2
    BuffyBot
    Moderators, Motoring & Transport Moderators Posts: 24,924 Mod ✭✭✭✭BuffyBot


    Not exclusive to Tesco, but MBNA are now doing the same regarding how payments are applied. So not completely correct on the "any other card" aspect. This is simply as most of their business is done in the UK and I'd imagine having two separate methods of dealing with cards wasn't worth the hassle.

    http://www.mbna.ie/about-us/news-room/0211-min-pay/

    Thread title updated.


  • #3
    lotsofthegreen
    Registered Users Posts: 473 ✭✭lotsofthegreen


    BuffyBot wrote: »
    Not exclusive to Tesco, but MBNA are now ARE FROM 29TH APRIL 2011 doing the same regarding how payments are applied. So not completely correct WRONG on the "any other card" aspect. This is simply as most of their business is done in the UK and I'd imagine having two separate methods of dealing with cards wasn't worth the hassle.

    http://www.mbna.ie/about-us/news-room/0211-min-pay/

    Thread title updated.

    This is good news and thanks for posting. i understand what you're saying re Tesco's motive for doing so but that doesn't bother me. And i suggest this may be why MBNA are doing the same.


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