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MBNA Interest Charges

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  • 19-10-2011 10:33am
    #1
    Cautious007
    Closed Accounts Posts: 1 ✭


    I used a cheque transaction in Aug 2011, I checked with MBNA first and was assured that this was interest free until Feb 2012 and that I could continue to use my card for purchases as any payments I make would pay off the items that attract the highest rate of interest first. I have used my card for purchases since and always made sure to pay off the purchases amount, hence never carrying over a balance more than the amount of the original cheque transaction. I have been charged interest for the last three months, I have phoned each time and had the interest waived each time but nobody can explain how I am been charged interest on an "interest free transaction"!! Do you have to make a phone call every month to get the interest waived and if so, how many people would actually bother???


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    Cautious007 wrote: »
    I used a cheque transaction in Aug 2011, I checked with MBNA first and was assured that this was interest free until Feb 2012 and that I could continue to use my card for purchases as any payments I make would pay off the items that attract the highest rate of interest first. I have used my card for purchases since and always made sure to pay off the purchases amount, hence never carrying over a balance more than the amount of the original cheque transaction. I have been charged interest for the last three months, I have phoned each time and had the interest waived each time but nobody can explain how I am been charged interest on an "interest free transaction"!! Do you have to make a phone call every month to get the interest waived and if so, how many people would actually bother???

    I can only assume the payments you are making are going against the interest free amount before going against purchases. This is often part of terms and conditions


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    #3
    2moreMinutes
    Registered Users Posts: 1,003 ✭✭✭2moreMinutes


    chris85 wrote: »
    I can only assume the payments you are making are going against the interest free amount before going against purchases. This is often part of terms and conditions
    Not specific to thread but........I may be wrong but did MBNA not change their T&Cs recently (maybe last few months?) whereby higher interest items are paid off before lower interest items?


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    2moreMinutes wrote: »
    Not specific to thread but........I may be wrong but did MBNA not change their T&Cs recently (maybe last few months?) whereby higher interest items are paid off before lower interest items?

    Wasnt aware of that. Maybe they are having issues with their billing systems on this and thats why the OP keep gets refunded it as they havent sorted it out in terms of their billing system.


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    #5
    bleuhh
    Registered Users Posts: 124 ✭✭bleuhh


    Hi there, I used to work for MBNA in the UK customer service section, not Irish customer service (so it's a little different.) But we never had any promotional 0% rates on cheque transations.

    Can you clarify, what rate are you on for Retail transactions currently (standard or 0%) and what rate are you on for cheques? Then I should be able to help you!


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    #6
    bleuhh
    Registered Users Posts: 124 ✭✭bleuhh


    2moreMinutes wrote: »
    Not specific to thread but........I may be wrong but did MBNA not change their T&Cs recently (maybe last few months?) whereby higher interest items are paid off before lower interest items?

    MBNA always use your payments to reduce balances at the highest rate of interest first. If both your balances are on a 0% rate, MBNA will reduce the balances on the 0% rate that started first (not ends first)

    (I used to work for MBNA)


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