Warning on credit card "due date"

luckat

I was recently lured into moving money to an MBNA credit card for the offer of 1.9% interest for six months.

One warning, said the guy: pay by the due date or the interest will go back up to 13.9 per cent.

So I trundled down the post office and paid by the date listed on the bill each month - only to find myself paying a late fee, and the huge interest of 13.9 per cent.

MBNA directed me to the small print, which says that the date listed on the bill is the date the money *must be in their account*.

So if you're paying by the date listed on your bill, you're actually paying them three to five days late.

woody

had that myself threatened them that I would close the account unless the refunded me. be well aware have now moved back to AIB

luckat

Yeah, I'm taking the money out of the card today.

Rew

Thats standard on any CC

luckat

Bleagh. Wouldn't you think it would be "Pay by xx date"

Tazz T

I've had real problems with MBNA regarding this.

They weren't posting my payments until 2 weeks after I'd paid them and then charging me late payments. Took months to get sorted out. Just got rid of them. Do the same. They're the worst credit card company in Ireland to deal with.

luckat

The other thing they said.... ditsy dork that I am, I vaguely thought the guy had said *free* interest rather than *cheap* interest.

"Oh, no, that's certainly not available in Ireland," they said.

In Ireland!

So they're happy to offer their English customers things unavailable to their Irish customers.

(Or in your and my case, ex-customer.)

Slice

It's standard for any bill. The payment due date is the date the payment needs to be received by the recepient. Most methods of payments can take up to 5 working days to reach and it's up to you to make payment not the people issuing the bill

eth0_

Eh...no surprise there? That's the same with *ANY* bill, credit card or utility etc

luckat

Well, I didn't know. All my utilities are on direct debit or standing order for years, and I've always paid off the credit card bill *on the date it says on the bill*. I thought I was doing right. Excuse me for living.

luckat

It would be interesting to post a poll, to see how most people understood the due date on the credit card bill. I bet a lot of people would have thought, like me, that it was the date by which you had to pay the bill.

woody

you pay on the due date that is it, when they recieve the money is not your problem the payment transaction date will indicate the payment as say 5 june and due date 5 june is correct if they charge you they are commiting fraud as I said stay away from MBNA they are the biggest idiots and frauds in the credit card business currently

GerardKeating

luckat wrote:

Well, I didn't know. All my utilities are on direct debit or standing order for years, and I've always paid off the credit card bill *on the date it says on the bill*. I thought I was doing right. Excuse me for living.

If only MBNA put a comment like Please allow up to 5 working days for your payments to reach youir account


oh,

they do,

several times...

GerardKeating

woody wrote:

you pay on the due date that is it, when they recieve the money is not your problem the payment transaction date will indicate the payment as say 5 june and due date 5 june is correct if they charge you they are commiting fraud as I said stay away from MBNA they are the biggest idiots and frauds in the credit card business currently

Depends on your defination of "PAY", it is clearly stated on the statement that you must allow 5-7 days for the payments to reach your account.

And this is not something unique to MBNA, most utilities have this provision. And it is not unreasonable.

BuffyBot

And this is not something unique to MBNA, most utilities have this provision. And it is not unreasonable.

Indeed. However, MBNA are notorious for being extremely strict - unlike other companies. It's one of the major things to be aware of when dealing with them.

nlgbbbblth

'please allow 4 / 5 / 6 etc working days for payment to reach us' is a common feature on most bills.

its ironic that people flock to MBNA because they 'shake up the market' / 'introduce a bit of competition to those greedy banks' and then discover that these short-term sweeteners can be long term pain.

cheapest deal is not always the best.