MBNA Increasing Interest Rates For Loyal Customers


Be careful what you wish for when wanting loyal customers to be treated the same as new customers. Letter in the post this morning

“We’re doing this to bring your interest rates in-line with the rates we offer to new customers …… This is part of our wider approach to more closely align interest rates on new and existing customer accounts …….”

Purchases from 11.9% to 19.9%
BT from 13.9% to 21.9%
MT from 15.9% to 23.9%

Not a minor increase, purchase interest up from 94.5p per 100 to 1.53 per month, a 67% increase in the rate which could tip someone over the edge (although if in that situation they should reject the change as mentioned in the letter).

Last edited by molerat; Today at 12:43 PM.

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