Potential Charges for Club Credit Card

[Shelagh]

I have read in the paper today that MBNA will be introducing an annual fee for 40,000 of its customers. The fee will range from £15 to £25 and there is no explanation as to how the "lucky" customers will be selected - although it is thought it might be those who pay off the balance each month and so don't pay interest.

Well, quite a few years ago, I signed up to the BMMC Credit Card and it is an MBNA card. I haven't heard anything yet but I do tend to pay off the balance so it could only be a matter of time.

So I thought I would just bring this to your attention in case you, too, have a BMMC card and warn you to watch out for the letter (if you are one of the "lucky" ones).

It is unfortunate because, if I do face a charge, I will not hesitate in cancelling the card, yet I signed up to it in the first place to try and give something back to the club every time I used it.

Apparently, there is a chance that other credit card companies will follow suit. However, in the meantime, the club might want to re-consider its association with MBNA.

[Peter Harding]

I guess they have to make a charge to pay for all the free credit they are offering to "new customers" by taking over existing debts on other cards with no interest for a year. It can't be to cover the cost of service as my experience over the last year with Financial institutions would not be worth anything.

This is probably going to end up in Parc Ferme as a general moan so i thought i'd get in first.

PS I have a MBNA card via BARC but it goes the minute they add a charge.

[MagnetON]

Over here he government make us pay a E20 "tax" for the privilage of having a credit card, oh, and they also "tax" us for having a bank card too.

[MagnetON]

MBNA - "Maryland Bank of North America" is one of the largest credit card issuers and almost any "vanity" type credit card such as BMMC, RyanAir, Star Trek, etc. is usually an MBNA card in disguise.

In the US many universities and colleges have "alma mater" credit cards which are again MBNA.

I believe that in the US they also offer a "send in your own pic" card.

[Stephen Green]

Grant, I will mention this to Chris Hobson as we have a Council meeting later this month.

[Shelagh]

Stephen,

Thanks for taking this forward within the Club.

I wasn't intending this to start a whinge fest - I just thought it was useful information that people should be made aware of.

Shelagh

[Gridlock]

Hi Shelagh
Where did this information originate from. Which newspaper.
Have not been able to track anything down on the News websites?
Thank you

[Shelagh]

It was in the Daily Mail on Friday, October 7th.

Yes, I know the Daily Mail isn't a real newspaper!

[Gridlock]

Thanks for the info. I just hope your comments regarding the newspaper dosent start further comments. Thanks again

[Dave Brand]

I think it's part of a general trend in the credit card industry with the aim of increasing profitability. I had a letter from Barclaycard last week informing me that their interest rates & commission rates on cash transactions are increasing......from my point of view, better than imposing an annual charge, as I don't pay either of those!

[Gridlock]

Just Incase there are people like me that do not read the daily rags I give below the article taken from the Daily Mail website?
It does appear that what the government dosent steal the banks will?

A credit card giant is introducing annual fees of up to £25 in a move condemned as 'astounding' and 'pure greed'.
MBNA is writing to 40,000 of its customers telling them the fee - of £15 or £25 - will be introduced next month.

There were suspicions last night the fee will spread to all the firm's seven million customers, with other banks and card issuers following suit.

[JABWOA]

Sounds like profiteering, especially those annoying people who use thier credit and then pay the amount back in full by the interest free end date. (Some banks in Aust now have no interest free periods for a marginally reduced credit rate.

[Paul Newns]

If the Mean Buggars from North America try to charge me for the so called priviledge of having one of their bits of plastic they can have the sharp pieces inserted somewhere tender and I'll find a card that doesn't charge. I must get twenty invitations a week that go in the bin so shopping around wont be difficult.

[Chris Hobson]

So far I have had no official word from MBNA about this - I will investigate and let everyone know - but in the meantime, please do not stop using your cards- the club gets a (very) small kickback from all purchases and new cards, all of which goes into running the club.

Chris Hobson
National Chairman
British Motorsport Marshals Club

[Shelagh]

As someone who is probably a prime target for the charge (not only do I pay off the balance but I actually ended up in credit for a while thanks to a car insurance refund), I have not yet heard anything from MBNA.

Will let you know if I do.