MBNA Changes Credit Card Payments Order

13th September 2010

MBNA has changed the order of payments on its wide range of credit cards with effect from 1st September 2010 such that the balance with the highest interest rate gets paid off first as compared to the previous system where any payments made to your credit card account went towards the cheapest debt first.

Under new government regulations which are to be introduced across all credit card companies by the end of the year, payments must be allocated against the most expensive card debt first, reducing the amount of interest that cardholders will have to pay.

MBNA have joined Virgin Money, Saga and the Co-op Bank, who have all brought in the changes well in advance of the official deadline. Customers of MBNA credit cards can now use their credit card for both balance transfers and for day to day spending, without losing the benefit of any promotional rate they may have.

The MBNA Platinum credit card offers 0% on balance transfers for 13 months for transfers made within the first 90 days, with a 2.9% handling fee and a typical 16.9% APR variable and also comes with an introductory offer on purchases of 0% for 3 months.

The MBNA Platinum credit card is available for online applications to UK residents who are over 18 years in age with a bank or building society account and an excellent credit history.