MBNA Credit Card - Card Alert Feature

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InfoSeeker

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I just signed up for an MBNA credit card as I have an outstanding balance on another card that I am struggling to pay off. I realise that this is the worst month to sign up re the gov't duty but my monthly interest is probably higher than the duty unfortunately (for me!!)
Anyway I activated my card today and the phone operator told me about this card alert product. At first I thought she was going to give me a spiel about payment protection which I am not going to take but she said that today is the first day that they are offering it to Irish customers but it has been in the UK for a while. Basically you can document other credit cards and should they get stolen, MBNA will cover you for the first 1700 euros should you report it before there is greater than 1700 euros fraudalent usage. You can also provide info re passport and should this get lost they will look after it. She gave me loads of info very quickly but I declined as I am very sceptical of accepting offers without reading some documentation first. I asked for information but she said it is only sent out if you sign up and costs 30 pounds (Sterling, I presume) a year. She said there was no info on their website as it was new, ie launched today. I am just wondering if anyone knows of this existing product in the UK or the new product being launched here?
 
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MBNA will cover you for the first 1700 euros should you report it before there is greater than 1700 euros fraudalent usage.

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It's a con. I really love this for its sheer brass neck. MBNA are trying to get you to take out insurance to cover their losses in the event that someone fraudelently uses your card.

If you didn't spend the money in the first place, provided you notify your card issuer as soon as you realise that your card is missing, you cannot be held liable for it.

As for the #30 charge. That's rich. They want to charge you #30 and because you already have a debt to transfer over and will not be in a position to will probably end up paying interest on it. It's a win win situation for them.

If you are going abroad and are worried about your passport then photocopy it before you leave. In fact photocopy all your cards, driving licence and passport and hold them together in a different location to the originals.
 
Murt is correct. If someone uses your card and forges your signature you are not liable. You are right to be suspicious of any offers especially from MBNA as they are generally selling this stuff for their benefit not yours.
 
In theory they say you are liable for the first 50 EURO.
Do you know or have heard of anybody paying this?
I haven't.
As said above it's all a scam to help the CC company make more money!
Just as a point if you're balance is so high, why not get a card that gives you something back.
There is a "Blue card" from Amex that gives you 1% back on your purchases which is handy if you use it for everything like car insurance, holidays, electrical items etc.
WWW.Pigsback.com also do a "cashback" on their credit card but it's in Piggypoints which you can convert into various items.
Tesco Visa card also give you points but its 1 for every 2 EURO spent i.e. 1/2 of the other two.
 
Other Credit Cards

Thanks for the replies, was very dubious about the information given to me over the phone and am happy that I did not say yes based on your responses. Thank you also re the other credit card alternatives but I have signed up with MBNA and to be honest the rate of 1.92% for the first 6 months and 14.9% thereafter is all I am after. I am seeking trying to remove/lessen my current debt as much as possible in the first 6 months and once I complete this I am going to reduce the credit limit to 500 euros to prevent my lack of discipline taking over again!!
 
mbna

mbna also supply a cheque book, which for the likes of me who doesn't have one is brilliant. I usually front load my balance before writing a cheque or going on holidays.
word of warning though: if you lose your credit card while it is in credit you are liable for any loss if the card is used before its stopped. In short if you'r in credit don't lose the card. Mbna only step in when you are not in credit.
 
MBNA

Thanks cuchullain for the warning re loss of card and being liable for fraudalent use whilst in credit. Unfortunately this is not applicable to me for the foreseeable future!!! Good to know it though.
 
Re: mbna

Hi InfoSeeker,

You might want to check out the Best Buys.

Other Credit Card providers have a 0% for 6 month rate on balance transfers so you wouldn't need to pay any interest (providing you don't make any purchases on it).

You'd be liable for another €40, but depending on the interest charged it could be worth your while.
 
Re: mbna

Just a small point regarding item on "credit balance".
Surely you wouldn't be liable unless the signature is the exact same as your one?
Can't see how they could debit your account if the
signatures don't match?
 
mbna credits cards etc

I lost my card two years ago coming home from work, I had stopped off to buy petrol and could clearly remember having the card in my pocket when I fished out the money to pay for the petrol, when I got home I could not find the card. 90% of the time if this happened I would assume I left it at work but in this case I could recall having it. I had topped up the card the previous week for a cheque I intended to write. Knowing that in all probability I had lost the card at the garage I rang MBNA basically to find out what to do and the very efficient and friendly operator informed me that the card was still in balance to xxxx amount and that if I reported it lost she would stop all payments on it and would order a new card etc. She also advised me that if I didn't stop the card and went back to the garage to look etc and the card was used in the meantime that I was liable for the loss on the credit but not when it went into the red.
She informed me that this was company policy.
as for comparing signatures etc I read some time ago that a lot of stolen cards are used abroad within minutes of them being stolen. Anyway bottom line if you lose your mbna card, while in credit, and even if its used in Hong Kong five minutes later, you lose your credit.
 
Re: mbna credits cards etc

I find that hard to believe that they can hold you liable. I remember from Bus. Org. class in 1834 or whatever that if you lose your cheque book, or if someone forges your signature that you are not liable for any losses since you didn't sign anything and therefore you didn't authorise any payment. You should look into the legality of them making such a statement. I don't see how anybody should be liable for any misuse of their card by someone else.
 
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