MBNA gambling charge

[ajapale]

Has anyone else noticed MBNA's new 'terms and conditions' and susequent charge?

Does anyone else have a problem with this? I do.

Would love to hear anyone else's thoughts.

Hi Shadowdude,

I have no problem with it!

Its MBNA's product and they are entitled to apply whatever terms and conditions they wish. (So long as they comply with regulations and the law of the land).

If MBNA want to treat a gambling transaction as a cash advance then they are perfectly entitled to do that.

aj

 

[JoeB]

Hi

I have posted above... my problem is continuing and Tesco continue to appear dismissive, and to constantly change what they say, and to make false promises.

I have received a letter from them dated the 03-02-10... in it they state that (quote) 'cash advances including cash substitutes, foreign currency, travellers cheques, money transfers, finance payments, and gambling/betting transactions have no interest free period'.. and that 'interest will also be charged on the interest charges'.

This is completely different to what they define a cash advance as in their terms and conditions... and will likely be news to all Tesco credit card holders.

I will be ringing them tomorrow, and depending on how that goes I will be reporting them to the Financial Regulator soon. I'd suggest that all Tesco cardholders do the same...

Cheers so,

 

[Crunchie]

Hi

I have posted above... my problem is continuing and Tesco continue to appear dismissive, and to constantly change what they say, and to make false promises.

I have received a letter from them dated the 03-02-10... in it they state that (quote) 'cash advances including cash substitutes, foreign currency, travellers cheques, money transfers, finance payments, and gambling/betting transactions have no interest free period'.. and that 'interest will also be charged on the interest charges'.

This is completely different to what they define a cash advance as in their terms and conditions... and will likely be news to all Tesco credit card holders.

I will be ringing them tomorrow, and depending on how that goes I will be reporting them to the Financial Regulator soon. I'd suggest that all Tesco cardholders do the same...

Cheers so,

New T&Cs arrived with my Tesco Visa bill today. Effective 30 April 2010 "advance" includes "carry out a gambling transaction"

"Gambling transaction" means " a transaction where payment is made to an establishment that is identifiable to us as carrying on gambling whether or not the purpose of the transaction is payment for gambling activity"

 

[JoeB]

Hi

Yes, I am aware that they are now changing their T&Cs.. however in the past they were incorrectly treating gambling transactions as 'cash advances' and charging accordingly... even though gambling wasn't mentioned in the T&Cs.

I have discussed the wording of the new T&Cs with them. I have asked about hotels in Las Vegas... in their new T&Cs all transactions in Las Vegas could legimately be called gambling transactions... definitely in hotels like Caesars Palace, or The Bellagio. So it's not really a credit card that's suitable for use in Las Vegas hotels... regardless of what you wish to get credit for.

They are investigating my claims, and it's ongoing... in short they have consistently refused to guarantee refunds where they have applied charges incorrectly, (i.e differently to what was in the T&Cs).

My post above was the 10-02-2010... I called the following day, and again I was on the phone for an hour or so!!!, and they were denying everything again.. eventually a senior person accepted what I was saying, and an investigation was begun. Incidentally I have recordings of the phone conversations, of many hours duration, going back to when I first raised this issue, back in October or November of 2009. They acknowledged the problem in Dec, 2009 but appeared to do nothing about it.


I wonder is the new wording legal?.. I suppose it is, but it seems to make Tesco the final arbiteur of what is a gambling transaction and what is not... which could be abused by them.,... even Tesco supermarkets sell lotto tickets which is gambling.. so tansactions carried out in all Tesco stores could be classed as 'cash advances' if they wished.

 

[branners]

MBNA are also charging interest per day on it until it is paid, from the time it goes on your card not just when it is overdue.

I got stung with the €2.50 charge over the weekend. I put €50 on my credit card for the National. I had €200 outstanding on my card. So including the €50 and the charge I now have €252.50 on my card. I plan on paying off €100 this Thursday, will that cancel out the €50 so I wont be paying interest on it or do I need to clear the full €252.50 so stop paying the interest?

Thanks!

 

[JoeB]

It's likely you need to clear the balance completely.

This is to do with the order in which your payments are applied to the outstanding items... this order should be given in the T&Cs and on mine the cash advances, gambling charges are near the bottom, and will be towards the end to be paid off. You'll also have to pay a little more to cover the interest.

 

[agentino]

I am not sure what caused credit card companies to start treating transcations with Bookmakers differently (For example a CC company will not charge you to deposit with Betfair which is an exchange. However Betfair themselves will charge you 1.5%)
However it has been well flagged as it was first introduced in the UK.

It is sharp practice no question there but lets be honest folks if it brings credit card gambling under control then I am all for it to be honest.

We are going to have to wise up when dealing with financial institutions

 

[Blackberry]

We are going to have to wise up when dealing with financial institutions

Load of rubbish......We have entered a new era for banking......fees, interest rates etc. WILL rise accross the board.....especially with a number of foreign banks leaving these shores........Banks will cherry pick the new customers they will want to dael with.....Fact!

 

[JoeB]

... (For example a CC company will not charge you to deposit with Betfair which is an exchange. However Betfair themselves will charge you 1.5%)

However it has been well flagged as it was first introduced in the UK.

about six months to a year now... Tesco credit card do charge on transactions to Betfair, and they were so eager they started to treat 'gambling transactions' differently up to six months before they bothered to tell their customers about it. The changes to the T&Cs were only made in March 2010 I think, or else April 2010

It is sharp practice no question there but lets be honest folks if it brings credit card gambling under control then I am all for it to be honest.

We are going to have to wise up when dealing with financial institutions

I don't see it as a sharp practice, as long as they tell you about it, unlike Tesco who didn't bother..

The point of it isn't to bring gambling under control, the CC companies don't have a social conscience... they ae doing it because they can.