Unsecured credit at 11.9% to 15.9% is ununlikely to be the most competitive rate on offer. However you say that you have been getting a discount but it might still need to be significant to compete with rates on other credit sources.I know how to manage my finances fine btw. i can easily switch this to a loan account if i wish. the credit card suits me at the moment. better than putting unsecured short-term debt onto mortgages anyhow, as is often recommended here!!
better than putting unsecured short-term debt onto mortgages anyhow, is
I pay 10.9% on my MBNA card. I got a letter a few days ago to inform me of an increase but it was cash transactions (cheques/atm) only.
Maybe I have read the letter wrong and drawn the wrong meaning from it, but it is stated exactly as follows;
"Your monthly interest rate for cash transaction on new and existing balances wil be increased to 1.3852 % effective on the first day following your statement date in July 2007. Cas transactions include withdrawals at cash machines and over the counter transactions such as at banks as defined in your terms and conditions. This will not effect the rate that applies to your card purchases, balance transfers or cheque transactions."
Therefore, I believed it to mean that the interest rate won't be changing on the balance you already have or for purchases or even if you write one of their cheques. I thought it meant, that only cash withdrawn at an ATM or inside at the counter of a financial institution would be charged at this higher amount.
However I suppose anyone can get stuck, in which case they would be better off writing one of the MBNA cheques. Whilst again the interest will be charged immediately and not from the next statement, at least you won't be paying it at the higher rate as it is not a cash transaction, as defined by MBNA.
I was always under the impression that these MBNA cheques that they insist on irritating me with every month are charged as a cash withdrawal.
What's an MBNA cheque?
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