Personal Finance

MBNA Increasing Balance Transfer Fee to 3% for Promotional Offers!

  • Last Updated:
  • Jul 4th, 2015 8:17 am
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[OP]
Deal Expert
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Feb 11, 2009
19395 posts
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Toronto

MBNA Increasing Balance Transfer Fee to 3% for Promotional Offers!

I've never used any of MBNA's balance transfer promos, or any balance transfer for that matter, but I know a lot on RFD do so I thought I should mention this.

I've got a letter from MBNA stating they're increasing their fees for Balance transfers on promotional interest rates.

Currently: Balance transfer fee is 1% with a min charge of $7.50.

New (I forgot the start date): Balance transfer fee is 1% for standard rate, and 3% where promotional interest rate applies. Both with a min $7.50 charge.

I have the Rewards World Elite card, I don't know if this is just for that one, or for all. Letter seemed generic so I'm assuming this is for all.
Realtor - Investment Properties
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Aug 4, 2003
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Its for all, starting the 1st of September 2015.

There goes people's nearly free money.
Deal Addict
Apr 12, 2005
1425 posts
180 upvotes
deal_with_singh wrote: I've never used any of MBNA's balance transfer promos, or any balance transfer for that matter, but I know a lot on RFD do so I thought I should mention this.

I've got a letter from MBNA stating they're increasing their fees for Balance transfers on promotional interest rates.

Currently: Balance transfer fee is 1% with a min charge of $7.50.

New (I forgot the start date): Balance transfer fee is 1% for standard rate, and 3% where promotional interest rate applies. Both with a min $7.50 charge.

I have the Rewards World Elite card, I don't know if this is just for that one, or for all. Letter seemed generic so I'm assuming this is for all.
Also in the same letter, it says you have to request to redeem your reward points. It will not be redeemed automatically once the reward points reach $50. But there is a new option to redeem the reward points for an account credit.

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