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MBNA reduction of credit card limit

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  • 25-08-2012 9:53am
    #1
    broker2008
    Registered Users Posts: 750 ✭✭✭


    My brother has an MBNA credit card and had a credit limit of €12k for 20 odd years. His credit card bills could reach €5 or 6k many a month due to travel etc. He always pays his bills on time yet received a letter reducing his credit limit to under 3k due to the usage of the card. Anyone heard of this or is this their way of getting rid of customers? He will now have to contact them to either increase limit or change provider.


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    #2
    cookie1977
    Registered Users Posts: 6,794 ✭✭✭cookie1977


    broker2008 wrote: »
    My brother has an MBNA credit card and had a credit limit of €12k for 20 odd years. His credit card bills could reach €5 or 6k many a month due to travel etc. He always pays his bills on time yet received a letter reducing his credit limit to under 3k due to the usage of the card. Anyone heard of this or is this their way of getting rid of customers? He will now have to contact them to either increase limit or change provider.

    With them increasing interest rates on their cards it's clear they don't want customers. They seem to want to extricate themselves from the irish market altogether by hoping their customers leave them.


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    #3
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    It's definitely a "thing" with CC companies - Egg in the UK did this to a lot of customers a few years back.

    He can contact them to dispute it and they should have a mechanism in place to review it, but as with most credit products the credit, and associated limit, is pretty much at their discretion.


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    #4
    tony81
    Closed Accounts Posts: 595 ✭✭✭tony81


    MBNA has said “changes in the economic and external climate means that all lenders – ourselves included – consistently re-examine their rates, pricing and fee structures”. It said it was also taking into account “the actual or anticipated risk levels of customers” based on how they have been managing their accounts. http://www.irishtimes.com/newspaper/ireland/2012/0822/1224322659899.html

    Sign of the times I'm afraid. MBNA knows the Irish economy is in tatters. Furthermore, they know the person insolvency bill will be a tempting "out" for people who run up a large amount of credit card debt.


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    cookie1977 wrote: »
    With them increasing interest rates on their cards it's clear they don't want customers. They seem to want to extricate themselves from the irish market altogether by hoping their customers leave them.

    They want more profitable ones.... Someone paying off their bill every month is no good to MBNA.


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