What's my interest rate changing to?
You'll find this in the letter you received, along with how it'll affect your monthly payments. A cost per £100 example is illustrated in the table on the first page of your letter.
You can find details about your minimum payments in the terms and conditions. Remember, if you only make the minimum payment it may take you longer and cost you more to clear your outstanding balance.
You have 60 days to decide to accept the new interest rate. If you want to reject it, MBNA will close your account and you'll be able to clear your balance at your current interest rate. Remember to change the payment details for any regular payments you've got set up on the account.
Does this change to my interest rate only apply to future spending?
No, this change applies to the outstanding balance on your account as well as new transactions. You'll keep any current promotional rates until they expire (or are turned off), and your eligibility for future promotional offers, as long as your account remains in good standing and you stay within the terms and conditions.
If I choose to reject the new rate, do I have to pay off my balance straight away?
No, you don't need to clear your balance immediately, but you still need to stick to your account terms and conditions, and pay at least the minimum payment on time each month. The current standard interest rates will continue to apply until your outstanding balance has been paid off in full.
After that, we'll close your account and inform the credit reference agencies that it's closed. Until then, your account will show as active on your credit file and we'll continue to send statements and relevant communications. If we make other changes to your account terms and conditions during this time, we'll let you know.
How can I find out more about interest rates?
Log in or register for Online Card Services, select ‘Manage Account’ on the homepage, then 'View Rates'.
Your standard rates for card purchases, cash transactions, money transfers and balance transfers will be displayed on this screen in the 'Your standard monthly rates' section. You can also view your monthly interest rates on your credit card statements.