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Interest rates and fees

Read answers to frequently asked questions, including how to check your interest rates and how we calculate interest.

What interest rates am I paying on my account?

To view your current interest rate or promotional rates, log in or register for Online Card Services and select 'Manage Account'. If your account has a promotional rate, you'll see it under 'Promotional monthly rates on offer'. You'll also be able to find out when it expires and if it applies to purchases, transfers or both. 

If you've already made transactions at an existing promotional rate, the details will show in the 'Your current promotional monthly rates' section. Promotional rates will end sooner if you breach your terms and conditions (e.g. by failing to make at least your minimum monthly payments or by exceeding your credit limit). From the start of any statement period in which a breach occurs, any outstanding balances on your account will be charged at the standard rate for that transaction type.

Important
Not all accounts will have a promotional rate. Where no promotions are displayed, your interest rates will be the standard contract rates. You’ll also find details about your interest rates in your terms and conditions. 

You'll see that some transactions on your statement have rate codes next to them. These refer to the interest rate of each transaction for that statement period.

What is estimated interest and how is it calculated?

The interest you'll be charged on your next statement if you pay the agreed minimum amount, and your payment is credited to your account before the due date.

Estimated interest is based on the assumption that you won't make any new transactions, haven't been charged any fees, and there are no changes to your statement date or interest rate (other than the expiry of a promotional rate). 

Good to know
Interest is calculated from the date a transaction clears in your account, but it's not charged on card purchases if you pay your statement balance off in full every month.

Will I be charged a fee for cash advances?

A handling fee will be charged for all cash advances, including using your card or card number to take out cash.

Examples of cash advances include withdrawing cash from an ATM or over the counter, purchasing non-sterling currency or traveller's cheques, and gambling and electronic transfers (not including balance or money transfers).

Why have I been charged retail interest?

Interest is charged from the date a transaction clears in your account. You won't be charged any interest on card purchases if you pay off your statement balance in full every month. 

If you only pay part of your balance off before your payment due date, interest will be charged each day on the remaining balance at your current interest rate.

View your interest rates online:

  • Log in or register for Online Card Services.
  • Select 'Manage Account' and then 'View rates'.
  • Your current rates are shown in bold. Any other rates (not in bold) are only shown if there's an outstanding balance at a different rate.

If you have a promotional rate available to you, it'll show under 'Promotional monthly rates on offer', and if you're using a promotional rate, the details will show in the 'Your current promotional monthly rates' section.

Important info
Not all accounts will have a promotional rate. Where no promotions are displayed, your interest rates will be the standard contract rates. You can find specific details about your interest rates in your terms and conditions. 

How is interest charged on default sums?

We will not charge you interest on default charges (which are shown as 'default sums' on your statement) for at least 28 days after the day you receive your statement. Once those 28 days are up, we'll charge you interest in line with your terms and conditions, at the same rate as card purchases. We do not charge interest on interest relating to default charges.

Where can I find a breakdown of my balance and interest rates?

To find the most up-to-date details about your balance and interest rates: 

  • Log in to Online Card Services.
  • Choose 'Statements' from the menu.
  • Choose a statement period from the drop-down menu and select 'View'. 

Activity tab
Lists all the transactions you've made in that particular statement period. 

Rates
Your statement balance broken down by rate for each balance type e.g. balance transfers, money transfers, cash, card purchases. Balances which qualify for a promotional rate will be marked with a star icon. 

Good to know
Your official statement contains a breakdown of your balance and interest rates too. You can view these online, save or print. 

Why have I been charged a fee?

There are a number of reasons why you could have been charged a fee: 

  • The transaction type charges a fee (e.g a balance or money transfer handling fee or a cash advance fee etc.).
  • A payment was late.
  • You went over your credit limit.
  • A payment was returned to your account unpaid.
  • It was a non-sterling transaction.

All fees are outlined in official statement and your terms and conditions, so please refer to these in the first instance.

In relation to late or default fees, it's important to make a payment as soon as you can to stop more fees from being added to your account. If your account's in arrears, a payment was late, or you've gone over your limit, it might show on your credit file. This could affect your ability to get credit in the future.

To make it easier to pay on time, it's a good idea to check how long your chosen payment method takes to go through. Some payment methods can be processed the same day, others take longer. For a full list, check our page about making payments.

The due date of your next minimum payment can be found on your latest statement, or by using our online and mobile services.

For more information on how to manage your account, visit our managing credit page.

If I pay off my balance before my promotional rate expires, will my transfer fee be reduced?

No, any transfer fee you've been charged will not be reduced, even if you pay off your balance early.

What rate will I pay when my promotional rate ends?

You'll be charged at the applicable standard rates for each type of transaction, as set out in your credit agreement with us.

View your current interest rates online:

  • Log in or register for Online Card Services.
  • Select 'Manage Account, and  choose 'View Rates'.

If you have a promotional rate available, it'll show under 'Promotional rates on offer'. If you're using a promotional rate, the details will show in the 'Your current promotional rates' section.

Important info
Not all accounts will have a promotional rate. You can find specific details about your interest rates in your terms and conditions.

Why are there different interest rates for the same types of transaction on my statement?

Transactions of the same type (e.g. card purchases) made at a promotional rate will be charged at that rate until the promotion ends. 

New card purchases that aren't eligible for that promotional rate will be charged at the standard rate, which is why multiple interest rates may show on your statement for the same transaction type.

Good to know
Info about your standard interest rates can be found in your account terms and conditions. 

How will an interest rate increase affect my balance and payments?

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.

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