MBNA to change credit card repayment allocations
Customers of MBNA credit cards are to see their repayments go towards reducing their most expensive debts first.
From September 1st, the company will ensure the charges giving rise to the highest interest are paid off before cheaper debts.
It comes after the UK credit card industry and the government announced the same change will be made on a universal basis from January of next year, with MBNA explaining it will be ready four months early.
Ian O'Doherty, of parent company Bank of America, explained systems will be ready from September.
"Why wait? This is in the interest of our customers and they should be benefiting now," he said.
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