Credit card cheques discontinued by MBNA
19 March 2010 16:43:32
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| Credit card cheques will no longer appear in MBNA statements. |
The cheques, which are often included with monthly statements, have been described as a useful payment method for goods and services when credit cards are not accepted.
However, interest rates for debts accumulated on them tend to be higher than for conventional purchases.
With new credit card regulations set be implemented in the UK later this year, MBNA explained that it is the right time to discontinue the service.
"Credit card cheques are still valued by some of our customers, however, we acknowledge that, increasingly, the majority of our customers are choosing to access their accounts by other means," said Greg Reed, chief marketing officer for Bank of America Europe Card Services, which operates the MBNA brand.
"Whilst it's true that new legislation will change the way credit card cheques can be provided to customers, we have decided to go one step further and remove them altogether."
MBNA, which is the UK's largest provider of the cheques, also confirmed that they will still be available on request when the regulatory changes are given statutory force.
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