A Bad Week For MBNA

An influential group of MPs has attacked MBNA, the American credit card group, over its plans to charge card users an annual fee. MBNA’s introduction of charges of £25 and £15 on a minority of cards in December will make it the only “big-five” credit card issuer to enforce an annual fee. John Mann, the Labour MP for Bassetlaw and member of the Commons Treasury Select Committee, fears that MBNA’s move to reintroduce annual charges, which had almost become extinct among major lenders, could be only the first.
[The Times page 67 - 7.10.05. Also reported in Daily Mail page 39]