If you are eligible for a Payment Plan, you will see a Payment Plan offer in your MBNA Online Banking account. You can have a maximum of 25 active Payment Plans at one time.
No, not all purchases are eligible for an MBNA Payment Plan. Please check your MBNA Online Banking account to see if you have any offers on eligible transactions. Transactions that appear as new Purchases on your MBNA account's monthly statement may be eligible until the Minimum Payment Due Date on that statement. If your account's balance is approaching your Credit Limit, transactions may not appear as eligible to help ensure the Plan Fee does not push your account balance into Over Limit status. Cash advances and balance transfers are not currently eligible for Payment Plans.
MBNA Payment Plans are not offered on all cards. Purchases made on MBNA cards with an interest rate less than 12.99% are not eligible.
No, only primary cardholders can put eligible purchases into an MBNA Payment Plan.
No, at this time. MBNA Payment Plans are not available to residents of Quebec. If you become a resident of Quebec after accepting a Payment Plan offer, your Payment Plan will be cancelled and any balance remaining will return to the annual interest rate for Purchases in effect on your credit card at that time.
You may have up to 25 active MBNA Payment Plans at once, but transactions cannot be combined. If offered and accepted, each eligible transaction will be put into a separate MBNA Payment Plan.
Plan Setup and Monitoring
Log into your MBNA Online Banking account to set up an MBNA Payment Plan. Once logged in, you will see which purchases are eligible. Eligible purchases can be put into a Payment Plan by following the step by step instructions.
If a Plan Fee applies, it would be disclosed in the Payment Plan offer. The applicable Plan Fee will be added to the Payment Plan balance when you set up an MBNA Payment Plan. For example, if you convert a $500 purchase to a Payment Plan that has a Plan Fee of 4%, the fee is $20 and your Payment Plan balance will be $520.
Your Monthly Plan Payment Amount can be found in several places:
It is displayed with the Payment Plan offer that you will see in your MBNA Online Banking account
It is provided to you when you create the Payment Plan online
You can also see it in the Payment Plans section of your MBNA Online Banking account
The Monthly Plan Payment Amount is due each month and is included in your Minimum Payment. Your Minimum Payment is due by your Minimum Payment Due Date which is shown on your monthly statement.
No, you cannot make changes after accepting an offer. However, you are still able to cancel an MBNA Payment Plan at any time through MBNA Online Banking, if it no longer suits your needs. Once cancelled, a Payment Plan cannot be reinstated.
You can review the details of your MBNA Payment Plan(s) on your monthly statement or by logging into your MBNA Online Banking account.
An MBNA Payment Plan does not change the credit limit of your account. A Payment Plan is not a credit limit increase, but rather is a use of available credit in your account — you must have available credit remaining in order to be eligible to accept a Payment Plan offer.
Setting up an MBNA Payment Plan will not have any impact on your credit score.
As long as you make the "Required Payment" (this is your Minimum Payment minus your Monthly Plan Payment Amount(s) that are due on the same statement) your credit bureau score will not be negatively impacted.
If you do not pay your Minimum Payment that is due on your monthly statement, the Payment Plan interest rate will no longer apply to the unpaid portion of your Monthly Plan Payment Amount, starting the next Statement Period. Instead, the unpaid portion will be charged interest using the interest rate for Purchases then in effect on your credit card. The interest rate for Purchases is higher than Payment Plan interest rates.
In addition, if you do not make the "Required Payment" (this is your Minimum Payment minus your Monthly Plan Payments) for two consecutive months, your Payment Plans will be cancelled and you will pay the applicable interest rate for Purchases that is then in effect for your credit card on any remaining balance. The interest rate for Purchases is higher than Payment Plan interest rates, and may be the Default Rate for Purchases if such a rate applies to your account.
Your Required Payment is your Minimum Payment minus any Monthly Plan Payments amounts that are due. You can find your Minimum Payment amount and your Monthly Plan Payment amounts that are due on your monthly statement in order to determine what your Required Payment is.
Returned purchases will show as a credit to your account, as usual.
For disputed purchases, while the dispute is being investigated, we will temporarily credit your account with the disputed amount.
A refund or a disputed credit will not automatically cancel your Payment Plan or reduce your Monthly Plan Payment Amount. If you want to cancel your Payment Plan, you can do so at any time through MBNA Online Banking.
To obtain the interest-free grace period on new purchases made during a Statement Period, you would need to pay the Grace Period Payment Amount as shown on your monthly statement. This amount is the total you owe on your monthly statement minus your Payment Plan balances that are not yet due that month.
Yes, you can cancel an MBNA Payment Plan at any time. You will need to log into MBNA Online Banking, select the plan you wish to cancel in the Payment Plans section, and click “Cancel plan” to process the cancellation. Note, if your Payment Plan is cancelled, any remaining balance in the plan will become subject to the annual interest rate for Purchases then in effect on your credit card.
If your Payment Plan is cancelled within fifty (50) days after it was created, the Plan Fee will be fully refunded. If the Payment Plan is cancelled after fifty (50) days, a portion of the Plan Fee will be refunded based on the remaining Term.
MBNA has the right to cancel a Payment Plan if you become a resident of Quebec, if your credit card account balance exceeds your credit limit, if you do not pay your Required Payment (which is your Minimum Payment less any Monthly Plan Payment Amounts) for two consecutive months, or if you are otherwise not meeting the terms and conditions of the MBNA Payment Plan.
No, once an MBNA Payment Plan has been cancelled, it cannot be re-enrolled.
If your MBNA Payment Plan is cancelled or if the balance is brought to zero within fifty (50) days after it was created, the Plan Fee will be fully refunded. If the Payment Plan is cancelled after fifty (50) days, or if the Payment Plan balance is paid off "early" (i.e. after 50 days but before the end of the Payment Plan's Term), a portion of the Plan Fee will be refunded based on the remaining Term.
Any active MBNA Payment Plans will continue to apply until the balance is paid in full, even if charging privileges on your account are closed, or if you perform a product transfer to a replacement MBNA credit card. You must continue to comply with your Payment Plan terms and conditions in order to maintain the Payment Plan interest rate on the applicable balance.
If your pre-authorized debit is for a fixed PAD payment or for the Minimum Payment amount of your credit card account, those payments will continue to be taken each month. (For Minimum Payment PADs, the amount that is taken out each month will include your Monthly Plan Payment Amounts, because they are included in your account's Minimum Payment that is due every month).
If your PAD Agreement instructs MBNA to pay the New Balance amount of your credit card account each month, then after the Payment Plan is shown on your account's monthly statement we will instead start to take the Grace Period Payment Amount shown on your statement each month until your Payment Plans expire or are cancelled. The Grace Period Payment Amount is the New Balance amount less any future MBNA Payment Plan monthly payments that are not yet due. Please note that if a Purchase is converted into a Payment Plan after the Purchase was shown on your account's monthly statement, the PAD for that statement period will continue to pay the New Balance amount that was shown on that monthly statement. This may result in your PAD paying down a partial or full amount of the new Payment Plan(s). Please see the MBNA Payment Plan Amending Agreement for more information.
Your MBNA balance protection insurance premium calculations will remain the same and your premiums will be calculated on any amounts under your Payment Plan(s) and the Plan Fees, as they form part of your outstanding balance. For more information about your MBNA balance protection insurance, please see your certificates of insurance or call Assurant at 1-800-340-4717.
The insurance benefit calculations will remain the same. However, the monthly benefits may not cover your entire minimum payment in certain circumstances, depending on the MBNA Payment Plan you select. You are still responsible for any amounts owing on your account that aren’t covered by the insurance. For more information about your MBNA balance protection insurance, please see your certificates of insurance or call Assurant at 1-800-340-4717.
The terms & conditions that apply to your Payment Plan are the MBNA Account Agreement that applies to your credit card, and the MBNA Payment Plan Offer Details and MBNA Payment Plan Amending Agreement that you agree to when you accept a Payment Plan offer in your MBNA Online Banking account. The MBNA Payment Plan Offer Details and the MBNA Payment Plan Amending Agreement will also be emailed to you once the Payment Plan is created. For details about the MBNA Payment Plan Amending Agreement refer to the terms and conditions.