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re credit card isit legal that balances @ lower rate are paid off before higher rate?


Vulture_Bank
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2f We will use your payments to pay off balances at lower rates of interest before balances at higher rates of interest. This means that if you have made a transaction at a promotional rate after your last statement date but before the date we receive your payment, we may pay that transaction off first.

 

just quoting mbna terms and conditions it would be interesting if someone could come up with something "legal " against this ??

 

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note mbna by their own definition arae using the terms "balances" as if there are effectively two accounts ...... ideas please

Tam Wing Chuen -v- Bank of Credit and Commerce Hong Kong Ltd [1996] 2 BCLC 69

 

1996

PC

Lord Mustill Commonwealth,

 

Lord Mustill discussed the need to construe a contract contra preferentem: "the basis of the contra proferentem principle is that the person who puts forward the wording of a proposed agreement may be assumed to have looked after his own interests, so that if words leave room for doubt about whether he is intended to have a particular benefit there is reason to suppose that he is not."

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course its legal - if you really pushed it they would say that you pay off the charges you accrued first, which are the lower rate ones.

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ummmmm ok i open an account with mbna

 

i take some cash out

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say a month later after my first statement

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I do a balance transfer at a "low interest rate "

 

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obviously according to "vulturic rules of banking "they would charge you a higher interest rate on the cash

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but what right have they use the payment that i make to counterbalance the amount of money borrowed at th "lower interest " rate ,,,,, this smells of unfair contract from here ........ don't forget we have basically 2 sub-accounts running in tandem

Tam Wing Chuen -v- Bank of Credit and Commerce Hong Kong Ltd [1996] 2 BCLC 69

 

1996

PC

Lord Mustill Commonwealth,

 

Lord Mustill discussed the need to construe a contract contra preferentem: "the basis of the contra proferentem principle is that the person who puts forward the wording of a proposed agreement may be assumed to have looked after his own interests, so that if words leave room for doubt about whether he is intended to have a particular benefit there is reason to suppose that he is not."

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usually the balance transfers are done on opening the account. But irrelevant to this you have the t&c you've agreed on the interest rates for each set of items and how/when they get paid off. This is how they make their money on the interest free balance transfers etc if a court ruled against them and said you could pay off the higher interest first they'd close your account and stop offering these deals.

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