MBNA, the UK’s largest credit card cheque issuer, has announced that it will stop issuing cheques to its customers by the end of the month.
The move comes amidst plans for a government shake-up of the credit card industry which includes an outright ban on unsolicited cheques.
Once the rules come into force lenders will only be able to issue the cheques to customers who request them.
MBNA has been criticised in the past for very high interest rates and charging immediately after use. Some have said that their temptation as a ‘quick-fix’ often resulted in much greater problems further down the line.
Now campaigners concerned that they are popular with those already facing financial difficulty are calling for other companies to follow suit. Barclaycard and Sainsbury’s are among the big names still sending cheques to their customers.
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