Metro Bank to cancel all its customers’ credit cards today | Personal Finance | Finance
In a significant overhaul, Metro Bank is discontinuing all existing customer credit cards from today. The high street bank confirmed last month that customers would no longer be able to use their credit cards from September 10.
This means from today, customers will no longer be able to pay for goods or services in-store or online, as their card will no longer be accepted.
The change implies that existing customers will need to find another credit card provider to continue making purchases – if you have ongoing payments linked to your Metro credit card, then you will need to change the payment details as they will not go through. If you still have an outstanding balance on your Metro Bank credit card after September 10, you can continue to make repayments as usual – you won’t be forced to pay off your debt in full.
Once you’ve repaid your balance in full and it’s at £0, Metro Bank will then close your account and write to you to confirm this. There won’t be any impact on your credit score, as long as you don’t miss any upcoming payments.
If you’re looking to move your debt to a 0% transfer balance credit card, so you’re not charged interest on any existing debt for a set period, you’ll still be able to move your balance to another credit card, reports the Mirror.
The lender has posted a statement on its website confirming their move to halt the sale of a key financial product. It asserts: “After a recent review of our Personal Credit Card, we’ve made the decision to withdraw this product from sale.”
The notice went on to say: “In line with our Terms and Conditions, from 10 September 2024, you won’t be able to make purchases or withdraw cash using your Metro Bank Personal Credit Card.”
Business credit cards and overdrafts at Metro Bank will remain untouched by this change. Since June, it has been impossible for new customers to apply for the bank’s personal credit card, which boasted no fee and a consistent interest rate of 18.9%.
