A major high street bank is discontinuing a key service for tens of thousands of its customers starting today. Metro Bank will no longer offer credit cards to regular customers, effective tomorrow. However, its business credit cards and all overdraft services will remain unaffected.
Beginning Tuesday, September 10, all existing personal credit cards will cease to function.
Customers will be unable to use them for payments in-store or online, as the cards will no longer be accepted. This change does not affect Metro Bank’s business credit cards or overdraft services.
For those who still have an outstanding balance on their Metro Bank credit card after September 10, they can continue making repayments as usual, with no time limit on paying off the debt.
Once the balance reaches £0, Metro Bank will close the account and send confirmation of the closure. As of December 31, 2022, Metro Bank had 2.7 million customers in the UK.
Martyn James, a consumer rights expert, advised those considering transferring their debt to another credit card provider with an interest-free deal to be mindful of three key factors: the interest-free period, the transfer fee, and the APR if the debt isn’t cleared in time.
He added, “Those who make strategic use of interest-free deals can effectively clear their debt quickly and avoid the extra cost of interest.”
Metro Bank had previously announced the decision on its website, stating: “After a recent review of our Personal Credit Card, we’ve made the decision to withdraw this product from sale.”
The message continued, “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.”
Customers will no longer be able to use the cards to pay for goods or services, either in-store or online, after this date.
