If you're an MBNA credit card holder who's currently paying monthly interest on your debt, you could end up paying more from next month due to a change in the payment terms of the card.

The company, which has more than five million UK customers, is changing the payment due date for its credit cards, meaning that from October 2016 customers will have an extra seven days to make their monthly payment. Those paying by direct debit will see their payment date automatically shunted back – so make sure you manage your finances accordingly.

The move to a later payment date is good news if you pay off your card in full each month – something we recommend doing if you can – as it means you'll have more interest-free time to pay off new purchases (a maximum 56 days compared with 49 days currently, which brings it in line with the likes of American Express and Barclaycard).

However, if you're unable to pay off your balance and instead accrue interest, which is calculated daily, you'll be charged for a week longer than you previously would have been.

For example, if you have a £3,000 balance and a card with a representative APR of 18.9%, you'll pay an extra £11/month interest under the new rules.

Martin Lewis
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How will this impact those paying by direct debit and standing order?

If you pay by direct debit, it'll automatically be moved to the new due date, so it's worth making sure that you'll have the necessary funds in your account seven days later than usual.

Any standing orders will continue to be paid on the same day, though remember that if you don't pay off your balance in full, interest is charged on the whole amount.

Try to pay off your card in full, if you can

This change by MBNA means that aiming to pay off in full will become even more important. If you're paying over the odds in interest each month, consider doing a balance transfer, where you get a new card that pays off your existing credit cards, so you owe it instead, but at 0%.

You can find more information and our current best buys in our 0% Balance Transfer Cards guide.

What does MBNA say?

A spokesperson from MBNA says: "We continually review our customer processes and believe that increasing customers' time to pay gives them greater flexibility to make their payments on time each month. The change will also help provide greater consistency across the industry which helps customers to more accurately compare products in the market.

"Customers who are paying interest on their monthly outstanding balance and choose to pay on their due date will see a slight increase in their interest amount. However, customers can make payments at any point following their statement date. So the sooner customers make a payment, the less interest they are likely to pay each month, which we have highlighted in the customer notifications."

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