WILMINGTON, DEL. — MBNA Corp. has agreed to pay about $7.8 million to settle a class action that charged the credit card specialist with deceptive advertising on low-rate credit cards.

The company, which has denied liability in the lawsuit and declined to discuss it Tuesday, will pay up to $6.5 million to the 1.8 million members of the class. It will pay $10,000 to Andrew Spark, the Florida plaintiff who sued MBNA in 1996 for allegedly deceiving new customers like himself who had transferred their balances to MBNA accounts without knowing that the 6.9% introductory rate did not apply to new purchases.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.