I was just curious from all of you people with MBNA cards, do they really constantly jack rates, lower your limits, etc or am I just reading all of the bad reviews and not seeing the good ones? I am thinking about applying for a world points card but have reservations after reading a lot of threads on here...are they really as bad as it seems from all of the threads?
I have mixed feelings about them. I've had one card with them for nearly 8 years and the other one for 6 years. On both cards they've been very generous on cl increases which they've given without my asking. They have a very up to date technology on both their phone and their website. I've found their cusomer service reps to be very pleasant and helpful. Yet they have also been extremely greedy. They've always asked for the higest interest rates of any of my cards and have continued to increase them. I have a 730 score and have never missed a payment with them or any other creditor, but they have punished me severely as my utilization has grown higher. I wouldnt say don't apply for them, but do so with caution.
I have had mine for 2 years went from 11.99 to 7.99 and have carried a balance from the start around 9000 paid 12,000 paid now 3500 and always get bt offers for 1.9 or 2.9 for 12 months no problems here yet........
My "GO-TO" is 8.90%...BT now 4.99% I tried TWICE to get 7.99% "NOT AVAILABLE" You have to APPLY for a different card...SURE I DO!!!
I have heard that if you don't use their card exclusively they get a little crazy about jacking rates and such, anyone else hear about this or experience this, as this would be a back up card but I would like I higher limit than the 800 that chase gave me so it would be a backup to my 2 amex's but my most used visa, like anytime amex isn't accepted, do you guys think I would have any probs. As I get older I would carry more of a balance, right now I am trying to, at 21 get the good cards so I can have them when I need good BT rates and low apr's for carrying a balance and such, is it a bad idea to get all of the good cards at 21 and have them when I need them as opposed to having to apply for them in the future? I figure if I risk all of the inq's now and get the good cards now I won't have to apply for any in the future and I wil have no inq's for several years before I apply for a mortgage and car loans etc, thus raising my fico and having several high limit cards as a result of having them for several years and receving limit increases etc. Does this sound like a good plan? Or am I wasting my time? Thank you all for dignifying my maybe somewhat stupid questions with great insightful answers! I appreciate all of the help!
I have had nothing but good experience with them. Now keep in mind I have only had the card for 3 months. Customer service has been very good to me. When I applied I got a 8.9 with 0% BT till Aug. 2003 A month and half later I got another application in the mail for 7.9 and 0% BT till Jan. 2004. I called their retention dept and asked for the lower rate. They lowered me to 7.9 and extended the BT till May 2004. I dont know what will happen later but so far so good. They have been know to jack your rate at the drop of the dime.
I guess I am gonna go through with it then, you think with a 767 fico exp I can get approved for plat world points? Anyone else have any input before I apply?
Re: Re: MBNA as bad as posts say? They review apps with a fine-toothed comb so be prepared to explain anything that may need explaining.
Re: Re: MBNA as bad as posts say? I would... Get the card. Charge and pay in full every month. Call the "rate adjustment dept." to argue your APR down every six months. Try not to revolve, but if you must, do NOT go above 10% utilization. Watch your limit grow. Use the card only for it's power in helping your utilization on your reports. So, keep it active, but keep it relatively empty. If you have a balance on the MBNA card and finances start heading south, MOVE IT to another card or pay it off. MBNA will skip collection agencies and move straight to arbitration (i.e. no FDCPA) to get their money back. THye are not nice at this point in the game.
I am an MBNA fan. My line is 21000 and my rates vary from 2.9 to 6.9 for 6 months at a time. I find nothing wrong with them. www.creditsense.com
Re: Re: Re: MBNA as bad as posts say? Frankly, this is scary to me, it sounds like they are quite aggresive, and that is not what I want. I don't want to be afraid to carry a balance as that is what a credit card is for(when you can't pay cash for something you really need), and say I get a card with a 5000 dollar limit because of my fairly low income that would mean using only 500 of it because that is 10%like you said and that would put me at no better than my chase card with an 800 dollar limit. Thank you for your advice again Marci, maybe I will steer clear of them because I would like to use and maybe carry a balance of more than 10%.
That's not true. My MBNA card is my backup to Amex whenever the merchange doesn't accept American Express. MBNA has been extremely generous with their credit limit and APR. They have not raised mine nor ever given me any problems despite being the "backup card". Also I can say they have the best customer service of any card I've ever owned. They are always polite and professional.
I have never used them for a purchase. I use them strictly to BT when a teaser is offered and always pay them off the teaser expires. I always borrow 1000 less than the limit, so I am waiting for an offer right now to use 20,000. They have never raised my rate, I do think than their go to rate is a little high, but I don't pay it. www.creditsense.com
I have never used them for a purchase. I use them strictly to BT when a teaser is offered and always pay them off when the teaser expires. I always borrow 1000 less than the limit, so I am waiting for an offer right now to use 20,000. They have never raised my rate, I do think that their go to rate is a little high, but I don't pay it.
Re: Re: Re: Re: MBNA as bad as posts say? No, don't steer clear from them. Get the MBNA card and carry your balance on another card. The huge credit line will do wonders for your ratios and at least give a viable threat to your other cards who might otherwise "jack" you for the fun of it. MBNA is my safety net. I never really plan to use it, but by keeping it open, Citi, Chase and the others leave me be.
Re: Re: Re: Re: Re: MBNA as bad as posts say? I have MAXED my MBNA card and PAID IN FULL IN 3 PAYMENTS I have MAXED my MBNA card and CARRIED IT FOR MANY MONTHS (min + $100 or so) I have SOCK DRAWERED IT @ $0.00 I have used it for purchases and PAID IN FULL I have used it for purchases and PAID MINIMUM PAYMENTS STILL NO LIMIT INCREASE IN ALMOST 9 YEARS...BUT IT IS STILL MY HIGHEST LIMIT...
