Has anyone used/responded to this offer?
How does the trade line look like? Does it post like a CC? Also, how was score affected?
Thanks,

That little "debt-free" thing was funny. That's like slicing my finger open and saying that I'm "cut-free" because I've put a Band-Aid on it.

Anyway, in my case it was an offer for a LOC called "GoldOption." It's supposed to be a term loan that resets any time you make an advance, but it smells like a revolving line if you ask me, and I think that it indeed reports as such to the CA's.

They were trying to trick me into applying for an account that I already have. Probably because I haven't used it in over 18 months (then they'd call me and say "oh, you already have one of these accounts - how much of an advance would you like?").

My rate was bumped down to 9.9% recently, and I occasionally get promos for 3.9% for three months. All advances from the account incur a BT fee, max $40. If this were a CC, it'd be in the sock drawer along with GEORGE's cards. I'll take a swing once they make me a good offer.

RM

PS. They do report to all three CRA's - with CL's.

Thanks for the info -I got one of those also. I don't think I'm gonna transfer my stuff to a 10.99% CL in order to pay it off!! LOL.

I considered it briefly as just another CL, but then I read the little phrase about agreeing to all the account terms, including the arbitration clause.

MBNA is the CCC using the arbitration clause to circumvent consumers' rights under the Consumer Protection Act. I don't plan on defaulting on anything, but I am not walking into a deal like that when I know what they are doing with that arbitration clause.