Dilemma: While persuing the web checking out credit cards (hey - don't judge me - it's a harmless hobby [cough]) I came across the Rainbow Card, issued by MBNA. Okay I'd heard about it a few years back but didn't know much about it - and didn't know that it was issued by MBNA. Anyway - a percentage from your purchases are donated to the Rainbow Endowment Fund - which supports various gay lesbian causes - Gay, Lesbian, Straight Education Network in support of their work to stop harassment of students and empower educators to keep all students safe; Human Rights Campaign in support of FamilyNet, a web based resource; Lambda Legal Defense & Education Fund to advocate for gay youth in foster care and schools, etc. Of course - as a gay man - i feel it's a good thing. HOWEVER - the card's terms are so-so - 12.99% - which is higher than any card I have (aside from Amex Delta). Three questions: 1. Would you go for it - in spite of the so-so terms? 2. Would you go for it - in spite of the fact that MBNA pulls two (2) hard inquiries for applications - and in general is kind of hard inquiry happy. 3. i realise that this is kind naive to ask - but does this put MBNA in a better light - wow they're progressive - or does it make you think they just want to make money off of the community?
I would go for the card, regardless, if I planned to support the foundation. If you don't like the rate, pay in full or balance transfer.
I'm with SDBoy on this one. Admittedly, there is a certain convenience to supporting causes like this "automagically." And it feels as though it's not really costing anything. But you do end up paying for it with terms that aren't as favorable as other cards -- or you miss out on benefits like cash back or airline miles from other cards you might otherwise use. So while I was tempted as well when I received the offer recently, I decided to trash it. I'll continue using my rewards-based cards, and simply contribute directly to the charities I want to support. Besides, I get a tax deduction that way, whereas I wouldn't if I were to use the Rainbow card.
I agree with SDBoy and blackfur. Use whatever card you get the best rates on, and donate to the charity on your own. That way YOU get the tax deduction, not MBNA. Look at what MBNA is doing--charging you a higher interest rate, then giving part of that to charity and writing it off. It seems to me that you come out ahead doing the donation yourself--you pay less interest, which keeps more money in your pocket. Then, YOU donate some of that money to charity and get your own deduction, which puts even more in your pocket. I don't think it makes MBNA look that progressive. They have a lot of vanity cards, and they're just trying to beat Citi or BankOne to the punch. Another reason to consider not getting this card is that MBNA is great at jacking rates, even if you have a good record with them. They'll say you're using too much of your credit limits, for example. That's why you get all the inquiries. They're looking for anything on your report to use as a reason to jack up your rates.
"SOMEBODY" gets too much of a "CUT" of the sales...or you pay too much for the PRIVILEGE of using the card...NOT TAX DEDUCTABLE TO YOU...
Re: Question4 Gay/Lesbian Creditnet Working Assets long distance phone service also donates money to many progressive nonprofit groups including the 'Gay, Lesbian and Straight Education Network'. http://www.workingassets.com/recipients.cfm
Re: Re: Question4 Gay/Lesbian Creditnet Plus, in every month's bill, you get a coupon for free Ben & Jerry's ice cream. They had me at "hello." wajaba
Re: Re: Question4 Gay/Lesbian Creditnet I agree with everyone else on this too. I agree that it is a great cause which I would personally support, but they end up giving so little to the cause and making so much off the super excesive interest rates that you could do better giving them 10 a year instead of charging 10k to the card. I was considering getting a simliar GLBT rainbow card at one time, but more to let people know my preference at times rather than for any actual support of a specific charity. I have found that that are just times when you want people to know your orientation without actually having to say it outright. I remember there used to be a movement in SF where gay men were putting stickers on dollars that they spend to show the dollar power of the gay community, but this seems a better and more legal way of showing our combined affluence.
Re: Re: Question4 Gay/Lesbian Credi thanks all for your thoughtful responses. it helped me keep my previous vow not to do business with mbna
