any point to MBNA cards?

Discussion in 'Credit Talk' started by ero2, Aug 18, 2003.

  1. ero2

    ero2 Well-Known Member

    I was just thinking about it, and now that I am not using MBNA worldpoints for everyday stuff, is it worth it to keep it since everyone says they will jack rates and they charge 50-100 bux for BT offers. They have a lower interest rate than my BofA and I would keep it to carry balances on but don't want to charge up 1-2,000 on it at 11.99 and get jacked to 16-24%. It is fairly new account so closing it wouldn't kill me, but is there any reason I should keep it?
  2. Hedwig

    Hedwig Well-Known Member

    None that I know of. I think MBNA is one of the most predatory lenders out there. When one of my accounts was sold to MBNA, I paid it off and closed it as soon as possible, before they could do any damage.
  3. faztcobra

    faztcobra Well-Known Member

    Only positive I could think of is to have lower % of utilization, but you could open any card and accomplish that.
  4. creditwork

    creditwork Well-Known Member

    I have an MBNA card, I have never had a problem. They offer lots of "teaser rates" and have upped my line on a regular basis.

    GEORGE Well-Known Member

    I won't DUMP IT


    It is my HIGHEST limit (even though I have not got ANY limit increases in 7+ years)

    I will keep it for DEBT TO CREDIT LIMIT help

    I would trade it (QUANTUM) IF I COULD for AMTRAK VISA card 1:1 trade for UNITED MILES...or AAA card -$0.05/$1.00 PAY AT THE PUMP FOR GAS
  6. steve

    steve Well-Known Member

    Yeah, I feel the same way. The only reason I'm keeping my World MC is because of the high limit which really helps my ratios. The points expire after 5 years so I can't really do much with them. Don't really need the 5,000 point rewards. Mainly using my AMEX Starwood to rack up points for hotel stays. Marriott Visa for places that don't take AMEX.
  7. ero2

    ero2 Well-Known Member

    since my recent apps it is now my lowest limit besides my best buy card and my weird chase plat.

    I have 10,000 stockback (50.00$ balance)
    10,000 Amex optima plat (0.00$ balance)
    5,000 BofA platinum (16.00$ balance)
    3,000 crap one student card (0.00 balance)
    Amex gold charge (989.00$ balance)
    chase plat 800$(400.00 baalnce revolving at 0%)(don't ask me why I got 10,000 on stockback and this on plat)

    stockback and Amex gold are everday cards,
    carry balances on chase plat and optima plat,
    will use B of A plat for carrying balances after chases 0% till 04 is finished, then combine CL from chase plat and stockback or close chase plat all together because 800$ limit for a balance carrying card is a joke.

    So MBNA will be a sockdrawer card for life with my crap one, or I could just cancel it. I will keep my crap one because it is my oldest line and my accounts are all still very new, but think I may just close MBNA. I don't know:)
  8. ero2

    ero2 Well-Known Member

    George, were you at 6.99 when chase jacked you to 16.24? I was thinking since I am "eligible for the 6.99" after my 0% expires, that I would keep both chases, one for everyday (stockback) and one for carrying balances at 6.99. Or is it worth the extra 1.2% to carry balances on my amex optima knowing they won't rate jack?

    GEORGE Well-Known Member


    (0.00% IS STILL GOING TILL THE END OF AUGUST OR SEPTEMBER)...but I dumped it...and closed it...

    They said I don't QUALIFY or it is not available..."YOUR BUDDY MUST BE MISTAKEN ON THE INTEREST RATE"

    What got me TOTALLY TICKED AT CHASE is that I was DENIED a second card based on a BOGUS 30 day late...
    I was given a second "HARD" no PP (for reconsider my application that I said FORGET IT SINCE IT WILL BE ANOTHER HARD)
    I was DENIED any lower rate if I kept the account open...NOT 11.74%...NOT 6.99%...NOTHING IN BETWEEN


    You wouldn't think that a BOGUS 30 day late would be such a big deal
  10. ero2

    ero2 Well-Known Member

    so should I just go ahead and close MBNA or wait till I hit 10,000 and get quantum, or does quantum have no benefits either?
  11. the other

    the other Well-Known Member

    I personally like MBNA. They have been good to me. I would keep it. You never know when you may need it and it would suck to one day need it and not have it. They have been ok for credit limit increases for me (though I think I have maxed out with them - they won't increase anymore). You have already taken the hit for the new account. I would keep it. It doesn't hurt to keep it.
  12. sam

    sam Well-Known Member

    you dont need 10K to get quantum

    i got it with 9800 (quantum worldpoints). i think the standards have changed.

    anyhoo. I've run MBNA at BT rate ever since i got them, they've never jacked me. My apr isn't the best (goto) is 9.9% cash and 9.9% purchase.

    if you ignore the 3.7% BT, you'll get 1.7% bt, ignoring that will then yield a 0% BT offer (with a fee). But if you calculate the amount borrowed versus the fee you generally find if you are borrowing lots of money that it is still a good deal, and mbna gets theirs (fee).

    They love BT fee's more than life.

    I've got a gazillion inquiries and my balances shift all around all the time (which induces higher debt ratio lag due to credit bureaus not playing fair on reporting requirements). A little dispute action keeps them busy.

    mbna reports fast to experian but slow to the rest, btw.
  13. GEORGE

    GEORGE Well-Known Member

    I'm ignoring ALL the BT's from MBNA due to the $75.00 fee...I WAS TOLD THAT I CAN'T GET 0.00%...LIKE I'M NOT GOOD ENOUGH...or "YOU MUST BE MISTAKEN...WE DON'T OFFER 0.00% BT's"

    My 4.70% is still offered...
    NO 3.90%
    NO 1.90%
    NO 1.70%
    NO 0.00%

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