If you have Apple Instant Loan, please read the following stories:- The fine print in Apple's Instant Loan offer through MBNA notes the actual interest rate on the loan may be more than double the "low" 9.99% featured in the advertising, as a reader notes: "I ordered an iBook 14" a couple weeks ago by calling 1-800-MY-APPLE. I was told that they are offering 9.99% instant financing for 48 months. I was approved and then placed my order. [...] I later received an invoice from Apple, and an agreement from MBNA, neither of which specified my interest rate. Concerned, I called Apple customer service today and they referred me to MBNA. I called MBNA and was told that they reviewed my credit history and changed my interest rate from 9.99% to 26.4%. I was told that the rates they offer are "as low as 9.99%" but that they are free to change my rate at any time for any reason. "I reviewed the fine print on the Apple Web site (something I had not looked at before placing my order). It says: "MBNA will set your APR between 9.99% and 26.99%. The APR is not guaranteed and may change. In most cases, a change in the APR will restart your repayment term and change your minimum monthly payment." "This language gives Apple's finance company the ability to change your interest rate at any time, for any reason, and even restart your payment term when they do so." This articles is from Macintouch.com Ron.
typical idiot, the web-application defines the APR and the account number in your face, print it out... Any lending institution that gives you a LOC or credit card, can exercise a rise in rates if they feel like it. Mbna is probably predatory to mac users
Sam, Any Creditor can raise APR of the credit card or LOC if they find any negative or default in other loan or credit card in your credit report. They set your APR depends on your credit history. Ron.
We've already heard about product-specific financing offered by MBNA, which, if approved, is available for you even if you eventually don't buy the product. We've also heard MBNA will convert one credit type to another (LOC<->Loan<->Credit card). I wonder if the Apple loan, given the high APRs offered, is the NEW MBNA BACK DOOR DOUBLE. OUR WAY TO THE QUANTUM. Saar
Good point, i think it would take some time, and payment history before I had the balls to actually ask MBNA to convert it to a card product..
Brenda, Here is the link of Appleloan: http://store.apple.com/1-800-MY-APPLE/WebObjects/AppleStore?instantloan=yes Ron.
Refuse delivery, or send it back if already took posession of it. If they have a right to give a rate of 9.99% to 26.99%, YOU ALSO HAVE A RIGHT TO REFUSE >9.99%... Take your business elsewhere...
It can probably be converted to, or combined with, any other MBNA product. (Even as it is, the fine print implies you can use it for a non-Apple purpose for a 3% transaction fee, capped at $40) Saar
From the web site: "In most cases you will get a decision on your loan application within 30 seconds". Can some of us be only 30 seconds away from a Quantum card? "This offer ends January 31, 2002." Saar
Well, I am going to try it. I want to get my Quantum limit increased. 1 inquiry on Ex and 1 on TU. In my opinion I wasted 2 inquiries, I was only approved for $2500. Although I am consufused because when I clicked the button to get my account number, I got an error. I guess I'll have to wait until I get the number in the mail. They do mail the info too right (in addition to displaying it on the screen? I am assuming I will need the account number in order to combine with my quantum.
Brenda, Go to apply for BofA Line of Credit and it give you cash. There is no transaction fee but you have to open checking. Ron.
OK, just because I was bored, I went and applied and put in $3500. They APPROVED me, yes I'm picking myself up off the floor. Interest is 24.99%. I clicked accept loan, but I really have no use for an apple computer (i would be clueless). So can I use this for something else, or did I just waste an inquiry? HELP
I am new to the board and confused. Did Christi waste her time getting an apple line of credit or did she get a line of credit that can be used for cash and/or converted into a MBNA credit card???? What gives? Isn't the quantum the top of the line MBNA card?
