MBNA experts!

If you pay online, they post within a day. One problem is that they do not report monthly. I don't know how often they report.

After you have a balance, they check on a monthly basis with the CRA's and will jack your rate up to 23.99% if they detect anything negative like a collection. If you have a balance with them, be sure to have another card available where you can move your money if your rate is jacked up.

 

My experience was they were pretty stingy with their credit increases. In fact, that's why I no longer have their card. I needed an increase (for some reason - seemed like it was important at the time) and they dug in their heels and wouldn't budge.

Other than that though, I didn't have any problems with them. Good, solid, reliable.

Myschae

 

MBNA and First USA are 2 cards you do not want to run a large balance on. No matter what your initial rate, they'll find a way to jack it up if they perceive you can't transfer the balance.

 

keepmine is 100% correct on both of these companies.

 

Yes, and they will try to jack your rate up about once every 6 mos. or so. They used to be good about lowering it back down if you threatened to close it, but the last time they were like "Sorry, we can only leave it at 15.9 if you don't use the account or else we will raise the APR to 22.98."

Needless to say I sent back the letter refusing the new terms and will pay it off as quickly as I can or ballance transfer it elsewhere.

At this point, I am not too amused with them, and my credit isn't any worse and in fact is probably cleaner than when I initially got the card 7 years ago in 1994 (in fact, I had a foreclosure from 1992 that was from my first marriage and they approved me with that...makes not sense.).

I think they are being more First USA-like, quite honestly, from the tales I hvae heard. My mom also has an account with MBNA, has about a $20K credit line and about 75% available and they told her that the 19% rate was appropriate because she "Should just pay the balance off." She finally got them to lower it to 13% but is just disgusted too. It's like they are looking and grasping for any and all reasons to raise APR's.

The best way for me to deal with this was just to choose to not use the card and not do business with them.

 

My experience with MBNA has been OK. I have 2 Platinum Plus MC's with them, both at 13.99%. That's been the APR since I opened the accounts in 5/98 and 1/01 respectively, so I guess I've been lucky. They are quite stingy about limit increases though: my older account grew from a $1K limit when I got it as a college student to an $8K limit. However, they reduced it to $5K this year when the balance got too high (essentially maxing out the card....grrrr). Good thing Citibank gave me a good transfer deal. The newer account has only grown from $5500 to $6500 limit.

I haven't really been screwed by them (other than the limit reduction, which I may request be reversed now that the balance is elsewhere), but I'm not sufficiently impressed by them to remain a longterm customer. On the plus side, I've never had a problem with them posting payments, which I always have sent snail mail. They usually post 3-4 biz days after I mail them.

Hope this helps! )

 

Cyprigirl,

I would suggest not max out the card unless you have somewhere else to transfer the balance should they try and play games. Also, make sure you read all the crap in the statement enevolpe so you don't miss a change in terms announcement. Be sure you keep all of your other accounts in good order as they {along with every other cc company} do A/R's and will use negative info from other accounts to jack your rates. Also, don't pay them late or with NSF's.
Once you do have a balance with them, continue to seek out better BT deals. Good luck!

 

Looks like I have to cross off MBNA when I go prime. Add Fleet to the list as a cc that jacks up rates or cancel you when you show no activity.

Best regards,
Mirage

 

Well i can tell you this much about MBNA with my dealings with them.They are careful when it comes to CL increases but i have learned a lot over the past 18 months,and that is if i just charge responsibly then pay off my monthly statement then MBNA raises my limit by 500.00 every 3 billing cycles.I do know that they do report my credit with all 3 CRA's monthly because i have just checked my CR a few days ago and they are reporting acurate information on me.Also watch your total credit usage with all creditors because if they catch anyone running up a bunch of debt,and only paying the minimum due they will raise your APR's!Well i am happy with this bank because i am offically a QUANTUM cardholder!I should receive my card in about 2 weeks from today because i have just received my letter of approval.I have had very good experiences with them.They are not that bad of a bank just careful about their credit decisions.

 

Well, I have been hanging out on the boards for a few months.. still learning.. but I feel I must jump in here and comment MBNA a bit.. When I gained a BT to Bank of America for a 8.9%, I transfered off MBNA all that I could.. they responded by opening my credit line to 23K, and lowering my current whopper balance to 9.99%

 

ble 103: Is MBNA reporting every month? They are not reporting mine at all and it has been open over 1 1/2 years.

Cherie: I am considering doing a BT to reduce my MBNA balance. Can you tell me your credit limit and your balance before you did the BT to reduce it? And , what was your interest rate? And, how long did it take after you did the BT to reduce your limit did they reduce your rate to 9.99? I apologize for being so nosy, but I am considering all my options and that is one of them. Also, did your BT completely pay off MBNA or only part of it?

 

Yes they do,and they report it just a few days after my billing cycle.No matter if i carry a balance or not they are very fast reporting my credit to all 3 CRA's.I had had this company for over 6 1/2 years,and they are very prompt when it come to reporting my credit experiences with them.Havn't had any trouble with them at all when it comes to credit reporting with all 3 CRA's.