Any body have any information on this?? I got an offer in the mail today (2 of them actually, variations in my name). I'm pretty sure they got my name from a list of insurance agents from a couple of different states (misspelling of my middle name that I can't get some states to correct). From reading the disclosure, it is a line of credit, stated interest rate, but it says they can change the rate (no details given) - but the payment stays fixed even if the rate changes. No penalty for early payoff. Gives rate parameters, but they determine individual's rate from info on application. Thanks for any info. breeze
While some have posted good points about MBNA, I have heard some real horror stories about them and this line of credit in particular, as you stated it says the rates can change, that is what was the major complaint with them. Many people used their line a credit to pay off others debts, then they jacked up their rates, yes your payment remains fixed, but when the rates go up , you balance seems to never go down. What rates did they offer you?? I got this offer a few times and after hearing what "could" happen I decided to pass.
It's nothing different than what could happen with any other revolving credit. I was a prime target for rate increases at the time I took advantage of MBNA's offer. While others indeed did raise my rates MBNA never did. I don't see why they're any more likely to do it than someone's other creditors. I don't claim they're any less likely either. Taking it or not may not be a small decision, but I wouldn't have the possibility of interest rate changes be a factor.
Thanks for the input! Anybody else? Mom, they quoted rates from 12.9 - 23.9. But knowing how theses thimgs work, it could be anything. What they put on the mailer has nothing to do with what you actually get. What I am interested in is really just having another option...I don't need to transfer anything, don't have anything in mind. I do know that the more options I have the better off I am. I would probably just use it because I have it and you should use what you have, but not out of dire need to get out from under something. And...I want to keep it that way. breeze
A friend used this option to transfer some debt at 16.9% in Feb., she had A- credit. Latter added it to a second mortgage at 9%.
mbna likes to cross market. They'll get your info from car lenders, you name it. Usually an invite from them is serious, and they are a very good bank to do business with. They don't mess with folks with poor credit, and they will call you at work to verify info. Good idea to get your foot in the door, someday you might be holding that elite quantum card.
I had this line of credit at 17.99 with a 10K limit. After six months, I called about lowering the APR and was offered a promotional rate of 9.9 for six months but no firm commitment for a permanent reduction. Then I transferred the balance to Citibank at 6.9 for six months. When I was approved for the MBNA plat. plus a few weeks ago, I closed out the account to increase the limit on the card which is at 12.99 for purchases and cash advances.
They'll roll your GoldOption line into a credit card line? I'd love to think so. I have a $2K card (standard Mastercard, no Platinum) and a $5K GoldOption account with them. As it is I can use it all anyway, but it sure would be more convenient to have a $7K card. Maybe next year when I've recovered from my two recent new accounts I'll try it.
