Hi all, recently upgraded from Plat. Plus to Quantum (2.9% intro, 13.99% fixed, no fees) and just got this card today. The rep told me that the card's translucent design was patented by MBNA and he wasn't kidding. You can see right through this card if you hold it up to the light. The 2.9% intro also applies to cash advances which is really cool!!! I heard that Quantum limit can go to $250,000 or in some cases, $1,000,000. Imagine the look on people's faces if some rich guy goes to buy a house and pulls out this card? One swipe, move in new house, pay in full to avoid interest charges, and get enough points to go on exotic cruises (if MBNA had a Quantum Rewards card) for free. I'll probably use this card for regular expenses though(food, gas, gifts).
Not sure about the credit requirements, but I requested the upgrade after combining two accounts and the rep told me the terms and conditions of the new card. The funny thing was that I called a few days later to check on the status and the rep said that it could not be approved at that time. I didn't understand this because I never had any lates with them for over 2 years with Plat. Plus. I thought maybe I got a rep who didn't have the right info. so I called a few days later and this time the rep said the upgrade was approved. I guess I did have a little suspense before getting this card. If it hadn't been for all the knowledgeable people on this board, I wouldn't have known that there was something called Quantum. I've learned so much from this board. Thanks to all!!!
Dani, First I applied for Quantum card and they denied me because I didn't have enough income to qualify for the Quantum card. They told me that they could convert my Garfield Platinium Plus to Quantum card. Ron.
Ron, thanks for the information. What are the difference in benefits (Quantum vs. Platinium)? Which one would you suggest? Thanks. Dani
I would definitely recommend Quantum over Platinum because with Quantum you get no cash advance fees, no balance transfer fees, no annual fee, concierge service, credit card guardian (like the credit card registry programs that Platinum cards have, but complimentary coverage for Quantum cardmembers), medical insurance when you're traveling, and all the usual Platinum benefits. Be sure to request the no fee Quantum card because I've heard that other Quantum accounts have some fees.
I am not sure the exact credit requirements, but clearly they are not as tough as MBNA would like people to believe. In its recently issued annual report, the company says it now has "in excess of one million Quantum card holders." And this card is exclusive??? LOL They are clearly migrating all of their high end Platinum Plus members to this card, and over the next few years the PP will probably become pretty down-market.
Anon, I agree with you about Plat. Plus becoming easier to get because I remember when I first got this card I had a bunch of inquiries on my report in a 6 month period and I never even applied for this card. It was MBNA who called and offered this card to me. I accepted it right away because it was my first high credit line card (I was still subprime back then). Regarding Quantum, I think the MINIMUM credit line is $15,000, but they will upgrade present Plat. Plus members in good standing who have a credit limit of at least $10,000.
Does anyone know if there is a Quantum program where you get rewards points? I feel that Quantum is still very hard to get for people who don't have a MBNA card, but it is not difficult for those who have Platinum Plus, kind of like AMEX Platinum (easy to upgrade from Gold, but very hard to get for a person who doesn't have any AMEX cards).
I have the Quantum rewards program. You pay a $75 annual fee (which they waived for me) and accumulate 1 point per dollar spent. These can then be redeemed in one of two ways: for 1 cent of any kind of travel (cruise, air, hotel, car) booked through Palladium (Quantum) Travel once you reach a minimum of 25,000 points, or you may redeem 25,000 points for a round-trip domestic ticket in the 48 US states with a maximum dollar value of $400, Saturday night stay, and 21 day advance purchase, with no black out periods. If you use this rewards program correctly, then you can receive 1.6% back in travel with the domestic ticket versus 1% back redeeming on the unlimited travel option. Overall, it is an okay program--enough for me to sign up and use, but it could be better.
Anon, thanks for the info. By the way, do the points expire?Do you still get the benefits of no cash advance or balance transfer fees with the Quantum Rewards card? Did they waive the annual fee before you got the card or later? I've never seen a card where you get miles for no annual fee, that is a HUGE benefit!!!
I had a regular Quantum, 13.99% APR with the 2.9% expiring in April. In January, I asked them to upgrade me to the rewards program. They said they would waive the fee, and extended my 2.9% to July. I have no idea why they offered this! All other terms of the card are the same (i.e, no fees for cash advance, balance transfer, over limit, and probably they would waive late fees for me or allow multiple payment holidays but I haven't needed that). I now use it for everything: cash advances, my rent payment, and everything else, usually running about $3500/month in total. I don't even carry my ATM card anymore, which was from an internet bank anyway, so the ATM fees I pay are the same. Another good thing about MBNA: they don't charge an additonal foreign currency exchange fee over the 1% that Visa charges. Most other banks charge 2% on top of the Visa/MC fee (or 3% in total). The concierge service is great. I couldn't get a reservation the same day at a popular reservation until 10:30PM, and they called a few minutes later and got my party in at 8:30PM, which was my preffered time. They also got me bumped up 1.5 hours in the waiting time at another popular restaurant that doesn't take reservations. One thing I am dissapointed about: Recently I booked a plane ticket through Quantum travel, and they informed me that the interruption insurance ($500/day in case of delays, strikes, etc, medical cancellation coverage, and luggage delay coverage) only apply if you book an "eligible" cruise or package through them--not just simple airfare. I am concerned about the labor situation in May, so this was definitely misleading in their sales literature.
Oh, points expire in 5 years as they were added. Any used points are taken on a FIFO (first in first used) kind of basis. So this should not be a problem unless you spent under $5,000 a year, in which case you should not pay for the rewards program in the first place!
Dani, First all I knew, the toughest card that you can get from MBNA and they give you extra benefits travel services, premium costumer serivices, 13.99 APR and nice looking card.Oh, I forgot the card has a high credit line. Ron.
Thanks, Ron. I probably should start with the Plantium before I get greedy and apply for the Quantum. Dani
Dani, Well, MBNA didn't have any instant approval for theri cards and you must not have any negative accounts on your credit report. MBNA either pull credit from TransUnion or Experian. Sometimes MBNA will give classic card instead of Platinium card it based on your credit history. I got real lucky with them and I got Garfield Paltinium Plus( later upgraded to Quantum) and Barnes and Noble Platinium Plus card. My brother received a pre-approval application for Platinium Plus card and they approved him a classic card. It is up to them. Ron.
I would be very careful with MBNA. Read some of the earlier posts on this board about them as well as www.bankrate.com. Look under credit cards and the articles about people fighting back. If you do use MBNA, keep your balance at a level where you can pay it off in any month if you run into trouble. I have talked to dozens of people who have been given cards easily, allowed to get large amounts charged and then the trouble starts. Once MBNA sees that the limit is probably too large for you to pay off, then your payments will suddenly start arriving late and your interest rate will go through the roof. Once this happens MBNA reports late payments to the credit bureaus which stops you from getting another card so you can't transfer the balance. Also, with late charges on your reports, you probably won't be able to get a loan to pay it off. They have been playing this game for sometime and many have been burned.
