MBNA vs Providian vs Chase

Discussion in 'Credit Talk' started by bigboy, Aug 27, 2001.

  1. bigboy

    bigboy Guest

    I keep getting solicited by these 3 companies, neither of which I have ever dealt with. Is there some general concensus on either of these companies? Prefer one over the other?

    Also, I can't decide which offer to go for. Bascially, all I'm looking to do with the card is to finance a computer purchase. Obviously, the lowest rate is my main consideration. But there are other advantages/disadvantages with each should I decide to keep the card. I'd appreciate your time if you have some suggestions.

    With respect to the MBNA and Providian offers here are the highlights:

    MBNA Platinum Plus Mastercard
    1.7% intro APR on everything until 03/02
    11.99% fixed APR
    Reward miles on major airlines, no blackout dates
    No annual fee
    NO GRACE PERIOD!

    (I've never seen a prime card without a grace period. This is definitely a new one to me.)


    Providian Platinum Visa
    1.9% intro APR on everything until 04/02
    12.99% fixed APR
    No annual fee
    25-day grace period
    BT 12.99% after intro expires!

    Thanks in advance for any feedback you can provide.

    'nuff said!
    -bb
     
  2. tom65432

    tom65432 Well-Known Member

    I was attradcted by the MNBA balance transfer option. Once I transferred a lot to their card, they bumped my APR from 14.99 to 23.99. I HAD A PERFECT PAYMENT RECORD WITH THEM. SO, BE CAREFUL.
     
  3. R.

    R. Well-Known Member

    I have products from all three companies, although sub-prime cards from MBNA and Providian.

    I don't think Providian knows how to treat a good customer well. They're so geared to the true sub-prime market that I wouldn't want another card from them. They have been responsible for more telemarketing calls than all my other cards together.

    MBNA, OTOH, has always treated me like a good customer even though I started out slow. My interest rate isn't great, but it is what it is without fees or lost payment garbage. Credit line increases have come slowly but surely. The problem is that they will go down to a $500 card if you don't really qualify for the Platinum, so you could end up with a useless card after applying. Chase doesn't go that low, I don't think, so you'll get what you want or nothing at all. I'm not sure if Providian will push a Platinum application to their regular sub-prime department.

    Chase may not have an offer like the others, or maybe they do. I know I don't have such a hot interest rate (intro or long-term) but that's because I have a rewarding affiliate card. I suspect Chase may give you the highest credit limit of all, which would be good so your computer doesn't kill your debt/limit ratio.

    If the plan is to finance a computer then you don't care about a grace period, so don't worry about it. If you get a card without one you'll just have to remember that you don't have it. I would stay away from Providian, but the other two sound about equal, not knowing specifically about the Chase offer.
     
  4. dlo64

    dlo64 Well-Known Member

    MBNA has a sub-prime card? Can you elaborate?
     
  5. R.

    R. Well-Known Member

    Seems sub-prime to me. Remember that the terms are something used by us, and by lenders talking amongst themselves, but no lender comes out and labels a credit card "prime" or "sub-prime". (Other loans, yes.) My MBNA terms are pretty close to my Cap1 classic terms (except for the lack of an annual fee) and I have just a classic card, so I call them sub-prime.

    I also call my Citibank and Discover cards sub-prime. Others may disagree. It's all vague.
     
  6. bigboy

    bigboy Guest

    Thanks for the responses. You guys rock.

    'nuff said!
    -bb
     
  7. Andrew

    Andrew Well-Known Member

    Bigboy...

    "Work hard, render fast, leave a phong-shaded corpse."

    You wouldn't happen to be a graphic designer too, would you?
     

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