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NAFC Visa®
Issued by MBNA |
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| Total Posts: 2 |
Average Rating:
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Category: Regular |
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Showing 1 - 2 of a total of 2 Commentaries |
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1-2 |
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| "Bait & Switch" |
| Started off with great intro rates and good continuing rates. Transferred high interest balances over then MBNA nearly doubled their interest rate. Now transferring my balances to another low interest account! |
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| Most attractive feature: Great intro rates and good continuing rates after intro period. |
| Least attractive feature: Nothing! |
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Benefits:  |
Service:  |
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| Posted by: Al |
| Date: 2/24/2003 |
Recommend?  |
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This person does not recommend this card.
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| "Interest Rates" |
I had a credit limit of $10,000.00 Dollars. When I got the card in 1993, it was
originally issued by First National Bank @ 12%.
When MBNA America apparently bought the accounts from First National, they
(MBNA) made all kinds of claims about the "new benefits" they could now offer the
old First National Customers.
In reality, it was only a "hook" to try to keep as many First National
cardholders as they could.
First, the APR went up to 15.4%. At that time, the prime rate was about 6%.
As my credit limit grew, so did the APR, but at a very gradual rate, untill it
"topped out" at 17.4%, OR SO I THOUGHT.
When my ex-wife of 23 years died this past December, I took out a cash advance
of $3,000.00 as part of the Funeral expenses.
Lo and behold, less than a Month later, I got a letter from them that stated
that the new interest rate of 22.9% would go into effect by Feb or Mar. If you
used the card after that, you automatically accepted the rate hike.
As of 6-14-00, the prime rate was 5.6%. The LIBOR rate was 5.9%.
I cut up the card and sent it back to them. The only card that I can think of
that is worse, is the "Discover Card", by Greenwood Financial.
I am in negotiations with MBNA to lower the rate, or they can bite me. You
should run from this one. Oh, they also offer "valuded customer" thank you gifts,
automatically charged to the card, it's a REAL SCAM… |
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| Most attractive feature: NONE |
| Least attractive feature: AUTOMATIC INTEREST RATE HIKES |
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| Posted by: Caveat Emptor |
| Date: 6/16/2000 |
| Recommend? |
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This person does not recommend this card.
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Showing 1 - 2 of a total of 2 Commentaries
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1-2
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