Need some info on MBNA Canada??

[svtcobra]

Hey everyone.

I would like to know your pros and cons on MNBA Platinum Plus MasterCard's? I use another companyfor business purpose but this card it for my personal use only. They are offering 1.9% for the first then it is 9.99% with a credit line up to 100,000.

Any info would be appreciated ?

Thanks in advanced

 

[ham2004]

Never had any problem with. Have two of there cards and both over the 25000 limit.. never a problem.

Use them for business all the time..

 

[Avery]

I've had a personal one for several years. Their rates are very favourable, and they're definitely easy to deal with if there are any problems.

They often have really good promotional rates for cheques drawn on your account - very handy for RRSP contributions, income tax payments, etc.

They usually start you off with a modest line of credit, but they increase it significantly and rapidly if you use it and establish a good payment history.

The only drawback is that they still don't have internet access to your account information on their web site. I suppose it's a cost thing, but I'd certainly like to see it..

 

[Master Baiter]

I got 2 of their cards and haven't had any problems when I used them for 2yrs... Right now I don't use any other card other than my CIBC Aerogold card for the points.

 

[tboy]

Fluff? you get fluff? I'd be more than happy if they sent me a fluffER lol

I've had good experiences with them and never had a problem. I've also heard good and bad about capitol one and a good thing about capitol one is that they send you a year end statement of purchases which helps with the bookkeeping. (this could be a bad thing if you SO gets her hands on it though hehe)

 

[The Doctor]

The cards are good. They have all the bells and whistlses from a service perspective and the rates are generally good. As well, they don't seem to cross reference their files so you can have several MBNA platinum cards all with different labels on them. I have one MBNA card and two affinity cards.

The only thing I hate is that they constantly call trying to upsell you on additional services. But the cards on their own are good.

 

[SaveFerris]

I'm sure all c card companies are devious like this, but one experience I had with MBNA was when they said I could borrow funds on my cc at like 4% interest for a year. I went ahead and did so, but then 3 months later I do the math and realize they are charging me mid-teens interest. I call for an explanation, and it turns out that if you miss a monthly minimum payment the "special" interest rate is lost and you are now charged full credit card rates. I thought that was underhanded. (I almost never miss payment days, but MBNA has this habit of giving you a "Payment Holiday" meaning no payment required this month...and they seem to give these out every 2-3 months...so I think what happened was I just got confused as to what was owing and when.

 

[freakshow]

They are great but remeber they are a US company and US laws apply......A friend if mine who went bankrupt here had a 10,000 MBNA and they ended up putting a lien on his house in order to collect.

To sum it all up they dont screw around, not like canada

 

[badseed]

the bastards send me marketing fluff all the time

Me too, I got rid of mine I found it was a hassle trying to use it in banks for things like cash advances and such. I'll stick to Visa.

 

[The Doctor]

I'm sure all c card companies are devious like this, but one experience I had with MBNA was when they said I could borrow funds on my cc at like 4% interest for a year. I went ahead and did so, but then 3 months later I do the math and realize they are charging me mid-teens interest. I call for an explanation, and it turns out that if you miss a monthly minimum payment the "special" interest rate is lost and you are now charged full credit card rates. I thought that was underhanded. (I almost never miss payment days, but MBNA has this habit of giving you a "Payment Holiday" meaning no payment required this month...and they seem to give these out every 2-3 months...so I think what happened was I just got confused as to what was owing and when.

I almost got caught on that one as well. I called after looking at some fine print and saw there was a "financing charge for the "holiday". I don't like their makeketing tactics, but the special rates are good and they are generous with the limits.

 

[visitor]

I would not accept a deal at 1.9% that somehow forces you to go to 9.9% after a certain time. That sounds like a stange contract, for how could they stop you from repaying the loan at the end of the 1.9% period?

The best way to deal with them is to accept their relatively low 6-month rate (now about 4.9%) and then pay the whole thing back after that 6 months. Then renew the arrangement. However, don't phone them to renew. Wait for them to phone you. You get a better deal that way. Also, your standing with them will go up if indeed you repay the full amount just before the end of the term they give you. You can use this strategy if you deal with several companies, because you can rotate the loans from one to another. It's important to build up credit with MBNA if you want to negotiate their transfer fee that usualy accompanies a 6-month loan at a fixed rate. If you factor in their full nominal transfer fee, it can add a point or two to the posted interest rate.

 

[Cinema Face]

I had an MBNA credit card. While I had no complaint about the service, I found their high pressure sales tactics a real turnoff. I decided to cancel the card because of it.

They insisted on selling me this "insurance" that will pay my balance if I loose my job or whatever. This is really stupid service and is just a scam to get more money from me. Anyone who opts for this "insurance" is an idiot.

These attractive introductory interest rates are another scam designed to sign you up and transfer a balance from another card. As soon as you do, the rate goes up to whatever the current rate is. Don't be fooled by the attractive interest rate. It's a bait and switch.

 

[xarir]

I finally had to write head office a letter outlining how pissed off I was that they were calling so often and ignoring my pleas to stop.

I would think a complaint to the privacy commissioner would be sufficient to stop this behaviour from MBNA. The new privacy law in Canada is pretty strict.

 

[kooldogg]

I had an MBNA card for a while. I had to cancel it because they were constatntly calling to sell me insurance for any balances. It was an endless hassle.

 

[svtcobra]

Thanks everyone for your opinions on this CC. I am going to look further into this company. I may just go to Visa Platinum with RBC or CIBC.

Thanks Again


Svtcobra