MBNA Credit Card Review
Author: Board Monitor
Posted: Mon Nov 14, 2005 8:56 am
Post subject: MBNA Credit Card Review
I would like to know if anyone has had their account closed by MBNA due to high utilization or another bogus reason (other than due to legit. reasons like late payments, paying less than the minimum, etc.).
I am helping a reporter from a major personal finance magazine and I think she would be very interested in this. Please post away!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Mon Nov 14, 2005 10:19 am
Post subject: MBNA Credit Card Review
Yep.
In November 1991 I opened an Ameritech MasterCard account. It turned into a Household Bank account, and then an MBNA Platinum Plus account. In February 2004 it had a credit limit of $24,600 and no balance when I received a call from a "credit analyst" at MBNA. He said he was reviewing my account and noticed I owed what he considered a lot of money to other creditors. We had a brief, cordial conversation after which he told me that he was closing my account immediately. He told me to cut my card up and never use it again.
I had never been late with payments, never gone over my credit limit, never done anything against its rules--or the rules of any OTHER creditor. At the time my account was closed, I repeat--I owed NOTHING to MBNA. I hadn't even used the card for a few months. I was quite peeved. Cancelling the card reduced my average credit history (since I had owned the card for 12+ years when it was closed), reduced my credit availability (since $24,600 of credit card availability disappeared suddenly) and reduced my credit scores abruptly.
I was angry on several levels. What if I had recurring charges on the card? What if I had used the card recently for an online purchase that hadn't yet posted? What if I had used a balance transfer check that hadn't cleared yet? What was so goshdarn urgent that my account, in good standing for 12 years, suddenly had to be closed completely on the same day the analyst called?
A few days after the account was closed, I received by mail a special offer from MBNA offering me a balance transfer for 2.9% because I was one of its best customers!
A year later, February 2005, I received a pre-approved letter from MBNA offering me its FidelityInvestments Platinum Plus card. I applied by phone, spoke with a credit analyst, and was given a card with a $30,000 credit limit and a 2.9% balance transfer rate for a year.
I owed more money to other creditors in February 2005 than I had owed in February 2004 when my card was cancelled. Go figure.
Posted: Mon Nov 14, 2005 8:56 am
Post subject: MBNA Credit Card Review
I would like to know if anyone has had their account closed by MBNA due to high utilization or another bogus reason (other than due to legit. reasons like late payments, paying less than the minimum, etc.).
I am helping a reporter from a major personal finance magazine and I think she would be very interested in this. Please post away!
_________________
Best Regards,
Curtis Arnold
Board Monitor
http://www.cardratings.com
(501) 663-0314
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Mon Nov 14, 2005 10:19 am
Post subject: MBNA Credit Card Review
Yep.
In November 1991 I opened an Ameritech MasterCard account. It turned into a Household Bank account, and then an MBNA Platinum Plus account. In February 2004 it had a credit limit of $24,600 and no balance when I received a call from a "credit analyst" at MBNA. He said he was reviewing my account and noticed I owed what he considered a lot of money to other creditors. We had a brief, cordial conversation after which he told me that he was closing my account immediately. He told me to cut my card up and never use it again.
I had never been late with payments, never gone over my credit limit, never done anything against its rules--or the rules of any OTHER creditor. At the time my account was closed, I repeat--I owed NOTHING to MBNA. I hadn't even used the card for a few months. I was quite peeved. Cancelling the card reduced my average credit history (since I had owned the card for 12+ years when it was closed), reduced my credit availability (since $24,600 of credit card availability disappeared suddenly) and reduced my credit scores abruptly.
I was angry on several levels. What if I had recurring charges on the card? What if I had used the card recently for an online purchase that hadn't yet posted? What if I had used a balance transfer check that hadn't cleared yet? What was so goshdarn urgent that my account, in good standing for 12 years, suddenly had to be closed completely on the same day the analyst called?
A few days after the account was closed, I received by mail a special offer from MBNA offering me a balance transfer for 2.9% because I was one of its best customers!
A year later, February 2005, I received a pre-approved letter from MBNA offering me its FidelityInvestments Platinum Plus card. I applied by phone, spoke with a credit analyst, and was given a card with a $30,000 credit limit and a 2.9% balance transfer rate for a year.
I owed more money to other creditors in February 2005 than I had owed in February 2004 when my card was cancelled. Go figure.
posted by CardRatings.com at 11:30 AM
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