Money Tips: MBNA World Points Platinum Plus Credit Card Offer

Posted On: July 20, 2006

Guest: fenster
Credit Expert (100+ Posts)
Post subject: MBNA World Points Platinum Plus Credit Card Offer
Posted: Thu Jul 20, 2006 7:26 pm

I was offered a preapproved World Points Platinum Plus card, issued by MBNA for NetBank’s customers. The offer consisted of 0% APR till August, 07 on BTs and advances, thereafter, a fixed rate of 7.9%.

Parsing the fine print, turns out NO CAP on a 3% BT fee. I call MBNA and first try to haggle for a no fee BT on $10K so I can earn 5% on ‘em at my bank. The rep comes back with no deal. Then I impart to him all my other MBNA cards have a Cap of $75 per BT, how about honoring that.

This time out he says how about a flat fee of $100 on the $10K, I say deal; a savings of $200 on the fees. Moral of the story, never take the fine print for granted, and invest in a toll free call.

One more thing, don’t be precipitous in you actions. Evaluate all your relationships and options with your bank. For example, I have a MC with MBNA that has an APR of 17% with a 0 balance that’s doing nothing. I consolidated most of its balance with above card so I can cushion new card’s utilization and take future advantage of 7.9% fixed instead of 17%. And at the same time, I didn’t close the donating MC, for it receives automatic CLIs and has a history.

Now detractors will say, you still incurred a fee. You’re right, but in a emerging era of NO CAP fees on BTs, being charged 1% on a $10K loan which will earn you 5% or more isn’t too shabby.
_________________
beware of everything

Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Jul 20, 2006 8:11 pm

Quote:

“fenster”
I was offered a preapproved World Points Platinum Plus card, issued by MBNA for NetBank’s customers. The offer consisted of 0% APR till August, 07 on BTs and advances, thereafter, a fixed rate of 7.9%.

Parsing the fine print, turns out NO CAP on a 3% BT fee. I call MBNA and first try to haggle for a no fee BT on $10K so I can earn 5% on ‘em at my bank. The rep comes back with no deal. Then I impart to him all my other MBNA cards have a Cap of $75 per BT, how about honoring that.

This time out he says how about a flat fee of $100 on the $10K, I say deal; a savings of $200 on the fees. Moral of the story, never take the fine print for granted, and invest in a toll free call.

One more thing, don’t be precipitous in you actions. Evaluate all your relationships and options with your bank. For example, I have a MC with MBNA that has an APR of 17% with a 0 balance that’s doing nothing. I consolidated most of its balance with above card so I can cushion new card’s utilization and take future advantage of 7.9% fixed instead of 17%. And at the same time, I didn’t close the donating MC, for it receives automatic CLIs and has a history.

Now detractors will say, you still incurred a fee. You’re right, but in a emerging era of NO CAP fees on BTs, being charged 1% on a $10K loan which will earn you 5% or more isn’t too shabby.

On my last MBNA BT (like 1.5 weeks ago) I was given the option of 2 choices…

1) PAY THE $75 BT FEE
2) WALK AWAY FROM THE BT

So they are NOT afraid to lose business

IN MY CASE I WOULD HAVE HAD TO PAY OVER $900 FOR A BT FEE

(I have always paid no more than $75)

At one time they were always FREE
(when I did EFT to my checking account)

Guest: fenster
Credit Expert (100+ Posts)
Posted: Thu Jul 20, 2006 11:21 pm

Seems to me banks and card issuers have found a golden goose in fees and are shafting the consumer. They’re not about to let go either.

You’ve over the limit fees, late fees (1 minute late), default fees, express pay fees, pay by phone fees, dormant account fees, the resurgence of annual fees, you name it they got it fees…

Soon we’ll be lamenting the days of the $75 BT.

If congress doesn’t act soon and help working Americans, card issuing banks will suck the marrow from our bones and say gimmie more.
_________________
beware of everything

Guest: mouse
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Jul 20, 2006 11:26 pm

Quote:

“fenster”
Seems to me banks and card issuers have found a golden goose in fees and are shafting the consumer. They’re not about to let go either.

You’ve over the limit fees, late fees (1 minute late), default fees, express pay fees, pay by phone fees, dormant account fees, the resurgence of annual fees, you name it they got it fees…

Soon we’ll be lamenting the days of the $75 BT.

If congress doesn’t act soon and help working Americans, card issuing banks will suck the marrow from our bones and say gimmie more.

When you “CAN” get $0 BT FEE $75 is hard to choke down

$100 I can’t swallow

A $900 BT FEE I WOULD HAVE TO GET THAT 0.00% BT FOR LIKE TILL DECEMBER 2010

Guest: fenster
Credit Expert (100+ Posts)
Posted: Thu Jul 20, 2006 11:39 pm

I’m with ya mouse, all the way.
_________________
beware of everything