Credit Card Rate Surfing Encourages Better Offers
Guest: QikPass
Credit Expert (100+ Posts)
Post subject: Credit Card Rate Surfing Encourages Better Offers
Posted: Fri Sep 15, 2006 9:24 am
Thanks for the informative reply. I'm sure this "rate surfing" thing will make people at least consider paying a fee or allowing the bank to make a little bit of interest off them in order to maybe entice the banks into better future offers.
_________________
Fortune Favors The Bold...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit: fenster
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 10:08 am
Quote:
The thinking here is: if you are constantly costing us money, and you are constantly costing your other banks money as well, you can go get lost and find yourself another source of funds.
The truth of the matter is that it’s MBNA which got “lost” deep within the bowels of BofA. And altering one’s spending habits for a mere CLI that may or may never come is akin to compulsive gamblers who lose $10K+ at the tables to be comped for a $20 dinner _ some logic.
The truth of the matter is that MBNA automatic CLIs have no discernable award or dispensation pattern. Personally, I’ve 4 MBNA cards, some I sock drawer, some I use for BTs and some for purchases, they all get automatic CLIs at disparate times. Sometimes these automatic increases are abysmal like a once laughable $100, other times they’re beefy like $4000 in one leap.
Again, if MBNA isn’t pleased with a particular cardholder’s spending pattern and withholds automatic CLIs from him, it can shove it and “get lost” itself. There exist tons of generous banks out there, only a card junkie would care what pleases or doesn’t please MBNA’s HAL.
How about this: I will continue to "cost" MBNA "money", will rate-surf, and MBNA's stupid HAL will keep awarding me automatic CLIs.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: guessindigo
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 11:20 am
I thought I would share my experience. My auto CLI's were drying up big time I noticed. So, I kept filling out the form every 2 months. One day out of the blue, I get a call at work. It was a credit analyst. He said I am reviewing your recent request for a CLI. I see that we have turned you down the last 5 times.
How much are you looking for? (I thought this was strange because I put the amount in the form). I told him. Then he asked why do you want it? (fair question). Again I told him.
He said he has the power to approve the increase and gave me a 2.9% offer. I told him I have that mail offer in the form of convenience checks and it was only for 4 months. He said rubbish, I'll extend that out to 12 months. Then he asked, are you sure that is ALL you want to DD?. As if wondering why not more. Finally, I said OK then, go ahead and DD $40,000.
Folks, he was not fazed at all, I swear!. This is more than I wanted to BT, but he said your capable of handling large amounts of debt, I can see taht based on your credit history. I got a mammoth increase to support the DD and still have room not be to over 80%.
So, Bikshu, what you say really ties this all together nicely. Thanks for the post. It reinforces some of my beliefs about how MBNA operates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: footballfan33
Posted: Fri Sep 15, 2006 11:23 am
Biskou,
I really like your responses. They're very informative, and I really appreciate them. You bring a lot to the board, and I want to thank you, especially as a relatively new MBNA customer.
Ok, I have question. This whole "rate surfing" issue has me confused.
I've never transferred a balance, but will likely do soon. My intro period on my Amex Blue is expiring, and it's going to be set at 18 percent. I called and asked for a reduction, but they said no.
Meanwhile, I have my brand new MBNA card that's at 0 percent balance transfers for a year.
Why SHOULDN'T I transfer the balance to MBNA? This all has me confused. Why should I should keep a $1500 balance with Amex at 18 percent when I can transfer it to MBNA at zero percent?
Again, I'm confused by all of this, as I've never transferred a balance before. This whole "rate surfing" thing has me weirded out. If companies don't like for us to rate surf (and if they lose money on BT's) why offer teaser rates?
And, is it wrong to occassionaly call a credit card company to ask for a lower APR? I thought that was normal? (FYI: My MBNA is 7.9 fixed and I love it)
Again, thanks for your help.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit Expert (100+ Posts)
Post subject: Credit Card Rate Surfing Encourages Better Offers
Posted: Fri Sep 15, 2006 9:24 am
Thanks for the informative reply. I'm sure this "rate surfing" thing will make people at least consider paying a fee or allowing the bank to make a little bit of interest off them in order to maybe entice the banks into better future offers.
_________________
Fortune Favors The Bold...
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Credit: fenster
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 10:08 am
Quote:
The thinking here is: if you are constantly costing us money, and you are constantly costing your other banks money as well, you can go get lost and find yourself another source of funds.
The truth of the matter is that it’s MBNA which got “lost” deep within the bowels of BofA. And altering one’s spending habits for a mere CLI that may or may never come is akin to compulsive gamblers who lose $10K+ at the tables to be comped for a $20 dinner _ some logic.
The truth of the matter is that MBNA automatic CLIs have no discernable award or dispensation pattern. Personally, I’ve 4 MBNA cards, some I sock drawer, some I use for BTs and some for purchases, they all get automatic CLIs at disparate times. Sometimes these automatic increases are abysmal like a once laughable $100, other times they’re beefy like $4000 in one leap.
Again, if MBNA isn’t pleased with a particular cardholder’s spending pattern and withholds automatic CLIs from him, it can shove it and “get lost” itself. There exist tons of generous banks out there, only a card junkie would care what pleases or doesn’t please MBNA’s HAL.
How about this: I will continue to "cost" MBNA "money", will rate-surf, and MBNA's stupid HAL will keep awarding me automatic CLIs.
_________________
beware of everything
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: guessindigo
Credit Expert (100+ Posts)
Posted: Fri Sep 15, 2006 11:20 am
I thought I would share my experience. My auto CLI's were drying up big time I noticed. So, I kept filling out the form every 2 months. One day out of the blue, I get a call at work. It was a credit analyst. He said I am reviewing your recent request for a CLI. I see that we have turned you down the last 5 times.
How much are you looking for? (I thought this was strange because I put the amount in the form). I told him. Then he asked why do you want it? (fair question). Again I told him.
He said he has the power to approve the increase and gave me a 2.9% offer. I told him I have that mail offer in the form of convenience checks and it was only for 4 months. He said rubbish, I'll extend that out to 12 months. Then he asked, are you sure that is ALL you want to DD?. As if wondering why not more. Finally, I said OK then, go ahead and DD $40,000.
Folks, he was not fazed at all, I swear!. This is more than I wanted to BT, but he said your capable of handling large amounts of debt, I can see taht based on your credit history. I got a mammoth increase to support the DD and still have room not be to over 80%.
So, Bikshu, what you say really ties this all together nicely. Thanks for the post. It reinforces some of my beliefs about how MBNA operates.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: footballfan33
Posted: Fri Sep 15, 2006 11:23 am
Biskou,
I really like your responses. They're very informative, and I really appreciate them. You bring a lot to the board, and I want to thank you, especially as a relatively new MBNA customer.
Ok, I have question. This whole "rate surfing" issue has me confused.
I've never transferred a balance, but will likely do soon. My intro period on my Amex Blue is expiring, and it's going to be set at 18 percent. I called and asked for a reduction, but they said no.
Meanwhile, I have my brand new MBNA card that's at 0 percent balance transfers for a year.
Why SHOULDN'T I transfer the balance to MBNA? This all has me confused. Why should I should keep a $1500 balance with Amex at 18 percent when I can transfer it to MBNA at zero percent?
Again, I'm confused by all of this, as I've never transferred a balance before. This whole "rate surfing" thing has me weirded out. If companies don't like for us to rate surf (and if they lose money on BT's) why offer teaser rates?
And, is it wrong to occassionaly call a credit card company to ask for a lower APR? I thought that was normal? (FYI: My MBNA is 7.9 fixed and I love it)
Again, thanks for your help.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 2:47 PM
0 Comments:
Post a Comment
<< Home