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Fraud in a BIG WAY
Posted by Vanonrockyroad on 12/27/2004
MARS HILL, NORTH CAROLINA -- I received a "Clean Sweep" offer through the mail to pay off your high balance credit card debts with a very low interest rate in the range of about 4.99% to 6.99%. This bunch took my information over the phone and I was given a line of credit to payoff all my credit cards. Which, I done immediately. I was working making $60,000 a year, until very suddenly I became disabled and I an now receiving Permanently Total Disability Payments each month. I explained that I needed to consolidate my debts in to one low monthly payment. I was told that my payment would be around $350.00 per month for 92 months. That was O.K. with me. However, when I got my first Statement, it showed a $690.00 transaction fee, my monthly payment was over 550.00 per month, and my interest rate was 54.99%. Needless to say I had a mini-heart attack and called them. They were very rude and acted liked I never talked to them and said I signed a loan application, which I never did. This was all done by phone. They sent me a copy of my application, and it was totally bogus. Nothing on that application even pertained to me and I never signed it. Now they have destroyed my perfect credit rating, and all I get when I call - is someone telling me that I am a liar and that they are going to sue me. I told them to bring it on, because I would love to show the Courts what kind of Fraud they are producing.
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Posted by AZJEM on 2004-12-28:
I don't know what I can say that will help you, but I do agree MBNA is a total clip artist. I paid them in full, even though the next month they still added the percentage charge-o.k. I paid that then sent our two cards shred up in a million and one pieces. Terrible customer service (after they have your account). And I can't believe it would be legal to charge 56%. Hope someone can offer you some help with this. Good Luck!
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Posted by Pdmasta on 03/15/2006
I used to be employed with MBNA back in 2005. I was in their elite sales team counter offer. Basically our job was to sell as much as possible, as fast as possible, and if we were good enough, smart enough, sneaky enough, we wouldn't have to do it all legally. CRC regulations said that we were able to do . this, this and that. MBNA pretended to care, pretended that we were all be listened too, pretended that if we didn't do exactly what the law required their would be swift punishment. Well, that didn't happen. You see we used to sell insurance as well as loans. We had a bunch of really good sellers on the team, one guy in particular used to sell 10-20 p3's a day (thats what we used to call them) I remember everyone wanted to know how the hell the top sellers sold their stuff, what did they say? what did they do? You'd think the entire management team would call a meeting and go over EXACTLY what was done, exactly what was said, no. Never happened, because it was illegal. Things that were not mentioned, say specific fees or charges for a loan or particular insurance were not mentioned to the customer. Perhaps the customer was listening, but the sales rep was speaking too fast, or just as the IMPORTANT parts came up, he would hold down mute for a fraction of a second. Everything was monitured, but they couldn't tell when you had MUTE pressed down. There were a lot of tricks, a lot of lies. People would complain EVERYDAY that they paid ONTIME. MBNA were very very smart, never told anyone it took 2-5 business days to get the money, and mbna made damn sure it took 5 days to process ANYTHING. They wanted everyone to default on their payments, everyone to pay higher interest. I know for a certain fact that MBNA would not correct their phone list if a person had moved, I know for a fact that people were called every week, every day for months, for years even. I know that deceased customers would still get calls. Their widows answering the phone for the 35th time and telling us that their husband died. MBNA was ruthless. And did they reward you for all the hard work? no! they gave us chocolate bars for more energy. They'd demand overtime, overtime overtime. Why aren't you working this saturday? I got a family...? DOESN'T MATTER! NO FAMILIES, NO OBLIGATIONS, !

They didn't want you to leave. I think one of the worst things MBNA did was sell to people who really didn't speak enlish that well. We were all forced to bully our way through sales, even if the person didn't understand what you were saying, just keep pounding away and they'll eventually fold, and take the money. Directors Club. What a joke.

This was MBNA's "idea" to reward top sellers, problem was, the 'leads' or 'call lists' that the top sellers would use would be shared by the lower of the sales groups. It tainted the pool, so when 'some' of the elite sellers would be asked to go on 'inbound' calls, they had the clear advantage. Their time on a seperate lead system was not compensated for, nothing was done. People were crushed in a day, in a few days when their rivals would go on 'incoming'

In my opinion, MBNA is the worst financial instituition I have ever worked at. Thank god for HSBC. And one last thing about mbna that was idiotic, the men had to wear a STRICT dress code, pants, tie, you got the idea, the women? anything they DAMNED WANT! Low cut shirts, I mean so low it was REDICULOUS, I thought half the women were going to the club on their lunch breaks, oh god how pathetic MBNA was.

I am so glad I left.

ps. never work, never deal, never talk to mbna, because more than likely you are getting SCREWED!
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Posted by CjCinColorado on 2006-03-16:
I'd much rather deal with MBNA than the skunks at HSBC!
HSBC is 'Household Finance' now renamed.
HSBC bought Beneficial Finance.
Beneficial is still ok BUT you have to watch them.
Knowing they're all REALLY under the old umbrella of Household Finance Corp. makes me not trust them.
Both companies,HSBC and Beneficial regularly don't send the monthly bills. They penalize monetarily for paying bills too early too.
Household or HSBC just isn't to be trusted.
Posted by squeekie on 2006-03-16:
Beneficial/HSBC does suck. my husband has a loan through them. they immediately tacked on the 3k in intrest so it brought the loan up to 8k and now it looks like the loan is over drawn. we have it down to a more sain amount now. but then HSBC called and wanted to give us a home equity line of credit, at get this 12.75 %. I don't think so. we could get it through our bank or morgage co for half that amount.
Posted by wary-consumer on 2006-03-16:
Thanks for the insiders look into MBNA's practices. I'd think MBNA knows about the tricks that sales reps use the trick customers but don't want to do anthing to prevent it because it will hurt their profits. I bet they just turn a blind eye unless it is blatently obvious.
Posted by JG3_Dragon on 2006-04-29:
MBNA does horrible Business practices. I have a post on this site, explains what I had happen. It wasn't the debt, it was minimal to the US debt poll. It was their sneeky way of percentage rate increases to good customers. I did not have a great customer treatment in the end. Remember 6 years with this Company. There is a reason for that...but then to see me dump them and never look back. You know the reason now...only one it could be...mistreatment. I do see now why I am not one of the Richest Company's on the planet.
I couldn't do this to people.
At least I am free of their actions today.
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Posted by Honesty is the best policy on 05/28/2009
I have been a customer card holder with MBNA since 2001. I have never defaulted on a payment or neglected to pay off a balance in full. I increased my credit limit from 10,000 to 15,000 last year. I chose not to use my card until I had a need to use it which I believe is my own perogative. I called in just the other day to order cheques and I was informed that my available credit was decreased without any notification to myself (meaning no phone call, no letter and no e-mail to myself informing me that I was being penalized). This company decreased my available credit of $15,000 which I worked so long and hard to qualify for and obtain all the way down to $400. I was told that they had to decreases my available credit limit due to the fact that I was not using my card and they had to minimize their risks just in case anything security-wise would have happened. I was shocked that I was treated like this and was unable to do anything about it. They also told me that I would now have to re-apply for another increase in credit which we all know would affect my credit rating once again because anytime you request a credit increase, it goes against your credit score. People, can you imagine if I was at a business luncheon and the meal was over $400, how embarrassing that would be for me to not know that the card that I was holding now only had $400 worth of credit available instead of $15,000! What a fool I would look like not even having money to pay for a business luncheon. I have now cancelled my card with them and I have now told everyone that I come into contact with that this MBNA company is the absolute worse company that you can deal with regarding anything. Their customer service is horrible and their ethics and controlling manipulating ways really gives banks a bad name. STAY AWAY FROM THIS COMPANY as you will become a victim!
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Posted by Anonymous on 2009-05-28:
.....and your tax dollars bailed them out.
Posted by Anonymous on 2009-05-28:
Victim? You're not out a penny of your own money. They reduced a credit line that wasn't being used on a card that wasn't being used. The credit line is their liability, and it's their right to reduce it, just like it's a customer's right to go somewhere else.
Posted by Slimjim on 2009-05-28:
MBNA is now Bank of America. In regards to warning future applicants, I don't think that will be an issue with any credit card lender right now. The days of obtaining large credit lines are over aside from an elite few. The rest won't be getting an aggressive limit to be reduced in the future.
Posted by CaptainSpaulding on 2009-05-28:
Slimjim: You are correct, however Bank of America is using the name "FIA Card Services" for all former MBNA credit card accounts.
Posted by voiceoff on 2010-01-04:
They should have let you know but yes that is their right. However why should your score, based on YOUR actions and creditworthiness, not their sudden reduction without cause, be damaged, if they changed the rules of the game in the middle?
Every thing is score driven and your reputation was ruined by being a nice person who does not have a huge balance.SHAME ON THEM!
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False advertising
Posted by Kpare23 on 06/22/2007
When I signed up for MBNA's Worldpoints program, I was told that when I acquired a certain amount of points, I would receive a free round-trip ticket to wherever the amount of points would take me (i.e., 60,000 points to Greece, then free r/t ticket). When I called to redeem my points, I was told that they pay only a certain amount, and that I would be responsible for the rest. Not only was I on the phone for 1 hour being passed around from one department to another, but another hour arguing with a manager about what I had been informed. After I was given responses like "complimentary doesn't mean free" and "our staff would never tell you that," I was finally told that when MBNA was bought out by Bank of America, the points program changed, and that other customers had also been given incorrect information. I am still disputing to get credit for something I don't believe I should have to pay. I was told each time I called to check my points that I had a free round trip fare to my destination (Greece). This is false advertising, and I feel since I have spent over $80,000 on this credit card, this greedy company should reward me with the round trip fare I was promised. If you are a member of Worldpoints, beware because you are not receiving anything free. Your points only pay a certain amount, and then you are responsible for the rest. There are many other credit cards that will honor you with what they promised.
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Posted by Anonymous on 2007-06-22:
When BofA took over Worldpoints the entire program was changed. Advance notification was provided but as I was told by my bank manager very few people paid attention. He said there were many complaints of lost points once the change over took place.

Even though my credit card was not with MBNA, they did handle the processing. My bank notified me a couple of months in advance of the change to BofA. And knowing that BofA is not one I want to do any business with I cashed in my points before losing most of them.
Posted by adzidek on 2007-06-22:
You already paid twice over for that trip to Greece in interest on $80,000.
Posted by kpare23 on 2007-06-22:
I had called several times after the program changed to find out how many points I had, and also how the change affected me. I was told that I needed more points now in order to go to certain parts of Europe, but never told that my points only paid part of the trip. Believe me, I have asked many times if I have a free r/t ticket, and each time I was told yes. That's why I'm very upset about all this.
Posted by cadydid on 2007-06-22:
Trust me when I say you are not the only one that got screwed when BOA took over MBNA's credit card division. They changed the points on every reward program. Royal Caribbean's visa for instance.. it used to take 125,000 points for a free cruise for 2 to the Caribbean.. You used to be able to upgrade to a balcony by paying the difference. Now the free cruise is 150,000 points and if you want the balcony, it's 250,000.
Posted by voiceoff on 2007-07-22:
Jayd what if you were allergic to an antibiotic but that fact was buried in tiny print on your medical records? Would that be OK? Would you say the doctor was at fault who missed it and gave it t o you or the system that does not HIGHLIGHT it for the benefit of all patient? If we know human nature we should act accordingly.
Posted by Cruizzer on 2007-08-13:
I have a MBNA Royal Caribbean Visa points card also, and I lost my bookmark to the site where you can view your points. Does anyone know the website ??
Posted by Skye on 2007-08-13:
2,500 bonus points after your first qualifying transaction.
Earn 2 points for every $1 spent on qualifying Royal Caribbean purchases.
Earn 1 point for every $1 spent on all other purchases.
Redeem your points for onboard credits, stateroom upgrades, free cruise vacations and more.
Eearn up to 125,000 points per year.
Points earned are valid for 5 years.

I'm still looking for the points site.
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DO NOT deal with this company
Posted by SherryH on 12/24/2006
A very long story made short, I put in a new driveway this year, and I paid for it with a credit card I expected to pay off with a tax refund in February. I went on line and researched 0% cards so I could balance transfer from my well loved credit card and finance the drive for nothing: I found a 0% offer from MBNA. When I called them, I specifically asked if there was a fee. The answer was no. A month later when I got the bill, there was a $225 3% percent of the balance transfer fee on the bill. I called. I was cut off. I called I was transferred around. I was cut off. This went on for fifteen minutes until I got a manager. I told them what happened, we agreed to a $50 fine. I was told the info about the 3% was on the back of the paperwork. I told him I didn't HAVE paperwork and when I did get AFTER I agreed to the balance transfer over the phone, it was written so small I had to hunt for it to see it.
Then, I set the account up for automatic paymments. What did they do? They raised the minimum payment by $58 WITHOUT notifying me, so when the payment I made was short, I not only got socked with a late fee, they took my 0% from me AND a $47.00 finance charge. I called five times, was treated like a criminal, and finally, I went from nice to nasty and got one girl to agree to give me back the 0%, and remove the finance charge. I didn't trust them, so I removed the automatic payments option. A month later, the finance charge was still there. I pulled out my trusted ten year old card, the one I had used to buy the drive in the first place, called them, and they offered me 4% with a flat $75.00 balance transfer fee. I arranged to have the whole balance placed back on the card, minus the $47.00 I didn't feel I owed MBNA. I called MBNA again, before the balance transfer went through, I called four more times to get the finance charge removed. When they did, the transfer went through, the balance was zero, I closed the card. What did they do yesterday? They pulled the automatic payment out of my account (you know, the one I SHUT OFF) and made a payment on a closed account. I just called them again five minutes ago and got the "I'm sorries." I said, "Raising my miniumum payment when I haven't made a charge is illegal. Taking money out of my account when I haven't authorized it is stealing, and accepting a payment on a closed account just proves how incompetant your company is. This has been a nightmare." She apologized, and I repeatedly apologized to her, as a human...but MBNA is awful, just awful. What would have happened if they overdrew my account??? My money is being mailed back to me within 7-10 and I have no doubt I will have to call them about it. Does anyone out there know if my bank can stop automatic payments from their end? I'm worried about next month.
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Posted by tnchuck100 on 2006-12-24:
If you had checked this site first you would have seen MBNA is never to be trusted. Hind-sight is 20/20. However, your post may save some other poor soul from being victimized by them.

Work with your bank. They should be able to recover any monies MBNA took. Next point: NEVER let any company auto-debit your bank account.
Posted by tnchuck100 on 2006-12-24:
Please tell me this is the same reoprt you filed on 7/25/2006. I would hate to think you allowed yourself to be taken by MBNA a second time.
Posted by Bababooey on 2006-12-24:

I said it before, and I'll say it again...

MBNA no longer exists. It was taken over by Bank of America last summer, and now operates under the name "FIA Card Services".

Any problem you had with MBNA should now be directed at Bank of America, dba FIA Card Services.
Posted by SherryH on 2006-12-24:
No...the 7/25 incident is the first part of this post, the rest is a continuation of the events to this morning...and yes, I was stupid enough to think it was an isolated incident and just a rough start with them, and I didn't want to transfer the balance again. I wrote that review to tell people to be careful about balance transfers. This one is written to tell people to stay the heck away from them, period. I am now, I hope, completely finished with them. My card (now in little pieces) says MBNA, the website, www.mbna.com, takes you to Bank of America. This is why I identified it as MBNA.
Posted by HaroldSays on 2006-12-24:
There is a form that you can file with your bank to dispute charges taken out of your account. There is no charge for this service. You can file that and within about 5 days the bank will return the money to your account if your dispute is valid.
Posted by Anonymous on 2006-12-24:
SherryH I can't add anything to the advice others have given so I will just say you did great and I'm glad you got away from them. I know it's a hard lesson to learn but you did, GOOD FOR YOU! That is called "Acquiring wisdom". Most banks and credit card companies do this kind of thing because most people let them and no one really regulates them. Just makes you wonder who the criminals really are? Marry Christmas to you and yours!
Posted by Shakra on 2006-12-24:
A transferrence of monies from one credit card to another usually does result in a percentage being added on. That is because the credit you had from one the original credit card is considered a "loan" instead of credit on the second. It used to be 2%. Guess they've raised it. That's why it is never a good idea to transfer balances from one credit card to another.
Posted by TWolf on 2007-03-02:
BofA, who is a part of FIA card services, provides some of the most horrendous service I have ever known. I do not know of one individual who is thrilled with the service they receive. Unfortunately, FIA card services is a huge company and it can be difficult to find credit cards that are not through the organization, but they are out there. When you read the fine print when researching your card, be sure to look and see if they are a part of FIA. Otherwise, just call them. Trust me, you will immediately notice the low quality when dealing with the sales team.
Posted by leftcoaster on 2009-04-14:
As other commenters have noted, FIA Card Services is just the old, fraudulent MBNA, now owned by Bank of America, which, in turn, is the renamed old NationsBank of North Carolina, not the fine institution founded by A.P. Gianini in San Francisco in the early 1900s. MBNA was infamous in the 1970s and later for goading college students into applying for credit cards, even though they might not have had steady jobs or the means to pay the bills. They never did change their sleazy practices, as far as I know. I stopped using all my MBNA/FIA-issued cards over a year ago and have let the accounts lapse, including those issued under my credit union's brand name. (The credit union used to issue and manage its own credit/debit cards. I was sorry to see them get involved with these pirates, and my fears were borne out in full.)
Posted by hopper14 on 2009-08-18:
I am glad I am not alone. I did a balance transfer and it put me over the edge in debt.
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MBNA Canada Interest Rate
Posted by Red1 on 07/30/2005
TORONTO, ONTARIO, CANADA -- Without my knowledge, MBNA Canada went ahead and raised my interest rate to 24.% then dropped it to 22.98%.
I was appauled by this increase and I called them. There response to me was, that because I had other debts they had the right to do a major increase to my interest rate, on a pre-existing amount of money already owing. I asked them how they can do that, they said they just can. They said I should of read the fine print a little closer and they would gladly send me it to read again.
When I originally spoke ewith them in regards to the application they had sent me, without asking for it. They supposedly told me everything about it. They failed to mention that they could increase my interest when ever they wanted to.
I am so angry!!!
On one hand they tell me they raised my interest because I have other outstanding debts and this was a way to insure they get their money, while on the other hand they keep sending me these payment holiday invoices + interest. How worried can they be about getting their money when they offer me these free months with interest!
I pay to them 124.00 per month, 114.00 of that is interest. IF I could just pay them off I would! All they care about is the money and they will knowingly lie to you by not giving you all the necessary information! Very deceptive!

IF anyone knows of any legal action I can take I would really appreciate it!

thanks for reading this




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Posted by waccey on 2006-05-14:
As a ex-credit card holder I personaly would "never" promote or suggest to any one to get a MBNA credit card,on the conterary. I would make sure that they new what they were getting in to first and tell them that that would be the "biggest mastake" of their life. and then some. and I am sure that we are not the only ones that are a victom of MBNA.. I only wish that there was some way to put this credit card co. out of business as for most part of the people that has been harrassing me must be "BRAIN DEAD" or very "STUPID" as they must think that hhey are issolated from every thing and that they can break the law of Canada by harassing people.. What tyhey haven't taken in to fact is the fact that all we have to do is to get one person from MBNA in to court and then it is sponiea after speniona till we get the ones that are breaking the law and then put them in to jail and then put MBNA "TO BED" as it is obvesious that they are not good business people as there is "A GREAT" amount of money to be made here if the employies of MBNA were to do this right. But personaly "I" WOULD NEVER Encourage or promot, or suggest to "ANY ONE" to deal with MBNA. They are not nice peolpe and I am quite sure that there is some "GOOD" people working there and it would be a travisty to see the good ones "tared" with the same stigma as the bad ones. We should try and get MBNA in to court as much as possible, when ever possible. Maybe then "We"will have our just rewards in see-ing this companey at an end...No more as it would be justified as after what I went through and still going through with this company I can be reach at this email address witch1@shaw.ca.....Michael
Posted by vanbran on 2007-06-15:
It's funny because MBNA tried to do the same thing to me and raise my interest rate to 22.9% from the original 18.9%. I called and they told me the same thing that they reserve the right to change it and so forth. Well, I asked them to lower it, and they did! Actually, now I call in every year or two and they lower it even further. Right now my mastercard has a 7.9% APR with no fee. I always pay on time, even when I get the payment holiday (which happens every single month for me too). I've been lucky, because I have heard many horror stories about the company for sure.
Posted by kay zed on 2013-05-31:
I took advantage of their 0% for 10 months promo. I transferred $10,000 worth of balances and immediately made a $400 payment so that I would always be a month ahead and never in "default." This month - 7 months in, they started charging me interest - I asked why - they said because i had a
late" payment. I said I cannot be late because I have always paid early. They say you cannot pay early - you can only make an "extra" payment. Now I am screwed with their ridiculous interest rate - need to find a better rate to pay them off and get them out of my life. I would take legal action with others - seems so exploitative.
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Be very careful when doing balance transfers!
Posted by SherryH on 07/25/2006
AKRON, OHIO -- I called MBNA to take them up on their 0% for a year credit card balance transfer deal. My credit card currently sits at 9% (not bad, but 0% is better when we're talking $6000.

During the application process, I spoke with Michelle and I asked her how many balance transfers I could do on this card. She told me they were unlimited. I asked if there were any fees involved, and she told me, "It's a zero card, no charges for a year." So far, so good. I balance transferred the amount charged to do waterproofing to my basement and then told her I would be balance transferring $2,300 more for the balance on the driveway reconstruction in a few weeks. Do you know what this idiot did? She balance transferred the payoff to my old credit card (good) AND sent them $2,300 more. So now, I have a $2,300 credit on my old card.

Long story short, I called MBNA. The girl was at a lost to explain it or to do anything about it. I called my old credit card company and explained to them what happened. They said they could send me a check for the over pay amount in 10-14 days. Meanwhile, MBNA charged me $222.00 for the balance transfer.

Looking at the small print on the paperwork that then came with my card, written information I didn't have BEFORE I did the balance transfer, they charge 3% of the balance tranfer in fees, you know, the fees I asked about? Furthermore, the way it is written in the paperwork makes it sound like this is what I will be charged AFTER the year is up, not before.

So, I called MBNA again, explained to Rep what happened. She transferred me to another department. They said I had been transferred to the wrong department and that I need to speak to a manager. I was transferred again. Then, an automated voice said, "We are unable to transfer you at this time. You are exiting the system." By this time, I'm not upset, I'm not confused. I'm angry. I called again, was put on hold for ten minutes before I talked to a nice human being. I asked for the manager as I was told to do. He asked if he could resolve the problem before "bothering the manager" with it. I'm thinking, "Isn't his job to be BOTHERED with customers?" I remained calm and nice. I explained to him what happened, that I've been lied to about fees, my account has been screwed up by $2,300, I have been transferred, cut off and put on hold. To this, I added, "I will pay you every penny I owe you, but I will not pay a balance transfer fee. I asked questions about fees. Michelle screwed up. If I knew it was going to cost anything to do this, I wouldn't have agreed to it. So, no offense, you won't be getting this money from me."

He was very nice, he put me on hold, he spoke to someone and said, "Since we sent the money you were going to balance transfer to your old card, charge the balance on your driveway to THAT card. The money credited on that card we sent should cover your new charges. We will cut the transfer fee to $100. I said, "How about $50?" I agreed to this because I AM using their money interest free for a year, and because I figured he would agree to it. He did. He sincerely apologized and that settled it.

I learned to make sure to ask the right questions-asking about fees was too vague for the idiot I first talked to. I needed to ask about balance transfer fees. Two, I should have just asked her about allowing an additional balance transfer and not mentioned the amount.

Be careful when doing balance transfers. I have good credit, so I get 0% offered EVERY DAY in the mail. If you look at this information, which I took another look at, it doesn't mention anything about a 3% interest charge on BT's. If you use the 1-800 on these papers, be very specific in what questions you ask and get them to clearly explain the answers. I just trusted them to do the right thing and that was my mistake.
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Posted by Doc J on 2006-07-25:
SherryH-"Zero-percent" and "no-fee" balance transfers are offered by CC issuers because they know that, over the lifetime of the indebtedness, the debtor is predicted to make "late payments" or incur "over-limit" charges resulting in punitive fees and interest hikes. "0-percent" and "no-fee" transfers (even if the creditor gets it right at the time of transfer) are only a time delay fuse on a financial IED. Perhaps you either own, or are buying, your home. Perhaps you're already "maxed out" on your borrowing ability (not a bash...just typical for most) or you would have been moving these debts to a home equity loan through your credit union or LOCAL bank. You're less likely to encounter abuse from a banker who's willing to look you in the eye. Additionally, you're more likely to get "mercy" in the event of a financial setback from a member of your community than you are from a mega-corp CC issuer. Most likely, you wrongly believe you can "beat" the CC issuer at his game. It's not only middle and low income folks who fall for this well-laid trap. A well-paid colleague approached me once for a "little loan". He was hitting up anyone he perceived to have "cash at hand". Why was he doing this? He had $230,000 in unsecured debt that he had been "swinging from credit card (vine-to-vine) to credit card" like Tarzan...taking advantage of "O-percent" and "no-fee" transfer offers. He had run out of vines! Now, according to the CC issuers holding his last vines, his "level of indebtedness" triggered a 23.9 percent interest rate and every card followed suit. Again, he was a well-paid professional. Do the math. He had no way to meet his payments. He missed a few. As a result, he lost everything at age 62 and will die penniless. His fault. Yep. I pray you'll visit with your banker today. You sound nice...and I see bad things coming your way. Yes, I know, "it'll never happen to me". Sherry, you just stepped into a frying pan and lit the fire under it. I wish you well.
Posted by SherryH on 2006-07-25:
Hey Doc, Nope...no other credit debt than this one big $6,000 balance. I will be able to pay it off by October. I've done this before and am pretty careful about it, and, up until now, I have never had a problem doing this . I'm never late, I don't charge on the card once I transfer a big balance on it. On smaller purchases, if I do use a card, I pay it off when the bill comes. I would LOVE to go to my credit union or bank to get a loan. Unfortunately, I haven't been in my house long enough for anyone to help me. Not enough equity in the house. Five years seems to be the magic number. I'm in year four. Believe me, when making larger home improvements, it would be lovely to do this! I think, though, considering what you said, I will refrain from using credit cards in the manner. While I like the convenience of a credit card and there is some buyer protection should anything go wrong, from now on, I'm relegating myself to paying cash. Thank you so much for the excellent advice.
Posted by Doc J on 2006-07-25:
As encouragement to folks in the same position as SherryH, I suggest you speak with your local bank before using a credit card balance transfer. In this case, $6000 is not a huge sum and a good number of locally owned banks (provided you have a history with them) will write an unsecured note (in this case for 90 days) to those with good credit and an adequate income who are sincerely seeking to ditch their credit cards for good. While SherryH may squeak by (I really hope so), at least ten others won't be so fortunate. I comment on the behalf of those ten. Credit cards destroy lives. Most who say they pay the balance monthly are lying (no accusation SherryH...really!). The average American has $8000 in credit card debt. But, some folks are 'getting it'...more people are paying down their cards. Capital One recently posted losses because their income shrank as a result of fewer collected late fees and over-limit fees. Go Americans!!!
Posted by Doc J on 2006-07-25:
Correction-typing too fast. Cap-One didn't post a loss, they lost ground. So, we still have much to do!
Posted by dave1660 on 2006-08-07:
I had a very similar problem with MBNA Bank. My offer started with a letter from Fidelity Investments about a card issued thru MBNA. I thought 0% for 1 year would be good to pay off the wife's credit card. The offer had 0% in 3 places in big bold letters. Long story short, when the first statement came, their was a ridiculous 20 something percent interest rate on it. Glad I saved the offer letter. I reread it 3 times before I found the 3 % transfer fee buried on the back of the letter. I sell insurance so I know small print. Needless to say I wasn't going to pay them the 160.00 fee. I called customer service and voiced my complaint. It was agreed that if the transfer was sent back , and I closed this card they would waive the fee. That was in April. I sent back their money. Still getting billed for the fee plus late fees( they will never get it) I talked to
several idiots along the way, and they insist I owe the fee. I have sent 2 letters to the Ohio Attorney General. The advertising was completely misleading. The great thing was that I did e-mail a Mr. Jeffrey R. Carney president of Fidelity Personal Investments and let them know about this situation. It cost them 40+ thousand when I moved the acct out of Fidelity. Why I am posting here? I would like to find people who have responded to similar unsolicited mailers to form a class to sue these guys from
MBNA. If my insurance agency sold insurance like these yahoos solicit for credit cards I would have been put in jail years ago
Posted by SherryH on 2006-08-15:
After reading your post, I examined subsequent letters I have gotten for a 0% balance transfer (the idiots keep sending me more offers although I owe them money on a current card-waste of paper!). As you said, anyone would believe it's 0% from looking at the letter. On the back, in small letters, it breifly mentions the 3% charge. I cannot wait to get this card and from now on, I am going to try and pay cash.
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MBNA ruined my excellent credit rating
Posted by Nscrfrk on 05/01/2005
Several years ago, MBNA was a credit card company I would have recommended to anyone. They lived up to their promises, looked out after my activity and even took care of a fraudulent charge that slipped through.

But 2 years ago, I received an offer from them to do a balance transfer for 3.99% until the balance was paid off. I transferred approximately $7,000.00 as was paying close to triple what they wanted as a minimum payment so I could pay the balances off. Several months into my payments, I noticed that my balance didn't seem to be going down, when I checked the interest rate, I was being assessed a rate of 24.99% and immediately went to pull the past statements and found that I was never given the offer I was promised. I had never been late and paid way more than their minimum payments and had been with them since 1995. When I phoned to inquire about this problem, I was met with rudeness, an explanation from one representative of they didn't know why and then was transfered to another hateful person who in so many words told me that there was no reason in particular other than that they could change my interest rates at any time for any reason. I told the representative that I wanted to place my account into dispute and even wrote correspondences to MBNA regarding same and went to making minimum payments only till my credit limit of $12K+ was set to $0, late fees, over limit fees were assessed, and I stopped!! Next thing I knew, I was being served with an Arbitration lawsuit that was stated to be apart of my credit application agreement, but never was.

My attorney figured the interest on the $7,000.00 along with my payments and I had my balance down under $4,000.00 when this blew up. MBNA now has the balance exceeding $15,000.00. I have since had my credit rating ruined, other accounts canceled because of them and am not facing a Bankruptcy Filing to just get out from under their upcoming Judgments.

Stay away from these people. They are dangerous to your health and your credit rating! Believe me, I know, my rating was at 700.
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Posted by DebtorBasher on 2005-05-01:
I know exactly what you're talking about. By law, they can not change your interest rate without notifing you in writing first. They are then to give you a certain date to respond if you do not agree with the changes. If you don't agree to the changes, you would have to write to them and tell them to leave your rates as they are and they will then close the account. If they did not notify you of these changes, you can get an attorney and they would have to zero your account balance. A few years ago there were many, many Sears credit customers that had their rates changes without being notified first and they had a big lawsuit brought against them and they had to zero everyone's balances that were not given a notice before the changes were made. I've had many issues with MBNA myself and have closed the account, but still paying down the balance as agreed. I tell everyone to stay away...far far away from MBNA!
Posted by sanford31031 on 2005-05-01:
Thanks for that valuable info, DB! I did not know that!
Posted by DebtorBasher on 2005-05-02:
Hey there Sanford...long time, no see. How have you been?
Posted by liberal on 2006-07-06:
Thanks to the rEPUBLICAN's and consevative's new Bankrupt bill, credit card companys can now use the law they wrote to steal from you and your kids.
Posted by ohm037 on 2007-05-21:
MBNA is from HELL!!! Please do not get an account with satan. When I was in college, they offered me a credit card. I ended up going over my limit, but paid it off and closed my account. Two years later I get a statement from MBNA saying that I never paid off my card. They were able to open my account again and sell my information to another company. My balance was twice as much as my last bill that I paid off. I had proof from my bank and a statement from MBNA that my account was paid off and closed. So this company stopped calling. After two years another company contacted me for the same reason. But this time my balance was three times more. Now I am in the process of suing MBNA and their partners from HELL. Beware of MBNA and please do not open an accoutn with them unless you want to be burned alive!
Posted by voiceoff on 2010-01-04:
Sadly I believe every word written and have some experience as well. I had several cards of theirs ( practically foisted on me with every day promos stuffed in my mailbox )and I was fortunate enough to pay them off and never late either. So one day I get a letter in my mail that I have zero balances on them ( thankfully) and so they will be closed. No choice of lower credit limit or allowing me to close them myself. Just shut and put on my credit report as "CLOSED BY GRANTOR," which looks like they were delinquent or late to someone reading that. And my credit score went down 57 points because all that available credit was gone. I am now in the category of having declared bankruptsy when in over 20 years I was never late or delinquent. How is that for valueing their good paying customers? Well maybe I was not a good customer cause my rate was always below 14% and they could charge someone else 29% who had lateness in their record so they were the better customer ( more profitable). YOU ARE A $$ NUMBER, NOT A PERSON to these people. Then when they do that, jobs don't hire you and you really cannot pay the bills.
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Closed account
Posted by Jonigirl275 on 06/03/2006
WILMINGTON, DELAWARE -- When I called to ask why my monthly payment went up almost $70.00 a month, they forwarded me to the lending dept. The lender reviewed my account (no late or missed payments, EVER!), he arbitrarily closed my account. Below is my response to their letter telling me about my account:




Mr. Scott Beech
MBNA America
PO Box 15646
Wilmington, DE 19850-5646

Dear Mr. Beech,

I received your letter today regarding your decision on my account. That decision is very upsetting to me, but what’s worse is your total lack of consideration and your attitude on the phone the other day, (if it was you. If not, you have rude lenders who talk to your “loyal customers”.)

I don’t want my account reinstated, but I do want your time for a few minutes. I am a college grad, and I was gainfully employed for 25 years. On May 30, 2005, I was a passenger in a car, which was hit by a drunk driver. I and my other 2 friends were sober, (a conscious decision we made as members of MADD), and the drunk driver was 3 times the legal limit, driving the wrong way on the interstate, resulting in a head on collision.

Her actions resulted in my friend’s, (the driver), immediate death. My injuries were life threatening when they cut me out of the car, (which caught fire), and I was rushed to the hospital. Following 4 surgeries, (with 3 more to come throughout 2005 and into 2006), I spent 2 weeks in intensive care. I then spent another 5 months in a hospital bed in my home, with round the clock care, and in a wheelchair, having to be fed, and using a bed pan. I lost my job and my group benefits. My non-group Blue Cross policy, which I established after I lost my job), went up from $189.00 p/month to $304.00 p/month, following my accident. And none of those charges went on my MBNA credit card. So where do you get off judging me and making assumptions about how I use my credit card????

Now, I am permanently disabled, (no more dancing for me, or going to the gym, or working in my garden like I’ve always done). I am currently working with an attorney to obtain disability benefits, which I paid into for 25 years, as a healthy, tax paying American. (It takes anywhere from 12 – 18 months to get approved. Yet another corporate cluster of nonsense!) Since the drunk driver had no car insurance, I was left with co-pays and deductibles in the thousands of dollars, none of which went on your credit card either). My husband couldn’t handle the situation, and he moved to Florida. (nice, huh? Men!) But I am so lucky to have had friends and family to help me out.

Why am I telling you all this? It’s because you, (or the unidentified lender that I spoke with), talked down to me like I was pond scum. He lectured me about “living on credit”, as if I were a child. I wish to remind you that through this whole, horrible ordeal, my injuries, despair and depression, I never once missed a payment, nor was I ever late with one. For 6 years, I was a good customer, with a great credit rating. You have ruined that for me now, and I wanted you to know that.

Mr. Beech, I hope that nothing like this ever happens to you or your family by the grace of God, and that you are never treated with the rudeness and disrespect with which I was treated by the lender, (or was it you?), at MBNA.

When you die and go to heaven, I don’t think that God is going to rate you as a human being based upon how many people you screwed with your decisions, or how high up you got on the corporate ladder, or how much money you made for your company and yourself.

May God Bless You, and give you a little compassion and help with your people skills.
Thanks for your time, and always remember that you can’t possibly understand a person’s situation until you have walked in their shoes.

Joan Keen, Your once “loyal customer” (your words, not mine!)
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Posted by Doc J on 2006-06-03:
For those out there who disbelieve that CC issuers are the spawn of Satan. Read this post again. The poster has my most sincere sympathy and prayers.
Posted by glc on 2006-06-03:
Joan: My sincere condolences on the loss of your friend. Life has thrown you some heavy-duty curves, but it sounds like you are strong enough to deal with them. In fact, you sound like an inspiration to all of us. God bless you, Joan and to hell with MBNA.
Posted by Anonymous on 2006-06-04:
Joan: Also, My sincere condolences on the loss of your friend. I do believe there is a reason for everything and in the end the truth will be told. God bless and ease you soul
Posted by Anonymous on 2006-06-04:
I don't want to be inconsiderate but did you miss the minimum payment, one time anybody does this, will get a doubled payment and/or subjected to review. A result of that new credit law. Also I think injuries benefits go from short term | long term | then SS diasb. Since you lost your benefit, you go straight to SS disab, which your atty is taking his time, should go through a Disabilty Atty. Good luck!
Posted by Alida on 2006-09-18:
Dear Joan,
I had similar situation back in the 80's, but didn't lose a friend or end up with debilitating life injuries. God Bless you and your friends, and sorry about your loss.

It may be that they closed your account because you didn't make the minimum payment on some ambulance bill, or some other thing that shows up on your credit report. Sears did that to me, and I never in all my years missed a single payment to them.

I posted my concerns all ready concerning my MBNA experience after being a great customer with two cards (they keep buying up all the little guys I had cards with) for 11 years.

They are rude, switch you to person, after person and dept after dept. You never get the same person twice, and half the time will only give you a first name (probably not their real name anyway).

They seem to not adhere to any of the credit card regulations or federal laws. I guess they get away with it until someone rats them out to the proper dept, .

STay STrong, and keep up with the good attitude in life, despite what life throws your way.

God Bless,

Posted by Kansasfan on 2006-09-23:
Not likely that Joan missed any payments, as I had a similar run in with a rude MBNA agent and a follow up letter from Scott Beech.

7 years and had never been late, or over limit on ANY of my accounts and have an excellent credit report to boot , and my rates changed from 18% to 25% on my balance.

When I called to inquire about the increase and ask that it be reduced, the agent (did I mention she was rude?) got into a huff and told me she was closing my account.

If they think for one moment I'm paying 25%, they are severly mistaken.

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Posted by Knutt on 01/31/2005
MARIETTA, GEORGIA -- I purchased a computer from Microcenter with the incentive to save $100 by signing up for their credit card. For six months, I never received a statement and had no idea whom to call. The receipts I have from Microcenter did not mention MBNA or any contacts regarding my account. After six months, I received a nasty phone call from MBNA threatening because I haven't made a payment. They had already ruined my credit before ever trying to contact me. I offered to pay in full if they send me a statement. The MBNA rep wanted me to give my checking account number over the phone and I refused and still insisted that they send me a statement and I'll pay in full. I received the statement two weeks later along with another nasty phone call. Since then, MBNA has cashed my check, closed this account, and reported me as a bad debt to all the credit companies. It was MBNA's fault because their rep typo'd my address incorrectly. Now my credit is ruined forever.
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Posted by Syed Naqvi on 2013-12-17:
MBNA is worst credit card company of world I had very bad experience with them.
Posted by MA on 2014-04-13:
The only thing what I can say is MBNA is worst in all aspects. I applied for credit credit after getting referral email from my friend. I received a letter after few days that credit card is approved but they need my bank statement, paystub and bank profile.
Its very strange that just for a credit card they need this information which I never provided and cancelled the request. They have different numbers which are never given on their website. Please note that this information can be misused easily if provided just a a credit card.
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