I'm not a credit seeker by any means but after a big year and using leverage at the end of it to get ahead, needed to bridge some financing for a few months. I decided to utilize a balance transfer offer to help offset some of my credit line debt. The best sounding and most popular offer was the MBNA True Line offer.
I dove into the whole idea and did my research and seemed to be a winner, I would utilize the leverage and when my finances would come back around I would pay it off. No big deal. Now I've convinced myself I made the mistake but I 99% recall NOT seeing the 3% balance transfer charge written anywhere when applying. But then again, if it sounds too good to be true it probably is. But in all my prior research on the application page why did this not pop out for me? I'm very analytic and usually looking for these things.
So back to the application, I apply for the card and instant approval. Good stuff, that's a relief. But wait instant approval and instantly sending it? What's the limit I wonder? I receive an email and it's only for $4000. To some that may seem like a lot but come on, that's not what I was expecting and really no relief at all. I call and ask about this and they say it's all they can do. Fair enough. I guess I'll take it, I did just buy two properties and probably don't look the best from a debt to income perspective.
A week passes, I receive the card in the mail, I contact MBNA after a few days and decide to get the balance transfer taken care of. I ask for the balance transfer and then find out there is the balance transfer fee of 3%. I'm surprised and thrown off, I hang up, calculate if it's worth it for my situation and it's slightly worth it so I call back and get it done.
Fast forward to receiving the first bill and it's my understanding I need to pay the minimum $10 payment a month. That's fair, it will go to principal anyways as it's 0%. But when I open it, I see I must pay the balance fee of $126. And this isn't a huge deal, but it sort of is because I only needed the help of this balance transfer for a few months and I thought this fee would be something that would be added to the balance transfer and would be okay to pay back at the end of participating in the offer but it is an upfront fee. And it needs to be paid. It is my minimum payment.
So therefore the promotion is not really free and you are paying interest, it's still 3% total of your balance for 10 months if you utilize the whole thing and you are paying it upfront at time of your first payment. All of this and my review aren't because I feel I've been screwed, it just wasn't what I was expecting and if I had received a larger limit and utilized it I'd be a lot more angry for having to pay even more upfront.
I got this MBNA Mastercard several years ago because they offered good rewards (cash back). Then TD Bank bought the card and the rewards were immediately significantly reduced. Their website is not very good and as of yesterday and today March 20, 2019 I cannot get into the section that deals with rewards balance. I can believe all the other horror stories from posters about trying to deal with these people. But look at it this way: How would you like to have to work for a company that is so badly run? LOL. I will be eliminating my use of this card ASAP.
CALGARY -- The card is described as a way to have zero interest for a year to help clear out debt. The process was easy simple and approved. Transferred $7500 to their card (not including the transfer fee on the amount.) Made payments not worrying about the interest and always made sure to pay more than I should. Turns out I "missed a payment" on the very start. They said I missed a payment. Monthly payment was due 15 days after owning the card. Little did I know this $50 canceled the ZERO interest policy and now owed interest on the balance. So I made $500 in payments that paid the interest on the entire amount.
So they did say they could "Make something work to solve this issue all I would have to do is pay $250 to reinstate the balance zero and you can benefit from the promotion." So that nonsense with the fact they unleash the most aggressive people for identity theft, balance insurance, please lets us charge you for something useless, phone calls. I would never recommend them to anyone.
Hi, very worst bank, nothing to do with rewards points. Every day rules changing no customer respect, cheap worst service.
Customer service representatives are with high attitudes, they don't listen, don't understand just keep talking. I request if you have an account kindly close it ASAP. If you want to know what happened with me pls call me on ** or you can reach me at **. Thanks.
OTTAWA -- Transferred $14,000 expecting 0% interest charge. Copy of my statement! 01/07/2019 01/07/2019 INTEREST CHARGE $186.60. 01/07/2019 01/07/2019 INTEREST CHARGE $9.14. 01/07/2019 01/07/2019 INTEREST CHARGE $63.17. 01/07/2019 01/07/2019 CREDIT INSURANCE PREMIUM ** $156.42. 01/07/2019 01/07/2019 CREDIT INSURANCE SALES TAX $12.51. Really? I never was late and paid over $500 a month but never hit the principal. And the website sucks. Do not trust these guys. I called and they claimed I was a high risk even though I've been paying my debt. Such a big scam! Avoid at all costs.
TORONTO -- I have had this MBNA card since 2001. I use this card occasionally to treat myself and have always maintained a small balance. TD bank purchased MBNA in the last 2 year. Recently I had a scam telephone call saying that there had been an unusual charge on my TD credit card. I was skeptical about the call since the caller was asking information that I wasn't comfortable giving so I decided to call MBNA customer service to check this out directly.
After being on hold for a considerable time, the agent who answered immediately told me that there could not have been a charge against my card because it was placed hold for late payment. I was surprised at this since I made online monthly payments consistently. I realized before the call that I had missed one payment in October but made a payment in early November to make up for it. (This payment was not counted as being within any payment period because it was made between the 1st and the 9th of the month.)
She went on to ask rude and personal questions like "What is the reason that you didn't make the payment." I was becoming irate by this time because she was not interested in answering my question about the unusual charge against my card. When I said it was ridiculous to have my card on hold after one late payment she repeated that this is policy.
End of story. I was concerned about how this would affect my credit rating which is excellent after working many years to get it that way. I asked to be transferred to customer service to question this and after considerable time on hold again I talked to someone in customer service with no satisfaction. This was policy and he just questioned when I would make a payment. I have in fact made a payment by this time but it was not posted to their system.
After the call I looked back over statements - going as far back as 2014. Each and every month I made a payment which always exceeding the minimum required. It seems that MBNA, after TD Bank took over, chooses to ignore payments that are made between the first day of the month and the statement date, 9th day of the month, so that they can count a payment on the 5th or 6th as a missed payment. This way they can claim you missed payments and can use this as a reason to increase the interest rate or limit the spending limit. I have had this experience before with TD bank. I do not trust them and I would caution anyone to be very careful to watch.
I have recently received a card from MBNA on the promise of 'no interest' for a year, in order to reduce my higher-interest debt elsewhere. Their initial transfer of funds worked. However, so far, I haven't been able to even access their online banking page.
Three efforts resulted in 3 messages indicating the site is 'down'. Telephone contact is virtually impossible - the automated system that 'sets up phone banking' will ask you a barrage of questions, some of which are impossible to answer, e.g. "what form of personal ID did you use when setting up your account" (I used none). Any sign that they are debiting my account for any unauthorized 'interest' or fee will result in my closing the account. Remember, you can always prevent a firm from debiting your accounts (if you have a Pre-authorized withdrawal) by asking your home bank to freeze the creditor out.
OTTAWA -- MBNA has re-designed their system and sent everyone new credit cards that work for about a month and then you get declined and the explanation is the pin is locking. We have had 3 credit cards in the last few months because their transition did not go well to their new system. Each time I waste at least an hour on the phone with them, then wait for a new card, then it only works for about a month.
They are rude, hung up on me when I told them what I thought of their current system. They will not let you speak to anyone of authority and they offer you 2500 points for your troubles and surprise you never get the points added. They are the most ridiculous people to deal with and I am done. Anyone have a good credit card company to recommend? I plan on never using MBNA card again.
I have been a card holder with MBNA since 2004. Several years ago, I called to see if I qualify for a lower interest rate (or if they had a low interest rate card) than the 19.99% I had at the time. Indeed, they reduced it to 11.99%, and I was allowed to retain the reward program for the card. I was just digging through my electronic statements, and realized that my interest rate has been increased to 21.99%!!! As I continued to look back in my statements, I realized this increase happened over a year ago, and nothing was mentioned in any of my electronic statements.
I assumed this was a mistake of some sort, so I called to resolve it. I was informed that it is within their right to increase my rate at any time, even though I have never missed a payment or overdrawn my balance, and always pay more than the minimum payment. They are required to send me a letter to notify me 60 days in advance. However, because I only receive electronic statements, I do not always open paper mail I receive from MBNA, because it has consistently been promotional offers.
While this increase is technically legal (I will be looking through my unopened mail for that letter!), I think it is horrible customer service to nearly double the interest rate for a reliable and loyal customer of 10 years, with only a paper letter, particularly when the customer only receives their statements electronically. I'm disgusted with them! I will be paying off my balance as soon as possible and closing my account.
TORONTO, ONTARIO -- No longer fly Alaska, made a payment over a year ago, to them instead of Royal Bank, told them to cancel, HAD to speak to 3 persons, ALL asking same question... I made a mistake, sent to wrong account... want my $456.81 back!
Account cancelled, still get info on my expired Alaska account, which MBNA had not sent any info of any kind but now an inactive fee charged of $25.00 charged, with still no intention of monies to be returned, but if I owed they would have charged 19.99% monthly...
When with Bank of America in charge no problems, when these incompetents took over their internet failed to work for weeks, then was troublesome for a while. Reason I terminated account, was Alaska a great airline MBNA a dishonest bank to deal with. I shall now inform Alaska Airlines of this sad excuse of neglect!