Got a great credit history and good income? MBNA will help you over financial humps
Written: Dec 20 '03
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Pros: 0% or low interest offers, Best customer service I’ve encountered in a credit card company
Cons: 3% balance transfer transaction fee is never waived (but capped at $50)
The Bottom Line: This is a great credit card company with unique offerings. The customer service is best in the industry, and offers low rates. Highly recommended if you're very astute with money.
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| Ralleia's Full Review: MBNA Platinum Plus (Mastercard and Visa) |
I use and abuse credit card companies. Sometimes I’m ashamed of it, but I can’t resist rolling those 0% balance transfers. A month or two before the 0% intro rate expires, I get a new 0% card and roll the balance onto that, cancelling the former card (with some guilt).
Not so with MBNA America. MBNA America is so far the only credit card company that I continue to business with, year after year. The reason is that they offer certain services that I’ve never found in any other credit card company. When I had to come up with $5000 cash quickly to secure a new apartment in a tight market, they were there to EFT it into my checking account. When I got tired of dealing with an unscrupulous mortgage company that in addition to bad business practices was charging me almost 10% interest on the loan, I made a call to MBNA and they loaned me sufficient funds at a temporary 0% rate to pay off the mortgage. Any time I’ve had a need for a fast temporary loan I’ve been able to rely on this company.
I do not use the card like this often, and would not recommend these methods to anyone who is not extremely circumspect on how they use money. It would be easy to buy a new car or some other luxury with the credit limit you can get over time. However, if you use the credit wisely and have enough semi-liquid funds to be able to pay off the balance before the rate expires, it’s a good way to smooth out those unplanned financial bumps.
There is a balance transfer transaction fee of 3% (minimum $3, maximum $50) for any balance transfer or transfer into a bank account that you do with MBNA. My experience is that these are never waived. (Hey! They’ve got to make money somewhere!) So make sure that any transaction you do is really warranted.
MBNA America also has a great account retention department. This is not the department that you will get by dialing the standard 800 number on the card, but a special department that is authorized to offer special deals (lower/extend your interest rate, etc.) if you do a balance transfer to keep your business. You’ll have to be transferred to them or get the direct number. They’re very courteous and easy to work with.
The form of MBNA card I have right now is the AAA Platinum card offered through AAA motor club. The only additional perk that it offers is a 3% gas rebate on all gasoline charges that you make. I reconcile my bank and credit card accounts to the penny, and they have always given me the 3% back on my gas charges. I use this card exclusively for fuel (unless I’m doing a balance transfer of some kind, which is only for special circumstances).
MBNA offers a well-done website to help you manage your account. You can make online payments for free (and schedule these payments for a specific future date—most credit card websites start processing your payment immediately). The website is robust and visually pleasing. You can also download transactions or perform a webconnect with Quicken (99 or later). My sole beef is that you can’t download the current transactions (they’ve got to go to a statement first.) But this is a very minor complaint.
In summary, this is a great credit card company with some unique offerings. If you have a good handle on your finances, maintaining a relationship with this company can help you take advantage of sudden opportunities that come your way.
Recommended:
Yes
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Epinions.com ID:
Ralleia
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Member: Kris Thompson
Location: Omaha, NE
Reviews written: 28
Trusted by: 4 members
About Me:
Part-time architectural engineering student and stay-at-home mom to an energetic toddler.
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