My Online Application Experience
Written: Oct 06 '00
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Product Rating:
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Pros: Online application, Intro package includes balance transfers, 800 number answered quickly and efficiently
Cons: 3 week wait for an answer
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| topolski's Full Review: MBNA |
I like to save money.
I selected MBNA America Card because I have about $8,300 in revolving debt and MBNA was offering a 5.9% rate for five months on Balance Transfers. The debt was currently at 5.9% at Discover, an intro rate that expires this month. This is called intro-rate-hopping, and credit card companies hate it. But it is both legal and reasonable to do, if you have both the credit rating and the vigilance to do it.
I applied for the MBNA America Card online. I filled out the typical questions.
I really liked the fact that the entire application and the terms and conditions where on one page. This let me know what to expect from MBNA. For example, I was worried that the balance transfer that I wanted would generate a balance transfer fee. I remember being able to find the information on the page. (The offer has since expired, but MBNA now has a different Platinum Plus account with a 3.9% Intro APR that I will pass on).
This being the age of the internet, I submitted my application and I expected to be told within a few moments if my application was approved or declined. Instead, I was told that it would take up to 30 days to find out. I was disappointed that MBNA was not as high-tech as some of its contemporaries.
I applied for the card on September 13th and the next thing that happened is that I received the card in the mail on October 3, about 3 weeks from my application.
The cardmember agreement was written in English and, unlike my experience with First USA, was written to be read. But in order to understand the cardmember agreement, you have to keep the cardboard that the card came on. This cardboard has the specific pricing of the account. My credit line was $16,700 (what an odd number), which is quite a bit more than I expected or needed.
I called MBNA and closed the details of the balance transfer. Later, I called to change the due date to accommodate my style of paying bills. Both calls were handled promptly and courteously.
So far, so good.
People that transfer balances know how the system works. My plans are to not charge anything on this card. If I charge something on this card, it will be at the 16.99% rate (higher than competitive) and any payments that I make will be applied to the 5.9% balance while the 16.99% balance racks up interest. So I will file the card away and continue paying this balance down and then transfer it again in five months to a lower rate account. Like I said, I like to save money.
Robb Topolski
Recommended:
Yes
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Epinions.com ID:
topolski
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Member: Robert Topolski
Location: Hillsboro, OR
Reviews written: 23
Trusted by: 12 members
About Me:
I sing baritone in a barbershop quartet!
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