Bank of America buys MBNA

[CRFSaver]

For all of you who have an MBNA credit card you will now be becoming a Bank of America customer. B of A announced that they were purchasing MBNA for $35 Billion. Bank of America beat out Wachovia in a bid for the 3rd largest credit card company in the U.S. This aquisition puts Bank of America firmly in the top 3 issuers of credit cards in the United States and further consolidates the credit card industry.

[singinjeannie]

I hope their dealings are better than MBNA. MBNA is (was) a horrible company.

[BAGAGT1]

I have an MBNA credit card, I haven't had it for long, but it has the best fixed rate I have ever had 5.99%. Fortunately, I haven't had to use it, but it is nice to know that I have a fixed low rate if I should ever have to carry a balance.

[Bluezy]

I hope you get to keep that fixed rate. BOA is notorious for finding reasons to temporarily bump up their rates. Unfortunately, I have to keep my BOA credit line because of international commerce and quick, dependable transactions with EU and South African banks.

Bluezy

[singinjeannie]

Originally Posted by BAGAGT1

I have an MBNA credit card, I haven't had it for long, but it has the best fixed rate I have ever had 5.99%. Fortunately, I haven't had to use it, but it is nice to know that I have a fixed low rate if I should ever have to carry a balance.

MBNA is infamous for changing their rates for no reason. Search the boards and you'll find several threads about this very subject. Happened to me. Had a "fixed" rate of 4.9%. One month, they bumped it up to 17.9% for no reason. Never late on my payment, always paid more than the minimum, etc. When I called to complain (good luck talking to a real person) it was a real fiasco and they would only lower my rate to 13.9%. I immediately surfed the debt and closed the account.

MBNA are snakes. Beware. IMHO -- You are best to avoid using this line of credit if possible.

-Jean

[Bluezy]

Then MBNA and Bank Of America will be happy with each other. Sorry to hear you had such a time

Best,

Bluezy

[BAGAGT1]

Originally Posted by singinjeannie

MBNA are snakes. Beware. IMHO -- You are best to avoid using this line of credit if possible.

-Jean

Thanks for the heads up, I will definitely scrutinize my statements if and when I should ever carry a balance. At the moment I am not using the MBNA card and have no balance on it.

At the moment, I have a Chase CC with 0% for a year. I only have six months left on the 0% offer, but that will be paid off next month (anxiously awaiting being CC debt free).

[jhd815]

I try to make it a habit to check my APR's on all statements. You'd be amazed how quickly the cc companies will change rates for no apparent reason.

This happened to me about 4 months ago and I called the cc company and was able to get my old APR rate back. My rate hike was the result of being switched from a "fixed" to a "variable" rate which also happens quite frequently.

For the most part, I've had good luck in re-negotiating my rates any time the cc company has bumped them up.