I get a letter today from MBNA saying they are cancelling my CC account. They said something about not enough usage on the card. The funny thing is I've had this card for YEARS since college, and back then they used to whine I used it too much. What a bunch of bastards. I usually keep a small balance on it because I knew if I had no balance it would probably get cancelled. So I used it occasioanally, sometimes let some $$ ride a month, and in general I think I've been a pretty damn good customer. And now they send me a letter saying they cancelled my account? Funny how they only want "good credit" people to have a card, but when these people don't abuse the card, they don't want them anymore. It seems like the only people they WANT are people who have great credit, but will abuse the card, rack up a balance and never be able to pay more than the minimum. What, is that like 1% of all CC holders? Why the F*&# can't I just have a CC I don't really use but have in case I need it without having to worry they will cancel it!
I get a letter today from MBNA saying they are cancelling my CC account. They said something about not enough usage on the card. The funny thing is I've had this card for YEARS since college, and back then they used to whine I used it too much. What a bunch of bastards. I usually keep a small balance on it because I knew if I had no balance it would probably get cancelled. So I used it occasioanally, sometimes let some $$ ride a month, and in general I think I've been a pretty damn good customer. And now they send me a letter saying they cancelled my account? Funny how they only want "good credit" people to have a card, but when these people don't abuse the card, they don't want them anymore. It seems like the only people they WANT are people who have great credit, but will abuse the card, rack up a balance and never be able to pay more than the minimum. What, is that like 1% of all CC holders? Why the F*&# can't I just have a CC I don't really use but have in case I need it without having to worry they will cancel it!
Mike, you are not profitable to the CC company. Nor am I. I have never had a balance on my card, so I don't pay the 22% interest rates. These high interest rates are a cash cow for the CC company. If you want to have a CC handy for the "unforeseen" expenses, I would suggest AMEX CORPORATE, or AMEX personnal. I have both former and VISA GOLD (for the air miles).
I have to say that is the first time I have ever heard of something like that. MBNA eh? Good to know...
That's unreal. I NEVER carry a balance, and I refuse to pay an annual fee. I use Chase. They've been great. The card I have from them is the "freedom" card. I earn 3% back on all gas purchases, and 1% back on all other purchases.
I tried to cancel my chase card. They GAVE me money if i would agree to keep it for another year.
And i never carry any balances.. Funny isn't it?
Thats what my Visa did with me, they offered me $200 to stay on and I of course....stayed on but contiune to have a balance of like 10$ and with an APR of only 10.9% [img]/images/graemlins/supergrin.gif[/img]
I get a letter today from MBNA saying they are cancelling my CC account.
I recently received a letter from them bumping my credit limit. I'm guessing they're giving me yours. Thanks Mike! Keep up the good work and I may just splurge and buy you another Love Sheep! [img]/images/graemlins/laughing.gif[/img]
That's unreal. I NEVER carry a balance, and I refuse to pay an annual fee. I use Chase. They've been great. The card I have from them is the "freedom" card. I earn 3% back on all gas purchases, and 1% back on all other purchases.
I have only 1 cc, and its MBNA. Always pay the balance every month. No other option IMO, but it sounds like I need to check out Chase.
Thought about going with one of the Delta cards or something that I could benefit from. Mbna doesn't give any rewards that I am aware of.
I get a letter today from MBNA saying they are cancelling my CC account.
I recently received a letter from them bumping my credit limit. I'm guessing they're giving me yours. Thanks Mike! Keep up the good work and I may just splurge and buy you another Love Sheep! [img]/images/graemlins/laughing.gif[/img]
(j/k [img]/images/graemlins/supergrin.gif[/img])
Bastard! Screwed by Reesto! [img]/images/graemlins/laughing.gif[/img]
The thing is, I often times DO carry a balance - I have weird usage. I sometimes won't use it for months, then I'll put a lot on it (for example if I'm traveling) and I won't always pay it off the first month, sometimes do 1/2 and 1/2. So they abso-frickin-lutely were making money on interest fees.
The worst part of it is I am NEVER home so I never check my mail or anything. So I have a service that pays my bills automatically. So I didn't get an e-bill from MBNA last month so I called them to see what was up, and while I was on the phone I checked and I had something like a $200 balance so I just got the amount and paid it off. The letter was dated about 2 days after I did that - it's like they were just waiting for me to clear it out so they could screw me.
F-them! I still have Citibank and a Discover card, both of whom I like a lot better. I really want to get a business card that lets me earn stuff for using it (my dad has a MC that doubles all warranties, and a card where he gets 1 mile per dollar spent or something). I dont have anything like that - I get no benefits but it also pisses me off that MBNA up and drops me.
The worst part is that now I am "self employed" and my reported income is way way way less than it ever was when I worked for the man, so I don't think I would really get much in terms of an additional credit card, so I was TRYING to play nice with the ones I had. Jackasses.
I cancelled all of our cards years ago. Now, we only use our debit card.
Guess I'm unAmerican since I don't have CC debt [img]/images/graemlins/smile.gif[/img]
I could never do that... how do you rent a car? The only places I know that will do it are Budget. I like to pick the best deal and they all require a credit card and won't accept a check card/debit card (because you can withdraw the $$ after they do the approval, can't do that with a real CC).
I think you need at least 2 credit cards in a household even if you dont carry a balance for emergencies, to establish a "norm" for FICO scores, and so that you can do things like rent cars, movies, etc. Many establishments dont count bank debit cards with a Visa/Mastercard logo as credit cards. I have had a MBNA Cal Alumni card for years now. I do carry a large balance on it, I think well over $10K for the last couple of months since its at zero interest and I had quite a bit in buying furniture, etc. However as soon as the zero interest period is up, ill pay it all off. At no other time did I ever carry a balance but and only used it once ever 2 months or so. I wonder if their policy has changed.
Many establishments dont count bank debit cards with a Visa/Mastercard logo as credit cards.
I have never run into one. Never had a problem at all. I have even used my debit card to rent cars before.
I know when I was in Monterey last month I was ASSURED by the bank that there is no way a vendor can distinguish between a check card and a CC but when I went to Hertz to get my car - "sorry we don't take debit/check cards". Same at Avis, Thrifty, Enterprise and Alamo. The ONLY one that would was Budget. I ran into the problem in Vegas before too. The problem is they do an authorization, but it simply verifies the funds in your account. You could go take the money out later that day and the car rental place would be SOL.
There are others too - many times a hotel won't take a check card to reserve a room (since they pre-authorize the anticipated charges and just charge it when you're leaving). Many services that you get up front on an authorization but don't pay until you're done work this way. My brother only has a check card and he gets this all the time. Which is one of the reasons I want to keep my MBNA card. Oh well... I have 2 other credit cards + my check card so no biggie I guess.
MBNA recently "upgraded" me to some World card and took away my limit altogether. I dont know if this is good or bad, but whatever.
I sometimes move some balances around to take advantage of 0% financing, but I did have one problem where my 4.9% jumped to 24% - when I called they said it was because of a "bad credit report" on my record - which was a $120 collection notice that keeps appearing on my report and I keep having to get removed. Seems I got a screwup on someone elses past due bill and these collection companies keep selling their "portfolios" to one another and somehow my bad report keeps showing back up. (This happens once a year or so for the past 6 years). I told them about this and how it wasnt on my report anymore and they put me back to my "normal" rate.
However, this pissed me off that the CC companies actively look for reasons to jack your rates up - reasons that have nothing to do with your history with them!
24%??? Holy smokes! I thought my 16-17% ones were bad. I sort of look at credit cards as a small revolving credit line and a convenience thing. I HATE when they jack with the terms on you.
