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Personal Finances / Credit Cards and Consumer Debt


Subject:  Re: Temptation . . . almost Date:  11/18/1998  8:58 AM
Author:  JABoa Number:  5539 of 312185

From MBNA Platinum Plus yesterday:

"Dear JABoa,

In a moment, I think you'll agree with me,

having more cash makes the holidays happier.

In fact, you can think of this letter and the enclosed credit card access checks as a huge gift box brimming with...


...Holiday Cash to use however you see fit.*"


*Over Please


*Credit card access checks are Check Cash Advances. They are processed as Cash Advances according to the terms of your Credit Card Agreement and are subject to credit availability.

(From bottom stub from "checks":)

...However, if a minimum monthly payment is not received by the close of the first full billing cycle following its Payment Due Date, the Daily Periodic Rate for all promotional Annual Percentage Rate balances will be calculated using the Variable-Rate information disclosed in your Credit Card Agreement (as may be amended) as of the first day of the next billing cycle.

We may allocate your payments to balances (including new transactions) with lower APRs before balances with higher APRs. (emphasis added)

This is MBNA America Bank and in fact I have no problem with them. So far as I can tell, the promotional rate is 7.9% and I presume interest is charged from Day 1 as it always is on cash advances. The regular rate appears to be 15.9%. A better deal is to tear up the "checks", pay off the balance as usual, and pay 0.00% interest.
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