No. of Recommendations: 0
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...

...CASH...

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

(snip)

*Over Please

(Over)

*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.
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement