No. of Recommendations: 0
I got the same notice for my MBNA card. It was very clear about writing a letter to reject the arbitration clause, and where the letter should be sent. What it was not at all clear about was whether rejecting the arbitration clause would require cancelling the card or if using the card would imply acceptance of the clause (it said nothing at all on this score). Very interesting. I also found it quite interesting that in the poll associated with the article Leviathan posted below, 97% of the respondents said that customers should retain the right to sue CCC's. I think it would be a good idea to alert our fine representatives in DC about this issue.

If it really is true that the arbitration clause can be rejected with no adverse effect on my account, then I would say this is a marginally acceptable way of MBNA handling it (certainly better than "take the clause or cut up the card").


Is arbitration less favorable to the customer (i.e. me)? Would it be more likely to favor MBNA? What sort of items would go into arbitration? Should I take the time to write
a note to preserve my current rights and should I send it certified mail or what? Or should I even care?

Yes, arbitration is less favorable to the customer. By accepting these new terms you will have waived your right to sue them over any dispute. Here's a link to a article
that gives more detail:

Definitely take a look at it. Also, my guess is that the notice sent to you says that if you use the card you agree to the new terms so I don't think sending a letter to preserve your
rights will do any good.


Print the post  


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.
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.
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.