No. of Recommendations: 0
MBNA is BAD!!! ... Not only did they have high APRs (credit card - 20.95%, loan - 23.99%), but they use tricks to get more interest money from you. They have these things called "Payment Holidays" ... when I tried to negotiate a lower APR after paying off the balance on the card, the phone rep told me that "they had no offers for lower APRs available" at the time.

Sorry to post twice in close conjunction on this thread but I just wanted to respond to a couple of points from this post. (1) I have consistently received 2.9-7.9% balance transfer rates from MBNA (over the 4 years 6.9 was the most common). I used these rates to lower the interest I was paying on student loans and was happy for them. (2) Re: payment holidays. I don't recall being surprised about the way payment holidays worked and was able to use them many times when my balance was at 4.9, allowing me to pay off more on the aforementioned student loans. That being said, perhaps their generic disclosure was not great, but one should always read the fine print and ask lots of questions.

Balance transfer rates starting 1/15/00, on the other hand, may be a different story. MBNA is now proposing to charge something like 3% on balance transfers and not just cash advances. No matter how good the base rates are, this will likely make them bad and it smacks of FirstUSA type pricing gimmicks. Time will tell whether they are implemented across the board or get waived regularly as part of offers.
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