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Scott,
Thank you for your newsletter I think it is terrific!
I wanted to share with you an incident that occurred on Friday of this
past week.
June of this year, my husband had an MBNA credit card that had $38K credit
limit, so we asked MBNA to deposit $20K of it into our bank account and paid
off high interest credit cards with that. MBNA gave us 3.99% interest for a year
on that amount.
I had $1,700 on an American Express card that had an interest rate of 21%.
I called MBNA on Friday to ask if they would transfer the $1,700 to this account
and can I get the 3.99 interest. A manager got on the line and proceeded to ask
me if some questions to verify the credit limit. He then told me that he was
reducing my credit limit based on the amount of outstanding credit my husband
had. I told him that I was not interested in the balance transfer after all
because he decided to reduce my credit limit just like that. I told him we had
this account a long time and we had never been late, not once. I also told him
that I was making payments of $700-$900 a month on this credit card, a larger
amount that what was due $250.00. He said that didn't matter to them.
I was really surprised at this. I wasn't sure how else to handle it. Sure
enough, I called back an hour after I spoke to the manager and credit limit was
decreased to $24K from $38K. I was floored but there was nothing I could do
about that.
Margie V. Powers
Margie,
Glad to hear that you like the email newsletter!
Yes, this situation happened to me a few years ago with MBNA. They acquired
another bank and this increased the number of MBNA cards that I owned. They
started closing my accounts and reducing limits. I called and spoke to many
supervisors. They still went ahead with those changes. I explained that I had
those account for years--but that didn't matter.
The reason was that I had too much debt. Isn't that what they want? I told
them I could pay it off tomorrow. They said "how?" I said "with money."
(Transfers.) Their loss! I transferred my balances! Let the other banks that
treat you well make a profit. PUNISH MBNA--transfer your balance to
another card.
Try some that I have listed at:
http://www.debtsmart.com/cards
TIP: When applying for new lines of credit online, or on an
application, be sure to do a balance transfer during the online application
process because this increases your chances of getting the card! This may be all
it takes to get past the application process. So grab your credit card
statements and start applying for new cards now!
Best,
Scott
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