Watch Out: MBNA PLATIMUM PLUS MASTER CARD

[SipWorld]

I received a letter from MBNA to provide me 1.9% annual rate for the balance transfer for 4 month.

I was very happy. I called them and askend them do the balance transfer $20,000 for me. When I received my first bill from them, I was totally suprised that they charged me 1% of the total amount of transffered balance as transaction admin fee, which is $200 !!!

I called them again and they said that they have DISCLOSED all the information on the contract (small prints). I felt that I was cheated somehow!

Finally results is that I paid off all the balance and they credited me $200 back.

I am wondering if the transaction admin fee (1%) is normal in most of finance institude?

Just be careful for all extremly low interest offers with small prints.

 

[LostRabbit]

Thanks for sharing your story, I should be more aware of this. I will give them a call to see if there is anyway to waive 1% transaction fee. Otherwise I will cancel the card.

AmericanExpress did provide 0% transaction fee to me combined with 1.9% transfer rate. I have finished all the payment to AmericanExpress, so far I am very satisfied.

 

[dkwan]

fine print again, *sigh*

it is always the problem with telephone service only company.
They said they said it, but who know? and who can verify they really say it.

cheers

 

[aniceday]

Yes, many bank actually charge you 1% to 3% for balance transfer, read the fine print as always. BTW, it is very nice of MBNA to let you pay off the balance and credit you back $200.

最初由 SipWorld 发布
I received a letter from MBNA to provide me 1.9% annual rate for the balance transfer for 4 month.

I was very happy. I called them and askend them do the balance transfer $20,000 for me. When I received my first bill from them, I was totally suprised that they charged me 1% of the total amount of transffered balance as transaction admin fee, which is $200 !!!

I called them again and they said that they have DISCLOSED all the information on the contract (small prints). I felt that I was cheated somehow!

Finally results is that I paid off all the balance and they credited me $200 back.

I am wondering if the transaction admin fee (1%) is normal in most of finance institude?

Just be careful for all extremly low interest offers with small prints.

 

[kliu]

I think the admin fee is very normal. You will really need to ask before you do a balance transfer. So far, I only know that Amex doesn't charge that admin fee for balance transfer.

 

[dkwan]

I see Ottawa Citizen this morning, a class-action againist MBNA M/C for charging customer a cash advance of 9200% in interest.

 

[TinyTiger]

MBNA PLATIMUM PLUS MASTER CARD 现在有1%cashback,没年费，不知有陷阱吗？

 

[Consciousness]

最初由 dkwan 发布
I see Ottawa Citizen this morning, a class-action againist MBNA M/C for charging customer a cash advance of 9200% in interest.

打错了吧 92倍利息？？？