Time to Pay, MBNA!

MBNA (a starting place) owes consumers a BIG debt of gratitude for purchasing the credit and interest rates offered to them.  

It was a consumer purchase of sorts, and MBNA made a lot of money. MBNA has even gotten to play "gotcha" with its consumers by baiting and switching interest rates for the least payment infraction, or non at all.

MBNA hurts its consumers after the sale is made.

Late payers get no respect.  These are the best customers.  MBNA collects big late charges, extra interest, over credit limit fines, etc.  Then, it also gets to sock late payers in the stomach by reporting them to a credit agency even after consumers pay the penalty payments.

Like bartenders overserving seriously intoxicated customers or casinos admitting known addicts, MBNA re-extends or ups credit limits to people clearly struggling financially.

MBNA has deliberately, publically defamed its majority paying consumers and given false information to the media and legislators.  MBNA has taken part in a scheme to pretend that it financially suffers due to a big problem with irresponsible consumers running up their credit card purchases with furniture, clothing, and otherwise living beyond their means, and then discharging the debt in bankruptcy.  So small are the actual numbers of people doing this that MBNA should be accountable for propagating a fraud.  

MBNA should be made to Account for Its Debt to Consumers, Goose/Gander style
Culpable conduct for reckless, fraudulent, harmful speech and lobbying. MBNA should be willing to pay the same penalties it exacts on its individual customers - monetary penalties and public shaming.

How about a visit to MBNA offices (to start) to talk about its business ethics and its debt to the U.S. consumer?

Here is the headquarters information from its website:

Delaware is home to MBNA America's Headquarters. More than 10,000 people work for the company in Wilmington, Newark, Greenville, and Dover. Operations in Delaware encompass every aspect of MBNA's business, including Administration, Business Development, Corporate Affairs, Credit, Customer Satisfaction, Finance, Marketing, Operations, Planning, Regional Management, Telesales, and Treasury.

No?  What do you think?

•  stupid question

  How can I tell if any of my credit cards are MBNA? Will it say on the card???

  by casperr on Wed Mar 09, 2005 at 10:57:29 AM PDT

  •  Yes, it is very clearly stated:

    Money Buys Nearly Anybody on the back.

    Seriously, your statement should have the bank's name on it, or at the very least, call the customer service number and ask. MBNA puts out a lot of "affinity cards" in which the partner group or organization receives some of the proceeds (i.e. usury).

    by Spud1 on Wed Mar 09, 2005 at 11:20:46 AM PDT

    •  Make their associates look bad

      I wonder if LLBean (or hundreds of other examples)thinks about how MBNA makes them look by allowing MBNA put the LLBean (or hundreds of other examples) name on an MBNA card. It may be a good idea to tell a company that has allowed its name to be on the card what you think of their business partner.

      Of course MBNA can always point to Household Bank and try to persuade you that they aren't the most venal credit card bank in America.

      by freelunch on Wed Mar 09, 2005 at 12:29:39 PM PDT

  •  Back of Card

    Somewhere on the back of the card is the name of the bank that issued the card. A few cards, like the one from Target, are issued by an affiliated bank, but there are a few banks that specialize in credit cards only.

    Sometimes, the name is in very small letters near the magnetic strip. Sometimes the company is proud of itself and it is quite easy to find the name. You can always find out who you are dealing with by calling the customer service number on the card or your bill.

    by freelunch on Wed Mar 09, 2005 at 12:25:24 PM PDT

•  Only credit card company

  that has turned me in for 30 day late payment...problem, I have never paid them late per my records..wish someone would start a class action against them.

  by mattes on Wed Mar 09, 2005 at 11:17:45 AM PDT

•  Where does Cap 1 fit into this?

  I have one credit card, a Capital One card.
  Did they have any role in this?
  I'm thinking of cancelling the card, paying off what small debt I owe and using cash/ debit from now on.

  by Frenchy Lamour on Wed Mar 09, 2005 at 11:45:26 AM PDT

  •  not a good idea

    someone gets your debit card # they can clean that account out and you have no protection for that money.  Keep a credit card for restaurants and quick purchases and just pay it off online every couple of days

    by slapshot57 on Wed Mar 09, 2005 at 12:05:25 PM PDT

  •  Unadvertised Special

    Yes, it is a good idea to keep a credit card handy. You are often better off getting a credit card from the credit union or bank you belong to. Some of them will get you the card through one of the majors, but even if they are co-branded, they are more likely to play nice with their customers. $39.00 for a late fee is far less common from your local bank or credit union.

    If you get it from your credit union or bank, you will also be able to easily set up automatic payment, have more flexibility on the credit limit you choose and often the card you get will be a debit/credit option card, if you want.

    by freelunch on Wed Mar 09, 2005 at 12:35:34 PM PDT

•  Start with a collective march on MBNA

  Then on to the other offenders.  I'm just asking for and  parity of principles, here in credit and banking matters.

  Everyone is looking at their credit card to see which issuer it is.  It doesn't matter.  The industry is the industry.

  by MilwMom on Wed Mar 09, 2005 at 11:49:09 AM PDT

•  Maybe it's time to hurt them

  in the pocketbook by cutting back (or even eliminating our use of credit)? It's something each one of us can do without organizing a movement. If you need some help, Elizabeth Warren, the Harvard professor and bankruptcy expert who has been prominent in the campaign against the bankruptcy bill, has a new book out called All Your Worth: The Ultimate Lifetime Money Plan, which she wrote with her daughter. I understand it will clue you in on the how credit card companies and other lenders operate. I haven't seen it yet, but it certainly sounds worth checking out. I know I plan to.

  by Gingerella on Wed Mar 09, 2005 at 12:11:54 PM PDT