!!! WARNING -- AOPA credit card holders. The credit card company is trying to change the rules in mid-game. Read the statement sent to you by MBNA.

Hi everyone,

I recently received a notification in the mail from MBNA. This is the
bank behind the "AOPA Visa Card" -- the one prominently advertised on
the AOPA website front page!

MBNA is proposing ten different changes to the credit card agreement
between us. Well, maybe proposing is too weak a word. They are
TELLING me that these changes go into affect the end of this month
whether I like it or not. And of course -- not a single change does
anything good for me -- just MBNA.

The changes include:
1) Change from an annual percentage rate on outstanding balances to a
variable annual percentage rate (the better to jack up your rate, my
dear).
2) Change the default APR pricing.
3) Change the default grace period (shorten it of course)
4) Change the payment due date (so you're overdue sooner and easier)
5) Foreign transaction fee
6) Transaction fees for cash advances
7) Transaction fee for cash equivalents
8) Change the late fee balance levels. I love their next sentence:
"This may cause your Late Fee to increase to the highest amount."
9) Overlimit fee increase.
10) Changes to the processing of your payment checks (Oh, thats it --
shorten the grace period, the due date, and then delay processing my
payment check so I'm late -- what SCUMBAGS).

All in all, its one big shaft job. And the biggest one of all is
repeated over and over again in this explanation of the changes:

"... if in the future your account is late or you exceed your credit
limit, we may increase the Annual Percentage Rates (APRs) on your
account, (italics) without further notice (/italics), up to a Default
Rate of 24.99%. The new rates will apply as of the first day of the
billing cycle in which your minimum payment is late or you exceed your
credit limit."

This all means that if you are one hour late or exceed your credit
limit by one penny -- they jack up the APR on your card to the highest
allowed by law, 24.99%, and backdate it to the beginning of the
billing period. You find yourself instantly owning them hundreds of
dollars in finance charges for something that might not have even been
your fault!

I hope that everyone who reads this and has an AOPA card will join me
in complaining to the AOPA about these unilateral changes. I am
telling MBNA that I do not agree to the changes and they can have
their card back in pieces if they insist with the changes. But we
also need to bring pressure on the AOPA to terminate their partnership
with any company that would AOPA members with such greed and contempt.

If you feel as stongly about this "breach of contract" as I do,
contact the AOPA at or phone them at
800-872-2672. Let them know how you feel. Maybe MBNA will back off
once AOPA gets enough flack and brings pressure on MBNA.

Thanks for reading this long rant everyone. Clear skies and happy
landings.


Chuck
N7398W

You don't spit in the wind, you don't tug on Superman's cape, and you
don't get anywhere with your protest because the notice you got is
industry wide, not just MBNA...

Cheers ... denny

Denny wrote:

You don't spit in the wind, you don't tug on Superman's cape, and you
don't get anywhere with your protest because the notice you got is
industry wide, not just MBNA...

I have a few other credit cards, and none have terms this draconian.

Also, MBMA charged me a late fee for a payment that was 1 day late.
Sure they have a right to, but every other card I have used will waive
that fee if I call, because of good payment history and good credit
history. MBMA refused and I closed the account.

MBNA is in fact the worst of the credit card companies. They make a
higher percentage of their income on fees and penalties than the others.
Their CEO was featured in the Wall Street Journal for being a pioneer
in increasing profitability by shafting cardholders. To me the AOPA 5%
rebate was not worth dealing with those sleazebags.

Of course they need to raise fees...got to pay for those TV ads!

"Blanche" wrote in message
...
Of course they need to raise fees...got to pay for those TV ads!

And losses from identity thefts, of which they hold contributory
responsibility for having slack controls (not to mention the customer data
they sold to outsides..no questions asked).

"xyzzy" wrote in message
...
Denny wrote:


MBNA is in fact the worst of the credit card companies. They make a
higher percentage of their income on fees and penalties than the others.

ALL the card companies and banks are making more than half of their revenue
on fees rather than interest. At 4% rates, they need to keep their CEO's in
BizJets, ya know.


Their CEO was featured in the Wall Street Journal for being a pioneer
in increasing profitability by shafting cardholders.

Do you have a link or do you remember when that article ran?

Matt Barrow wrote:

Their CEO was featured in the Wall Street Journal for being a pioneer
in increasing profitability by shafting cardholders.


Do you have a link or do you remember when that article ran?

No, it was several years ago -- back when the industry starting moving
more toward screw-you fee income because the market was first getting
saturated with no-annual-fee low-rate credit cards, and the
credit-card-only banks started their rise. I remember because it made me
think twice before signing up for the AOPA card but I was seduced by the
pretty airplane picture on the card Plus I always pay them off so I
figured the fees would never bother me, which is why every other bank
waives the late fees on the rare occasion that a payument gets there a
day late.

On 5/5/05 10:20, "xyzzy" wrote:

Denny wrote:

You don't spit in the wind, you don't tug on Superman's cape, and you
don't get anywhere with your protest because the notice you got is
industry wide, not just MBNA...

I have a few other credit cards, and none have terms this draconian.

Also, MBMA charged me a late fee for a payment that was 1 day late.
Sure they have a right to, but every other card I have used will waive
that fee if I call, because of good payment history and good credit
history. MBMA refused and I closed the account.

MBNA is in fact the worst of the credit card companies. They make a
higher percentage of their income on fees and penalties than the others.
Their CEO was featured in the Wall Street Journal for being a pioneer
in increasing profitability by shafting cardholders. To me the AOPA 5%
rebate was not worth dealing with those sleazebags.


I had an online payment made one day late, due to an online hiccup. I called
them about it and they reversed the charge.

- Don
Only the dead have seen the end of the war. - Plato

Denny wrote:
You don't spit in the wind, you don't tug on Superman's cape, and you
don't get anywhere with your protest because the notice you got is
industry wide, not just MBNA...

Well, I haven't received such a notice from either of the companies that manage
my other two cards.

George Patterson
There's plenty of room for all of God's creatures. Right next to the
mashed potatoes.

"George Patterson" wrote in message
news:hKree.736$5l1.475@trndny05...
Denny wrote:
You don't spit in the wind, you don't tug on Superman's cape, and you
don't get anywhere with your protest because the notice you got is
industry wide, not just MBNA...

Well, I haven't received such a notice from either of the companies that
manage
my other two cards.


I carry an AMEX card and a BofA Visa & ATM card. Anything else is someone
looking to lift your wallet.