AOPA credit card --- WARNING.

"RS" wrote in message
news:aGppd.564849$mD.370862@attbi_s02...

Do you work for MBNA? You sound like the person I talked to at MBNA
customer service....I told him that the fed did not raise interest rates
by 3 to 4%, which is what MBNA is doing.

If you have an MBNA credit card, look at your statements...if you like
being screwed by the credit card company then ignore this thread and do
nothing.

I have an MBNA credit card and I hardly feel like I'm being screwed. They
charge me no annual fee and I never carry a balance so I never pay any
interest. I use the card for nearly all of my purchases, since I don't have
to pay for them for 30 to 60 days after purchase I get an effective
interest-free loan on whatever amount I spend. There's not even any postage
cost as I can pay online. The interest rate is irrelevant, any percentage
of zero is still zero.

"RS" wrote in message
news:XVspd.565691$mD.442744@attbi_s02...

I'm not following you. If you pay "on time, every time" -- credit card
companies CAN'T charge you any interest.


What would you do if they hiked the APR on your auto or home loan just
because they felt like it, even if you had a perfect payment history?

How could credit card companies hike the APR on my auto or home loan?

I have an MBNA credit card and I hardly feel like I'm being screwed.

To feel even less screwed get a rewards card and actually get paid to use
it.

"Chuck" wrote in message . com...

Ya know... I didn't say that paying the balance off was a bad thing. I guess
what kinda ticked me off about your post was you said that people were
idiots or suckers for not paying the balance. I merely pointed out that some
people can't do that.

And those people are suckers. If you borrow money at several times
the going interest rate (which is what you'll eventually do if you
carry a balance), you're a sucker. The interest rate and fee
structures that are currently allowed, were considered loan sharking
in the recent past, a practice that was relegated to mostly criminal
organizations.

I saw a recent interview where a Harvard contract law professor was
asked to explain (in layman's terms) an average cardholders agreement.
Although the average consumer is supposed to know what is contained
in a contract, she said she wasn't sure about all the details herself.
On top of that, what she did ascertain is that the average
cardholders agreeement gives the card issuer the right to charge
whatever rate they want, and to change it with 15 days notice, usually
by means of an insert full of small print with your bill. So even if
you accept a bank's offer of a card for 1% interest for six months or
whatever, there is really not much keeping them from bumping your rate
(and making money) any time they want. The agreements are set up to
give the issuing bank a ridiculous advantage in every aspect of the
transaction. Borrowing money under those terms is truly a sucker bet.

I've almost never kept a balance on a credit card. If I can't get a
real loan (i.e. bank loan with reasonable terms), then that means I
probably can't afford whatever it is I want to buy.

John Galban=====N4BQ (PA28-180)

"Jay Honeck" wrote in message
news:Nlspd.150701$R05.147436@attbi_s53...

One lesser known fact about credit card companies is that they will screw
the VENDOR far more readily than they will their customers.

Over the past couple of years we have had a handful of guests with
guaranteed reservations not show up at the inn, who were charged for one
night's stay. Two of them simply called their credit card companies and
disputed the charge -- at which point the credit card company immediately
credited them and charged us back, no questions asked!

It was then up to US to "prove" to VISA that the guest had stayed with
us -- which, of course, they had not. Despite the fact that these
guests insisted on "guaranteed reservations", despite the fact that we had
pre-authorized their stay on their credit card, despite the fact that we
had mailed post cards to their home, reminding them of their
reservation -- and despite the fact that we followed VISA's own procedures
for no-shows to the letter -- we were totally helpless, and had to eat the
bill. No amount of documentation or phone calls mattered to VISA.

THAT is the real credit card scandal that is sweeping America right now --
but no one outside of the industry knows (or, quite frankly) cares about
it. But we ALL pay for scumbags like these in the end.


I agree that it's entirely proper to charge a no-show for the one night
stay, but unless you turned someone else away because of the guaranteed
reservation what bill are you eating?

"Jay Honeck" wrote in message
news:Fuspd.85361$V41.50473@attbi_s52...

Here's another credit card mystery: Why the hell does ANYONE use any card
but Discover? Everyone else charges to use their cards, while Discover
actually PAYS you to use their card -- yet they are a distant third or
fourth in the industry.

Marketing is everything to American consumers, I guess...


VISA and Mastercard do not charge me for using their cards.

"RS" wrote in message news:Bvspd.565639$mD.474111@attbi_s02...
"Jay Honeck" wrote in message
news:%9spd.150672$R05.66688@attbi_s53...
If you have an MBNA credit card, look at your statements...if you like
being screwed by the credit card company then ignore this thread and do
nothing.

You talk like MBNA owes you something. If you don't want to use their
damned card -- don't.

If MBNA charges you 20% interest -- and you're dumb enough to use their
card -- who cares? It's not like there aren't 100 other credit card
companies begging for your business, so either pay the bill off each
month, or tell 'em to take a hike.

Ok. So you also support legalized loan sharking. Fine.

Jay mentioned that he hasn't payed card interest since 1985. It
appears that YOU are the one who supports legalized loan sharking.
You support it with cash out your pocket.


But tell me, what will you do when home, auto and commercial proprerty loan
companies hike their rates just because they feel like it? Even if you pay
on time, every time. All they need to do is lobby hard enough to put it into
law and you are totally screwed.

Not likely (unless you live in Delaware or South Dakota). The
legitimate loan business is pretty well regulated by feds and states.
Credit cards are the dark side of the loan business. Lenders know
that a legitimate, knowledgable borrower would never sign a loan
contract that allowed the lender to jack up interest and/or fees at
their whim. That is exactly what you do when you borrow money on a
card.


What then, Mr Clever Guy?

Jay hasn't paid the loansharks since 1985. You're complaining that
MBNA jacked up your rate (which they have every right to do under your
contract). Who's the clever guy?

John Galban=====N4BQ (PA28-180)

In a previous article, "Steven P. McNicoll" said:
"Paul Tomblin" wrote in message
...

I got news for you, buddy. I'm the one arguing that people shouldn't
carry credit card balances if they don't want to pay credit card interest
rates, and I'm a conservative's worst nightmare - I'm a Trudeau Liberal.
Which Trudeau?

Pierre.


--
Paul Tomblin http://xcski.com/blogs/pt/
"Being lectured on fiscal responsibility by George Bush is like being
lectured on law and order by Tony Soprano." - John Kerry

Did you see the Frontline segment about this sort of thing the other day?
This is actually normal. The contracts clearly state that they can raise
the rates however they want. MBNA is one of the big three that are
notorious for it.

-c

"RS" wrote in message
news:m3opd.97109$5K2.54232@attbi_s03...
If you have an AOPA/MBNA credit card then you should check the APR on your
last statements. MBNA has been raising the APR on AOPA cardholders, even
if
you pay on time.

So check your credit card statements and call AOPA credit card services to
complain.
And also call MBNA to drop the rate back down.

"Paul Tomblin" wrote in message
...
In a previous article, "Steven P. McNicoll"
said:
"Paul Tomblin" wrote in message
...

I got news for you, buddy. I'm the one arguing that people shouldn't
carry credit card balances if they don't want to pay credit card
interest
rates, and I'm a conservative's worst nightmare - I'm a Trudeau Liberal.
Which Trudeau?

Pierre.


Why would a Trudeau Liberal be a conservative's worst nightmare?