AOPA credit card --- WARNING.

"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)

"John Galban" wrote in message
om...
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.


Actually it isn't MBNA that is getting his money...its me! Somebody has to
underwrite my $250 annual rebate and it is people who carry a balance. I
talked to an MBNA manager at AOPA expo and asked him how many cardholders
only used to card to make purchases qualifying for the rebate and not
carrying a balance. He said that it was a "pretty high percentage". The
rate on the card is not just a function of MBNA's cost of funds, it is also
default rate and the cost of paying the cards "perks".

Mike
MU-2