3 Changes I was told for next year:
1) Nasty arbitration stuff that MBNA uses.
2) Minimum payment = at least 2% or 1% plus fees, interest, over the limit etc. which I think is federally mandated.
3) Default rate cannot arise from late payments to other creditors.
This arbitration thing I hear is nasty. If you are behind on payments they can swiftly obtain a judgement against you 99% of the time without even going to court. Is it better just to cancel the card and not accept these terms? I don't plan on being behind but it just scares me.
1) Nasty arbitration stuff that MBNA uses.
2) Minimum payment = at least 2% or 1% plus fees, interest, over the limit etc. which I think is federally mandated.
3) Default rate cannot arise from late payments to other creditors.
This arbitration thing I hear is nasty. If you are behind on payments they can swiftly obtain a judgement against you 99% of the time without even going to court. Is it better just to cancel the card and not accept these terms? I don't plan on being behind but it just scares me.