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Information on the MBNA credit card

The MBNA Corporation was originally founded in 1982, where it started life as a branch off the Maryland National Bank. In 1989, the Maryland National Bank became the Bank of America and the MBNA credit card was soon to follow. One of the biggest advantages to cardholders is the impressive balance transfer rates the MBNA credit card offers, which is currently at 0% for 20-months.

Unfortunately, in 2004 controversy hit the MBNA credit card when it was named on a list concerning the unfair business practice of several credit card companies. It was claimed at that time that MBNA tripled their interest rates, changed cardholder's payment dates and than issued them with outrageous fees for late payment.  An MBNA branch located in Ireland, were investigated several years ago for the alleged harassment of customers who were behind with the their credit card payments. This was to be an investigation that resulted in the passing of several harassment laws concerning banks, financial institutions, loan companies and collection agencies. In 2009, Irish customers were refunded nearly $18 million in overcharges by the MBNA credit card.

Despite their some what chequered past, MBNA still remain one of the world's largest and most successful banks. The MBNA credit card is the most held credit card in the United States, with millions of happy users. As well as a number of sophisticated security features, the MBNA credit card offers potential customers many different benefits. Aside from the 0% balance transfer for 20-months, they offer no interest on purchases for the first three months and paperless statements. All this is held together by a very healthy 16% APR interest rate.

 

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