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posted: Jun. 30, 2005 @ 6:08a
xpguy
Senior Member - 3K
posted: Jun. 30, 2005 @ 6:38a
Time to apply for BoaA credit cards (or vice versa) because when they merge you can have HUGE credit lines!!!!!!! (by reallocating)
src0
Senior Member
posted: Jun. 30, 2005 @ 7:36a
BofA is a piece of sh.t company, I wish they would go under
XNAredsox
Cranky Member
posted: Jun. 30, 2005 @ 8:00a
This really su&*s. My branded cards (which I don't use but keep having CLs increased) better stay the same; I want that Red Sox championship logo on the new card when my current card expires.
darqice
Senior Member
posted: Jun. 30, 2005 @ 8:06a
ahh priorities! financial impacts be dammed, I just want my red sox logo woohoo!
hehe
NCA77
Member
posted: Jun. 30, 2005 @ 8:17a
This really su&*s. I bet most of the 6,000 job cuts will be the higher paid, experienced, and courteous, reps. My branded cards (which I don't use but keep having CLs increased) better stay the same; I want that Red Sox championship logo on the new card when my current card expires.
Most of the jobs cuts will be in corporate (finance, accounting & legal).. BofA has existing corporate talent as well as newly acquired Fleet talent.
PS. wait til after the 2005 season and get the logo that will have the back-to-back championship on it
Yeah, sounds like fewer options for BT rollover. Just because you won't be able to roll between your MBNA and BofA cards. That's somewhat sad - I've already got my Fleet card reissued by BofA, and now this.... Oh well. Soon enough we'll have a single bank
BigBucksNoWhammy
Tired Member
posted: Jun. 30, 2005 @ 9:35a
Booo. Not happy with this news, although an article in Businessweek a month or so ago concluded that MBNA was in a vulnerable position and correctly predicted it would be taken over soon.
I guess my three MBNA cards are going to be BOA now.
WhiteGuy said: Maybe they will stop charging $5 to cash BT checks in the branch now Why are you paying these fees? Do you not have a depository relationship with BOA?
jdbeast0000
Senior Member - 1K
posted: Jun. 30, 2005 @ 10:19a
xpguy said: Time to apply for BoaA credit cards (or vice versa) because when they merge you can have HUGE credit lines!!!!!!! (by reallocating)
can you give more details on this. would you need credit accounts through both companies, and then call them and merge them once the merge goes through? would this help you at all on the 0% BT?
jdbeast0000 said: xpguy said: Time to apply for BoaA credit cards (or vice versa) because when they merge you can have HUGE credit lines!!!!!!! (by reallocating)
can you give more details on this. would you need credit accounts through both companies, and then call them and merge them once the merge goes through? would this help you at all on the 0% BT? That's exactly right. This strategy has been extensively discussed in a number of threads on FW. It may also be prudent NOT to consolidate your cards outright but to keep them separate to see which one of them qualifies for the most advantageous offer. You will then be able to reallocate your credit line to the most advantageous card.
As for 0% BT's, a larger CL will NOT help you qualify for these offers but will be extremely helpful once you DO receive such an offer.
HGW1/HGW4 (10%) and CGE4/CGFX ($150) promotional offers certainly increased the number of MBNA accounts so that MBNA "looks" good in their business perspectives for the BofA take-over.
xerty
Senior Member - 2K
posted: Jun. 30, 2005 @ 10:38a
BigBucksNoWhammy said: an article in Businessweek a month or so ago concluded that MBNA was in a vulnerable position and correctly predicted it would be taken over soon. Qudos to those MBNA investors that made a quick 25% owning the stock this morning.
cheaparse69
Thrifty Member
posted: Jun. 30, 2005 @ 11:21a
more like getting back the 20% drop from 2 months ago when they annouced crappy earnings. nice to wipe out a loss and make a little though...very nice for the people who loaded up after the drop but, personally I couldn't pull the trigger.
xerty said: BigBucksNoWhammy said: an article in Businessweek a month or so ago concluded that MBNA was in a vulnerable position and correctly predicted it would be taken over soon. Qudos to those MBNA investors that made a quick 25% owning the stock this morning.
Darn! I just jumped from Fleet to MBNA to avoid BoA. I can smell the foreign exchange fees coming.
SoBeyondTheNorm
Greedy Member
posted: Jun. 30, 2005 @ 11:44a
xpguy said: Time to apply for BoaA credit cards (or vice versa) because when they merge you can have HUGE credit lines!!!!!!! (by reallocating)
Though it would be smart to make sure to keep all cards in use just in case they decide to clean house of all small and non-profitable accounts.
tooshy
Frivolous Member
posted: Jun. 30, 2005 @ 12:03p
76hhma said: HGW1/HGW4 (10%) and CGE4/CGFX ($150) promotional offers certainly increased the number of MBNA accounts so that MBNA "looks" good in their business perspectives for the BofA take-over.
Mystery solved
Thanks for the headsup Grayman....gives us time to think Plan B
Yeah, I could have used an insider's tip, too. My plan would have been to use CC money to load up on MBNA call options. Alas, opportunity missed again.
BOA is on a rampage. They won't slow down until they pass Citicorp as biggest bank in America. Anyone know who their next target is? Suntrust? WAMU? Wachovia?
Since there will be job losses (I'm assuming for MBNA), perhaps it's a good time to call in to get good BT offers - e.g. the 1.9 for life w/o BT fee. Some departing employees may want to exact revenge, and we could be the beneficiaries of that.
ccrzhh
Senior Member - 1K
posted: Jun. 30, 2005 @ 12:16p
Good! BoA will fire at least some of MBNA police-like credit analysts and managers, which closed 3 my accounts for Charter One deal.
Practice shows CSRs become careless when they are not sure if they stay or not. Take the moment, call and ask about most vulgar desires
I don't think CSRs have to fear for their jobs. It's not like a BOA CSR can talk to two customers at the same time. More like management, sales, HR, accounting, & legal people will be let go.
There is currently not a single BOA credit card worth applying. Such crappy rewards compared with what MBNA offers.
jlrdallas
Senior Member - 1K
posted: Jun. 30, 2005 @ 1:51p
whodini said: Yeah, I could have used an insider's tip, too. My plan would have been to use CC money to load up on MBNA call options. Alas, opportunity missed again.
BOA is on a rampage. They won't slow down until they pass Citicorp as biggest bank in America. Anyone know who their next target is? Suntrust? WAMU? Wachovia?
BofA is getting very close to holding the maximum amount of deposits it can - 10% limit imposed by the Fed to limit the danger of a large bank failure to the economy and to ensure competion in markets served. So it's unlikely they're shopping for another bank with a large retail footprint. This MBNA acquisition fits in nicely and will give Citi a run for their money. Hopefully we'll see more 'creative' reward card offers...
The Fleet cards lost all their advantages after they become BofA cards (still sitting in my drawer). Now more useless cards: HGW1/HGW4, CGE4/CGFX, ...I certainly hope that the Fido card would stick with the flat 1.5% rate...
They probably would. MBNA was a "monobank", i.e. offering mostly CC, and the billpay they offered was a tribute to that. Now BofA will be requiring you pay your bills out of your checking account, like "normal people" do.
CornHusker said: I just wondering if they will stop the excellent BillPay using CC.
jlrdallas said: BofA is getting very close to holding the maximum amount of deposits it can - 10% limit imposed by the Fed to limit the danger of a large bank failure to the economy and to ensure competion in markets served. I just thought I'd clarify that while BOA, due to its merger with Fleet, currently holds approximately 9.8% of all cash deposits in the country, it would only be subject to the 10% aggregate cap if it attempts to merge with another depositary bank. Otherwise, BOA is permitted to exceed the cap through organic or natural growth.
whodini said: Yeah, I could have used an insider's tip, too. My plan would have been to use CC money to load up on MBNA call options. Alas, opportunity missed again.
BOA is on a rampage. They won't slow down until they pass Citicorp as biggest bank in America. Anyone know who their next target is? Suntrust? WAMU? Wachovia?
Well, I assume you mean biggest American bank ... Bank of America is probably already the biggest bank in America, but Citigroup has a much larger presence in other countries.
I have relationships with both companies, I love BofA and hate MBNA, so hopefully this will be good ...
CornHusker said: I just wondering if they will stop the excellent BillPay using CC.
Yes, eventually it will be stopped.
For example, it took BofA a long time to change the Fleet Bank online service to BofA online service (it happened in Mass just last week). Hopefully it will be just as slow or slower for BofA to change the MBNA BillPay service to the BofA online service.
manuel
Greedy Member
posted: Jun. 30, 2005 @ 2:47p
As a bofa shareholder I'm disappointed that they've already said they'll be rebranding all their cards. Saw the same cycle with the broker elements of Fleet - throwing away valuable brands. At some point I hope bofa realizes they have the scale to maintain a brand like mbna.
As a mbna cardholder it's a shame, bofa's has been a very timid card issuer - hard to believe mbna will be nearly as aggressive. Also interesting that bofa said no decision had been made on the AMEX/mbna cards.
NEW YORK - Bank of America Corp.'s purchase of MBNA Corp. marks the latest consolidation in the credit card industry, which may translate to higher costs, fewer choices and poorer service for consumers.
summitsix
Senior Member
posted: Jun. 30, 2005 @ 5:17p
niktobos said: NEW YORK - Bank of America Corp.'s purchase of MBNA Corp. marks the latest consolidation in the credit card industry, which may translate to higher costs, fewer choices and poorer service for consumers.
Definately. You better believe that once this deal closes, there will be alot of "Change in terms" letters going out to MBNA customers. BofA will use this opportunity to close inactive/dormant accounts and to raise prices on accounts it (not MBNA) see's as underpriced (i.e. not priced correctly for risk).
In every merger, there has been a history of the acquired banks customers (not all, but a quite a few) getting rate jacked
I hate to say this but....MBNA was much easier to deal with than BOA. BOA told me that any charge over 5K requires a call in etc. MBNA has no problem with my large charges. Also MBNA has some very good programs.
MBNA is not perfect but they are way way better than BoA in term of value and customer service. Sad...
jlgrandam
Addicted Member
posted: Jun. 30, 2005 @ 6:21p
I really hope the Billpay service survives.
Ted2002
Thrifty Member
posted: Jun. 30, 2005 @ 6:42p
I do not have a credit card with either of these banks. Can I apply today for a card at each, and hopefully consolidate them after the merger? Would an MBNA card's terms and offers likely be grandfathered, and could I potentially choose which card I keep after consolidating?
Ted2002 said: I do not have a credit card with either of these banks. Can I apply today for a card at each, and hopefully consolidate them after the merger? Yes you can. In fact, you have several months to do this since it'll take them that long to consolidate their systems.
Would an MBNA card's terms and offers likely be grandfathered... There is no way to predict that.
and could I potentially choose which card I keep after consolidating? Yes
Skipping 54 Messages...
hokie94
Member
posted: Jan. 12, 2006 @ 7:26a
Both MBNA & BofA have posted merger information as it relates to customers and a top 10 FAQ list on their website.
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