i searched and did some research on it and have some questions:
1. is mbna billpay currently the only service that offers payments with a credit card and checking accounts to other accounts? if not, what are the other ones? does mycheckfree have the same/better features?
2. are all payments processed electronically or are there cases when checks are mailed?
3. are there still 2 versions of mbna billpay? the basic one that only offers payments to your mbna credit card and the upgraded one that offers payments to everything else?
4. if above answer is yes, is there a list somewhere of mbna cards that get you the upgraded version? or does the rule that co-branded mbna cards get you only the basic version still apply?
5. now that boa owns mbna, have any features been removed or changed? is it still free?
thanks.
Message edited by: opmnxtc on 2006-05-15 07:13:40 CDT
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
So the advantages are:
1. You may earn rewards if the merchant is in-the-network, which would otherwise be cash-only. Most merchants though are out-of-network and do not earn rewards.
2. You consolidate pay from source in one place instead of 3 savings accounts + 2 checking accounts. Also useful if your savings account limits transactions per month (i.e so one savings withdrawal can pay many bills).
3. Single point payment in stead of logging in 20 websites.
4. You delay large payments, especially $2000 mortgage, by 20-50 days.
Message edited by: Zoot on 2007-11-19 11:04:15 CST
1. No lo so. 2. No, you can choose to upgrade, but you have to pay attention to some conditions. 3. N/A 4. Interesting question. I have received a completely unreadable change in terms notification - effective June something - , where I saw something related to quasi-cash transactions. Some changes are nigh, but it's not completely clear yet what and how exactly is about to change.
g10ny said:1. No lo so. 2. No, you can choose to upgrade, but you have to pay attention to some conditions. 3. N/A 4. Interesting question. I have received a completely unreadable change in terms notification - effective June something - , where I saw something related to quasi-cash transactions. Some changes are nigh, but it's not completely clear yet what and how exactly is about to change.
the answers might seem confusing since i added question 2 to my original post and edited the other questions. sorry.
Message edited by: opmnxtc on 2006-05-15 07:10:20 CDT
I use MBNA billpay heavily. All my transactions have been processed electronically, but I am paying mainstream vendors, mostly other credit cards and a few utilities that don't take credit cards. I have not seen any change in features since BofA purchased MBNA.
2. No. For large payment, they (MBNA/Checkfree) may select to mail out the check for security reasons (counter-intuitive I guess). That happened to me with my $34,000 payment to Chase. But there is no delay with respect to specified date of payment.
Message edited by: 76hhma on 2006-05-15 13:42:10 CDT
opmnxtc said:2. are all payments processed electronically or are there cases when checks are mailed?Almost always electronically, but just in case dont use Regular (non-MMA) Savings accounts as a payment source or you may incur multiple bounced check/returned payment fees. Use an MBNA CC as your primary payment source. Use an MMA (with checkwriting privileges) or a normal checking account to pay the MBNA CC off.
EDITED for clarity.
Message edited by: Alcibiades on 2006-05-24 21:38:14 CDT
Alcibiades said:opmnxtc said:2. are all payments processed electronically or are there cases when checks are mailed?Almost always electronically, but just in case dont use regular savings accounts as a payment source or you may incur multiple bounced check/returned payment fees; use an MMA or checking account.Kind of defeats the purpose, doesn't it? I use the credit card as the payment source both for float and to schedule and consolidate payments so I can make a single payment from checking.
Anyone know if you can use a Fidelity account as a funding source...like a checking account?
Fidelity accounts allow check writing ($500 minimum) so I would assume yes, but I don't want MBNA freezing my account again or taking a look at it and deciding I'm not profitable.
mhesidence said:Anyone know if you can use a Fidelity account as a funding source...like a checking account?
Fidelity accounts allow check writing ($500 minimum) so I would assume yes, but I don't want MBNA freezing my account again or taking a look at it and deciding I'm not profitable.
If you have the routing # you can, I do with this with Scottrade.
You guys have success using MBNA BillPay to float a CC payment for an extra month and to use it to pay all your cards and then just transfer one payment to MBNA? This seems like a great idea to earn interest on money owed for another month. No one has had a payment show up as a balance/cash transfer?
alfonzo said:You guys have success using MBNA BillPay to float a CC payment for an extra month and to use it to pay all your cards and then just transfer one payment to MBNA? This seems like a great idea to earn interest on money owed for another month. No one has had a payment show up as a balance/cash transfer?
Don't "overuse" (I am avoiding the word 'abuse') it, or else one may get a red flag (i.e., account closure, etc.) from MBNA.
Message edited by: 76hhma on 2006-05-24 18:04:08 CDT
Unfortunately, at this moment we still do not know how MBNA defines "overuse" or "abuse". I'd say to not billpay more than 50% of your credit line. If you pay off your balance (most of us do! ), do not schedule to pay on the very last day on due date. Try pay 10% of whatever amount you billpay for the month on the earlier date, and the remaining balance on the due date. Also, some members recommend to make a small purchase each month with the MBNA account you billpay often.
76hhma said:"overuse" (I am avoiding the word 'abuse') it, or else one may get a red flag (i.e., account closure, etc.) from MBNA.
tazmania99 said:Unfortunately, at this moment we still do not know how MBNA defines "overuse" or "abuse". I'd say to not billpay more than 50% of your credit line. If you pay off your balance (most of us do! ), do not schedule to pay on the very last day on due date. Try pay 10% of whatever amount you billpay for the month on the earlier date, and the remaining balance on the due date. Also, some members recommend to make a small purchase each month with the MBNA account you billpay often.
76hhma said:"overuse" (I am avoiding the word 'abuse') it, or else one may get a red flag (i.e., account closure, etc.) from MBNA.Rubbish. The "better not abuse your MBNA privileges" threads have one or two real examples and a bunch of hand-wringers taking all kinds of unnecessary actions to try fly under MBNA's radar. Waste of time IMO.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
