Should I tell MBNA to shove it?

[dsewell]

Poll question: Should I tell MBNA to shove it?

So I get home after listening to the radio news about the House passing the bankruptcy "reform" bill to find an envelope from Wilmington, DE, marked Important Amendments to Your Credit Card Agreement Enclosed. It's from MBNA, the bank who issues my Working Assets Mastercard.

They tell me I can take advantage of outstanding benefits and offer me tips for managing my account. And, oh yes, unless I send a signed letter to decline the change in terms, my fixed-rate 5.90% APR will go up to a variable-rate currently 8.99% APR, I'll be subject to higher late fees and a higher penalty interest for late payments or overlimit charges. They tell me, "We amended the APRs on your account based on a change to our business practices." (Possibly they don't like dealing with people who always pay on time and rarely run a continuing balance?)

If I decline, the account gets frozen as of 24 May and I can pay off the balance, if any, under the existing agreement.

So, DU, I need help with this REALLY COMPLEX AND HARD-TO-DECIDE issue. Do I keep my card, or do I tell MBNA to SHOVE IT?

[xchrom]

if i didn't love traveling to europe

i'd cancell all of mine.

they're all pigs.

[DulceDecorum]

1. Get off the Titanic AT ONCE

NOW.
Go go go.
And take your knee-caps with you.

[eyesroll]

2. I currently have an MBNA visa with zero balance.

I never ever ever plan to use it again. I tried to completely cancel it once, got put on hold for 20 minutes and gave up. Now, I'm just wondering whether I should hold onto the account (with no activity -- no annual fee) in order to keep the long credit history I've had on this card, or get rid of it to keep my available-credit-to-income ratio down.

[Left Is Write]

4. I wouldn't close it.

That will lower your credit score. When a lender looks at your credit report, she will probably pay more attention to the balance to limit ratio than the available credit to income ratio anyway. It's best to keep any balances to below 50% of your available credit, and preferably lower than that.

Closing accounts usually does more harm than good, though.

[Bossy Monkey]

3. Bail and contact Working Assets, too

They're a good bunch and probably will be bailing as well, but a little push can't hurt.

[KamaAina]

5. Congratulations! You're a deadbeat!

Possibly they don't like dealing with people who always pay on time and rarely run a continuing balance?

DING DING DING! The recent Frontline special on credit cards addressed this. Within the industry, people like you and me are not considered "responsible" but are instead called "deadbeats" 'cause we don't run up the exorbitant interest and fees that keep them in Armani and late-model Lexuses (Lexi?).

All of 'em, MBNA especially, are (surprise!) big repuke donors, too (well, not Working Assets, of course, but all the big ones).