MBNA credit card

ACID

well i didnt need it
but as it was the LIVERPOOL FC european edition i couldn refuse it

anyway they offered me £500 limit
well im a student you see

but he interest was a mass %22.9
i only got it because it was an LFC card

but thought id cancel it

desite the offer of 9month BT free and £15% on purchases
still a bit much, but if the card was stolen then id suffer with the fee

but went to cancel today and they immediately offered me £7.9% for life.

was this a good offer????

Clariman

Hi Acid

First of all, be wary that lenders use all sorts of things to entice us to use their products and make money out of you. You applied for this card because it was kinda neat to have a LFC card. However, when choosing a financial product you should really make your decisions and choices based on financial criteria, otherwise you will lose out big time.

Lecture over (not that you don't get enough of them at college/uni already).

Without checking on the detailed Ts & Cs on your card, from your post I get the following impression of the Ts & Cs. In fact, here comes lecture number 2 ... don't sign up for a financial product unless you have read the Ts & Cs. Yes, I know the small print is boring but it is also legally binding (sorry, 2nd lecture over).

Your card looks like

Purchases - 22.9% APR interest. i.e. a balance of £100 on your card would cost you £22.90 in a year in interest.

"9 month BT free"
You need to check this out a bit more. Do you mean 9 months interest free on Balance Transfers ? If so, that sounds fairly typical for MBNA and it is fine. However, was this only applies if you have debts on another card which you can transfer over to MBNA to take advantage of his rate. If this is your first card, then you don't have debts elsewhere to transfer over so it is not much benefit to you. Besides, there would normally be a fee payable for doing the balance transfer in the first place.

15% on purchases
Is this what they offered to reduce it to, to stop you closing the card ? 15% is certainly better than 22.9% but there are better rates around.

7.9% for Life
Again you need to clarify this with MBNA. When people talk about "for life" it is usually a "life of balance" rate for a balance transfer. i.e. if you were to transfer a debt from another card, the interest rate on that transferred debt would be fixed at 7.9% ... as opposed to being at 0% for 9 months.

HTH
Clariman