9 Days til MBNA Gives UP Our Visas

[AFT_LOVER]

and what will change when it happens............ I keep checking press releases for news on it from B of A but so far -0-.

[chotton]

hmmmm..this is the t ihave heard of this. What do you know, is Bank of America buying MBNA or just the RCCL card holder accounts??

[sas80]

I'm worried about this - what does it really mean?

 

We have enough for the 3 or 4 day bahama cruise for 2....

 

At the very least, if we are forced to redeem our points and take a cruise, we can live with that..:rolleyes:

 

But I dont want everything we have earned to just vanish...:confused:

 

Not to mention we really wanted to save up for the 7 night caribbean for 2......

[Ohunion Cruzers]

I'm worried about this - what does it really mean?

 

We have enough for the 3 or 4 day bahama cruise for 2....

 

At the very least, if we are forced to redeem our points and take a cruise, we can live with that..:rolleyes:

 

But I dont want everything we have earned to just vanish...:confused:

 

Not to mention we really wanted to save up for the 7 night caribbean for 2......

 

Not sure how long you have been saving points, but I think they expire after 3 years. after 36 months, points from 37 months drop off.

 

We just cashed in points for the 4 day cruise, because they were about to expire in March of '06.

[PhoenixCruiser]

Not sure how long you have been saving points, but I think they expire after 3 years. after 36 months, points from 37 months drop off.

 

We just cashed in points for the 4 day cruise, because they were about to expire in March of '06.

 

Actually, it is 5 years, 60 months.

 

 

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[AFT_LOVER]

I made to MBNA to wish all a Merry Christmas, Happy Hanukah & a wonderful New Year. The gal stated to my question about any news on B of A if it all will remain or have they announced changes. Celebrity & RCCL VISA for one, the Net Access Bill Pay which I haven't written a check in over 6 months and all bills are paid monthly automatically. I just pay the VISA. Now if I can get points for all my utilities I will be a very happy gall. So far just AT&T, Direct TV, and all my purchases with the card.

 

B of A is said to be very nice with giving goodies to folks who are good customers, so here we are, the best of the best, so start GIVING!

 

Yes, son of the late Al Lerner, Creator of MBNA & owner of the Cleveland Browns died late last year. Within 2 months of the funeral his son sold his great company to Bank of America. Clevelanders were not too happy losing more jobs, but jobs that folks had been at over 30 years. This was a company that you were hired for life at.

[Bonnie Voyager]

I'm worried about this - what does it really mean?.....

 

 

Your worried? Me too! My Husband and Daughter both work for MBNA and in 9 days 6000 people are going to start losing their jobs when Bank of America takes over! :( Many in our area have already have been displaced. Everyone has been sweating this out since June 30th when the takeover was announced. MBNA will no longer exist as of January 1, 2006. I don't have any idea how this will effect the credit card business, but it will greatly effect the lives of those who are/were employed by MBNA. My Daughter is young enough to start over at a new company, but my dear Hubby may be at the end of the road if Bank of America doesn't select him for retention. But, I suppose that means he will have more time for our favorite pasttime....cruising ! ;) I think you will hear more about what changes are going to take place with your credit cards after the transition is official. Who knows, maybe Bank of America will improve the product? Let's hope so! Wish us luck in the meantime! :eek:

[PhoenixCruiser]

Your worried? Me too! My Husband and Daughter both work for MBNA and in 9 days 6000 people are going to start losing their jobs when Bank of America takes over! :( Many in our area have already have been displaced. Everyone has been sweating this out since June 30th when the takeover was announced. MBNA will no longer exist as of January 1, 2006. I don't have any idea how this will effect the credit card business, but it will greatly effect the lives of those who are/were employed by MBNA. My Daughter is young enough to start over at a new company, but my dear Hubby may be at the end of the road if Bank of America doesn't select him for retention. But, I suppose that means he will have more time for our favorite pasttime....cruising ! ;) I think you will hear more about what changes are going to take place with your credit cards after the transition is official. Who knows, maybe Bank of America will improve the product? Let's hope so! Wish us luck in the meantime! :eek:

 

I'm so sorry to read that Bonnie :( We're sending positive vibes your way!

 

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[lauren0309]

I've been charging alot of my card, even paying my son's college tuition (even though I will pay it as soon as I get the bill) so I can accumulate points for my cruise. I hope I will still be able to hold onto those points!

[Bonnie Voyager]

Thank you PhoenixCruiser! Positive vibes are greatly appreciated! :D We will be fine, no matter what happens. We are a couple of resiliant old farts! ;)

[AFT_LOVER]

as your husband has my prayers that Al's son doesn't wreck your lives for his wallet. MBNA was a Fortune 500 top 10 company for the respect to employees that Al gave. He owned a furniture company & gave folks credit to pay within 90 days. That is how MBNA started.

 

But many folks have emailed me since I posted about my lack of appreciation to Randy Lerner since his move selling Dad's company. They state that Bank of America is a much bigger & better company than MBNA. It was going in the right direction, but customers need a BIG company. They give plenty of perks to folks, so I am parying we all get bigger points to use.

 

Wonder if he will be at the BURGER & FRY game Sunday................

[reney313]

I imagine B of A will retain the same program until the contract is up with RCCL. At that time, terms are re-negotiated to see if any changes will be made.

 

Bonnie-sorry to hear about your husband and daughter. I work for another large credit card co. out of Wilmington, DE and was in town when the announcement was made. We were shocked to hear that B of A was buying MBNA. I thought they were going to retain some of their offices in Newark/Wilmington area, if not, you know who's always hiring ;)

[cruislovin]

I have not heard anything from B of A on the RCCL credit card program. Anyone else have any updates on this? I don't want to lose my points!

[AFT_LOVER]

they are still answering the phone as MBNA not B of A. The web site is till MBNAnetaccess.com so it is like it is a MERGER not a buyout. Just like RCCL buying Celebrity from the Greeks, the Greeks are still on the board so I call it a merger.

[PSCruiser]

According to the MBNA website, the rewards on all award cards will not change AT THIS TIME, whatever that means.

BTW, I switched to an NCL card (also MBNA) anyway. I much prefer RC over NCL, but the award is THREE TIMES the rate of the RC card - you get $500 off a cruise for spending $16,700, not $50,000 like on the RC card.

BTW#2 - I previously had an icruise VISA card, and they had a great reward program which they dumped down to 1%. When they did, they gave about 3 months to redeem points at the higher level.

[ladylawyer]

I had an America West Airlines Visa, through Security Pacific Bank. When BofA purchased SPB, my card became a BofA card, but there were no changes in the points, redemption process or accrual. Assuming that BofA takes the same tactic w/ the RCI cards, I'll bet you'll all be fine. :)

[lauren0309]

After you redeem your points for certificates, how long do you have to use them before they expire?

[sherry7]

After you redeem your points for certificates, how long do you have to use them before they expire?

 

I believe it's 6 months, but perhaps someone could confirm that.

[kenandlaura06]

Your worried? Me too! My Husband and Daughter both work for MBNA and in 9 days 6000 people are going to start losing their jobs when Bank of America takes over! :( Many in our area have already have been displaced. Everyone has been sweating this out since June 30th when the takeover was announced. MBNA will no longer exist as of January 1, 2006. I don't have any idea how this will effect the credit card business, but it will greatly effect the lives of those who are/were employed by MBNA. My Daughter is young enough to start over at a new company, but my dear Hubby may be at the end of the road if Bank of America doesn't select him for retention. But, I suppose that means he will have more time for our favorite pasttime....cruising ! ;) I think you will hear more about what changes are going to take place with your credit cards after the transition is official. Who knows, maybe Bank of America will improve the product? Let's hope so! Wish us luck in the meantime! :eek:

 

Bonnie--

 

My thoughts are with you at this stressful time--we have gone through these corporate issues in my family and it is very stressful. I hope it works out well for you.

[Bonnie Voyager]

Thank you kenandlaura06! We are still hanging in and waiting. Our Daughter left MBNA before Bank of America took over. She went with a competitor (CHASE)and got a promotion and a raise. She loves her new position and has a bright future. Bank of America has started giving "severence" packages to various groups. My Husband's group hasn't heard anything and in this situation....no news is GOOD news! ;) He is 9 years from retirement and would love to hang on with BOA till then, but only time will tell. We do have alternative plans though, if the situation should warrant a change of itinerary. I guess life is pretty much similar to cruising. You don't always end up where you thought you were headed, but usually enjoy the ride regardless where you go! :D

[kenandlaura06]

Thank you kenandlaura06! We are still hanging in and waiting. Our Daughter left MBNA before Bank of America took over. She went with a competitor (CHASE)and got a promotion and a raise. She loves her new position and has a bright future. Bank of America has started giving "severence" packages to various groups. My Husband's group hasn't heard anything and in this situation....no news is GOOD news! ;) He is 9 years from retirement and would love to hang on with BOA till then, but only time will tell. We do have alternative plans though, if the situation should warrant a change of itinerary. I guess life is pretty much similar to cruising. You don't always end up where you thought you were headed, but usually enjoy the ride regardless where you go! :D

 

My father was laid off this year with only a few years to retirement left...it is tough going out there looking for a job at his age, but, you are reight that you need to enjoy the ride. He has been able to spend his time out of work in some ways that are very good for him, such as spending time with my dying grandmother...it is always important to find the silver lining.

[AFT_LOVER]

I just saw this press release & copied to post here:

 

 

A Relatively Quiet Comment Period for B of A - MBNA

 

Many recent megamergers have attracted plenty of opposition, but fewer than a dozen groups filed objections to Bank of America Corp.'s deal for MBNA Corp. in comment letters with the Federal Reserve Board.

The 11-letter total is tiny compared to the more than 250 letters filed on Bank of America's 2003 deal to purchase FleetBoston Financial Corp., or the nearly 100 filed on JPMorgan Chase & Co.'s acquisition of Bank One Corp. last year.

The MBNA deal was open for comment for two months after it was announced June 30.

The letters came largely from community groups, who raised strong reservations about the deal and urged the Fed to hold public hearings to examine its implications.

Matthew Lee, the executive director of Inner City Press, said he was concerned the deal could put Bank of America in violation of a rule that bars any bank from raising its share of the domestic deposit market above 10% through a merger or acquisition.

He also argued that in the past the Charlotte company made a disproportionately small number of mortgages to minorities, and that B of A did not deserve approval, because it had invested in organizations such as payday lenders.

"Bank of America lends to and enables, apparently without standards, high-cost fringe financial institutions as payday lenders, pawnshops, and rent-to-own stores, for example Advance America Cash Advance," Mr. Lee wrote in a July 15 letter.

The Greenlining Institute took a different tack by urging B of A to set an example for credit card companies. Vina Ha, a program manager at the group, wrote in an Aug. 26 letter that the industry's inadequate disclosures and high fees must be curbed.

"The acquisition has the potential to be highly beneficial to the consumer if B of A takes the lead in establishing credit card 'best practices,' " Mr. Ha wrote. "On the other hand, should B of A conduct business as usual within the credit card industry, a substantial likelihood exists that it's overall reputation could be tarnished."

Local interests also raised objections to the plan.

Saundra Ross Johnson, the director of the Delaware State Housing Authority, said the deal threatened to choke off funds for first-time homebuyers that MBNA, of Wilmington, had provided through its Community Reinvestment Act program. If the acquisition reduced funding for this program, it "will create a void of mortgage dollars for low- and moderate-income Delaware residents," she wrote in her Aug 30 letter.

Rashmi Rangan, the executive director of the Delaware Community Reinvestment Action Council Inc., opposed the acquisition because of reports that 6,000 jobs would be cut as a result of the deal. The nonprofit expressed concern about the potential economic effects of the cuts.

"Concern with unemployment and where the 6,000 layoffs will occur appears to be paramount" within the state, Ms. Rangan wrote in an Aug. 19 letter. "MBNA is the largest private employer in Delaware."

Joni Halpern, the co-chairwoman of the San Diego Coalition for Fair Banking, said it opposed the deal because B of A has not met the banking needs of certain San Diego communities.

"Bank of America deliberately refuses to provide accessible checking accounts and services to low-income communities in San Diego," Ms. Halpern wrote in a letter dated Aug. 15.

Mr. Ha of Greenlining said he was surprised by the dearth of comment letters that the Fed and the Federal Reserve Bank of Richmond received. Over all, the deal has not gotten as much attention as other recent ones, he said.

"My sense is that it didn't get the same level of media coverage that the Fleet deal got," Mr. Ha said.

He also said that traditional consumer finance organizations are relatively new to the credit card industry. "Not everybody has experience working with credit card issues."

In an interview, Mr. Lee said he believed there were so few comments because MBNA has few ties to community groups and other organizations through its CRA compliance efforts.

"Because it's a credit card bank and because it has a weak CRA record, there are fewer CRA relationships affected by the proposed acquisition," he said.

[GMoney]

I think the press release is a bit old. The merger has been approved. Having worked for Fleet and Bank of America and on that merger, I'm sure there are teams of people on both sides determining how the new credit card company will be set up and function - from products to pricing to customer service.

 

In short, these things are so big, and they take a lot of time. When decisions are made, they will be communicated via mail and internet. The first thing you will see change is the branding. Pay attention when the BofA logo starts appearing on your statements and things. Then down the road systems and platforms will be merged. I would doubt there will be any changes to the RCCL card program in the short term. There are bigger fish to fry, and the bank does not want to lose any more customers or get any more phone calls than it has to right now.