• Canadian Capital One credit cards

    Use your MBNA MasterCard
    for RRSP contributions?

    At the best of times, I wouldn't encourage people to borrow from high interest credit cards to add to their RRSPs!

    Check out our MBNA Credit Cards

    I got this letter in the mail from MBNA Canada Credit Card yesterday. I understand that they like to aggressively sell their credit, but this is a bit much in my opinion.

    This is a blog Canadian Dollars Blog that disagrees with me and has used two credit cards to finance his RRSP's.. This was over a year ago..I'm curious to know if he's paid these credit cards off after their low interest rate periods were over!!

    I spoke to a customer service rep at MBNA about them hard selling their credit through these direct marketing pieces. The customer service rep said that yes, this was a way that they market their credit" Understandably, MBNA Canada has to compete for share of your wallet activity.

    In this economic climate, is it really a good idea to borrow from Your MBNA Canada credit card at 18.99% to purchase RRSPs? I don't think so.. but it gives MBNA another reason to send a direct mail piece out.

    According to MBNA Canada's website:

    Here's how the letter reads:

    mbna canada logo

    RRSP Deadline is February 29 ( 2008 )

    Contribute to an RRSP
    Your credit line is
    $XX,XXX

    RE: Your account number ending in XXXX

    Dear Monty Loree,

    Cash in on your account's competitive interest rate. Use your account to make contributions to your RRSPs before the Feb 29 deadline.

    With your credit line of $XX,XXX, the enclosed access cheques and your MBNA MasterCard credit card, you're ready to do what you want, when you want.

    Use the enclosed Access Cheques to set your plans in motion.

    • Maximize your RRSP contributions before February 29, 2008
    • Buy new furniture or an entertainment center
    • Surprise your family with an exciting vacation

    Write a cheque today to pay off any outstanding balances or to deposit into your bank account for extra cash. You can also request a Balance Transfer by phone at 1.866.226.7934

    Sincerely,

    Brent Bishop
    Senior Vice-President of Marketing

    P.S. Deposit one of these Access Cheques into your bank account and have extra cash to contribute to an RRSP.



 
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1 Comments
On Mar 3, 2009, Annette Lavigne Said:
I am upset here...I did use the MBNA Master Card to pay off a small debt. I set up a pre-payment program and did not use the card.
Back in July I was charged 118.00 for Travel Insurance, I was not travelling and did not agree ever to recieve this package.
They agreed with me that the package was never sent out and because I did not discover this charge for 2 months(because I had no reason to even look at my statement as I was not using the card) they said..sorry it is your travel insurance now...I am upset that I had to eat this and so BEWARE...I have called twice now and they really do not care. This just will not leave my head!
Annette Lavigne
705-795-8862
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