Changing Credit Cards

So I'm starting to consider a chance in my credit card situation.

I've been with MBNA for years, and figure there's no point staying with them.

I've considered just switching over to a TD card. This would be much more conventient as my bank account and mortgage is there. so it would be much simpler having it in the same place.

However how would I go around doing this? I've got a very large credit limit with MBNA(one of their ploys to try and hold onto you). So I'd be worried that I'd get rejected for having too much credit.

So do I cancel the MBNA card and then go apply at TD? Or do I request MBNA chop my credit limit, and then apply at TD? Or would I just make an apointment at TD, explain my situation, apply, and then axe the MBNA card after switching.

And is there a certain way I need to do this to not affect my credit score?

Any advice is apreciated.

Talk to someone at TD. Maybe they'll approve you for a credit card with the condition that you cancel your MBNA card after you receive the TD card.

Also, you could try calling MBNA now and ask them to reduce your limit.

I think TD would be willing to work with you on it.

Yeah, that's what I assumed.

Now that I've got a mortgage with them I should be a bigger fish as far as they're concerned.

Originally Posted by Carnage

Yeah, that's what I assumed.

Now that I've got a mortgage with them I should be a bigger fish as far as they're concerned.

If you have mortgage, I don't think you would have any problem. If you are still concern, just ask for less initally. After a few months, they will have more credit history on you, (e.g. like you have actually pay in the past), then call them again, they are always willing to add credits to good customer.

Yeah I'm not too concerned about the amount I would get with TD.

Considering that I qualified for the mortage on a townhouse, I'm pretty sure they'll give me a few thousand on a credit card.

Though really I don't need that much. My MBNA card is like 1/3 my annual salary, which is just way too much.

I was just more curious about what the best way to go about this is.

Go for the TD Gold Elite credit with their Select Services Account. If you maintain $5000 in the chequing account, they will waive your $24.95 monthly fees for that account. Look at their site for all the features that come with this account. They will also wavie your $99 annual fees from your TD Gold Elite credit card, plus you will get 1% cash back every January for your total spending in that year.

Originally Posted by ngjo

Go for the TD Gold Elite credit with their Select Services Account. If you maintain $5000 in the chequing account, they will waive your $24.95 monthly fees for that account. Look at their site for all the features that come with this account. They will also wavie your $99 annual fees from your TD Gold Elite credit card, plus you will get 1% cash back every January for your total spending in that year.

Wouldn't it be worth it to invest that $5000 elsewhere instead of having a "no fee chequing account" which is avaliable elsewhere.

Originally Posted by BuddyGuy

Wouldn't it be worth it to invest that $5000 elsewhere instead of having a "no fee chequing account" which is avaliable elsewhere.

It depends on how much of the included services you use with the Select Services account. Besides the TD Gold Elite card ($99/year value), it also includes a safety deposit box, free cheques, free drafts and certified cheques, discount on TD Waterhouse account, etc.. If you don't need most of that and you're able to earn a good return on a $5000, then yes you'd be better off with a free chequing account.

The TD Select $5000 Account can be compared to the $1000 chequing accounts offered by most banks. The differential is $4000 that is tied up. You get all the services below plus free auto service thus save on CAA.

You can save a few dollars by mixing and matching accounts such at the $1000 account offered by most banks plus the Citi Platinum Enrich card that is similar to TD Gold Elite. It all depends on what you will use and the "convenience" factor of dealing with one bank.

Originally Posted by Rehan

It depends on how much of the included services you use with the Select Services account. Besides the TD Gold Elite card ($99/year value), it also includes a safety deposit box, free cheques, free drafts and certified cheques, discount on TD Waterhouse account, etc.. If you don't need most of that and you're able to earn a good return on a $5000, then yes you'd be better off with a free chequing account.

Originally Posted by basis

The TD Select $5000 Account can be compared to the $1000 chequing accounts offered by most banks.

...such as?? Which bank offers a $1000 account with the same features?

Originally Posted by Rehan

It depends on how much of the included services you use with the Select Services account. Besides the TD Gold Elite card ($99/year value), it also includes a safety deposit box, free cheques, free drafts and certified cheques, discount on TD Waterhouse account, etc.. If you don't need most of that and you're able to earn a good return on a $5000, then yes you'd be better off with a free chequing account.

Do you have a Select Service account Rehan?


If you do, do you find that the bank will go that extra mile if possible?

Originally Posted by BuddyGuy

Do you have a Select Service account Rehan?

If you do, do you find that the bank will go that extra mile if possible?

I do have the Select Service...but I haven't needed any extra mileage, so I can't really answer that. TD treats me very well for my business accounts, but they were doing that even before I had the Select Service.

My mortgage is coming up for renewal in a couple of months, so I'll see if my loyalty buys me anything...probably not.

I, personally, don't see a large reason to have your credit card at the same institution as your main banking account. Look through the credit card comparison off the RFT main page and choose the card that you like best. There are a lot of no fee cards that will give you a good return in points or cash depeneding on what you feel will benefit you best. And a lot of them (like pcfinancial for instance) will give you a large credit limit if you ask for it.

I use TD for my mortgage, line of credit and everyday banking. Luckily i have a grandfathered account that give me unlimited transactions of any sort for keeping $1000 in it. But i use pcfinancial for my mastercard since i like the 1% back in free groceries.

Originally Posted by Kevinck

I, personally, don't see a large reason to have your credit card at the same institution as your main banking account. Look through the credit card comparison off the RFT main page and choose the card that you like best. There are a lot of no fee cards that will give you a good return in points or cash depeneding on what you feel will benefit you best. And a lot of them (like pcfinancial for instance) will give you a large credit limit if you ask for it.

The main thing I would like about it would be to be able to login to easyweb and then have everything there. I'm just tired of MBNA and figure I may as well jump ship.

I won't be going to that select service account, no advantage there for me.

I don't deal with TD, but I happened to drop by a branch and talked to a personal banker. She would have done anything to transfer any and all of my accounts from another bank to TD. This includes waiving fees, reissuing lines of credit, etc.
Couldn't be bothered though. Still it's a sign that they are hungry for business.