Hello again friends, I’m writing this week to share some new information that has been brought to my attention. I was not aware that at anytime my credit card information can be sold to a new company without my knowledge. It is now old news but I recently found out that MBNA Canada has sold the Shopper Optimum MasterCard to RBC. Most of us would say well big deal. But think of it this way, without the proper notification of the account change you will start receiving RBC statements when you are unaware of owing RBC any money. That may cause some panic, at least an increase in customer phone calls wondering what is going on.
As well, I noticed that the account numbers have changed. Meaning I would have to be issued a new card with a new account number. For most people that again is not a big deal, but I pay all my bills online through a couple of different accounts, and I have my accounts on file at some Shoppers Drug Marts for my prescriptions. Without knowing this you would still be making payments to an account that does not exist anymore. Talk about an administration nightmare!
The most important concern for me is minimum payment guidelines. They will change. Each bank has their own percentage of minimum payment that you are required to pay. The time frame to pay off the debt using minimum payments will change based on the new banks internal policies. In this case it went from 32 yrs and 8 months to 124 yrs, which keeps the debt much longer.
Basically we all should pay very close attention to what is going on with our creditors so that we don’t get blindsided if they aren’t very clear with what they are doing.