MBNA Corporation was a bank holding company that was established in 1982 as Maryland Bank and was located in a supermarket in Ogletown, Delaware. The name "MNBA" is an acronym for Maryland Bank National Association.
The company was headquartered in Wilmington, Delaware. MBNA Corporation was the largest independent credit card issuer in the whole world. It associated with Visa, Mastercard and American Express. In 2006 the company was acquired by Bank of America and now goes by the same name.
All the MBNA products of financial nature were re-branded. The corporation had the locations in Europe and Canada where MBNA name is still used. |
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Consumer Rating: 8 Review Points
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Credit Cards
A credit card is a system of payment. It is named after the small plastic card. The card is issued to users of the system. The issuer lends money to the user to be paid later to the merchant. It is different from a charge card, since it does not require the balance to be paid off in full each month. It allows the consumer to 'revolve' his/her balance with the interest being charged.
Almost all credit cards are issued by local banks or Credit Unions. They are of the same shape and size as indicated by the Standard. Credit cards are issued after an account has been approved by the credit provider. The validity of the card is verified using a credit card payment terminal or Point of Sale (POS) system.
Sometimes poor security level of the credit cards and/or credit card systems can provide different possibilities for fraud. There's even such a things exist as a black market for stolen credit card numbers, which are usually used quickly before the cards are reported stolen. But amazingly enough the main reason for all these frauds and security leaks are the card holders themselves, so be aware!
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