MBNA-Bank of America Deal Hurts Consumers

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00006584-mbna-bank-of-america-deal-hurts-consumers/

By Eileen Alt Powell, AP

Bank of America Corp.’s purchase of MBNA Corp. marks the latest consolidation in the credit card industry, which may translate to higher costs, fewer choices and poorer service for consumers.

The deal, expected to be completed by the end of the year, will create one of the largest credit card operations in the nation.

The combined outstanding card balances of Bank of America and MBNA of $134.8 billion as of March 31 would surpass the receivables of the top issuers, according to Robert McKinley, chief executive of CardWeb.com in Frederick, Md. The current No. 1, JPMorgan Chase & Co., had $133.4 billion in card balances as of March 31, followed by Citigroup Inc. with $115.8 billion.

For this complete story, please visit MBNA-Bank of America Deal Hurts Consumers.

MBNA-Bank of America Deal Hurts Consumers

Unknown Author

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