I realized a year ago that interest rates went up. I have paid thousands of interest at 19.99--BMO gives me 12.9, Visa offers me 8.9 but MBNA doesn't care. Their customer service is horrible. When I called to try to work things out with them, I was told that the interest is not the problem, it's my spending. Last period, my payments were a thousand over charges. I don't need condescending remarks. I can't wait to cut my card into 100 pieces then call Visa for a great rate. I will pay my minimum payments but I will take this matter as far as I can. I called a few months ago to complain and I was told that you would match the 12.9, which did not happen--notes, all of a sudden, disappeared. Now, my goal is simple: to make Canada know how out of line MBNA is.
Consumer Complaints & Reviews
I joined MBNA by applying and receiving an Amazon credit card. They have just increased their rates in the UK from around 17% to around 27%. In the UK, the Bank of England is lending to banks at 0.5%! I have told Amazon that this is very damaging for their brand and they should find another partner!
MBNA telesalesmen solicited me several times over the summer of 2000 offering $10,000- $20,000 at a 4.60% fixed rate to be wired into my checking account. The money was sent but I signed nothing. Then, when I got the balance up to $45,000, the interest rate was suddenly increased to 12.99% without notice, even though I'd paid my account on time every month.
I've now paid $9000 in principal (supposed "balance owed" is $36,000) as well as $44,875 in finance charges. When I first saw that the rate had increased, I called to complain and began paying $1000 per month to reduce the balance. When I couldn't afford to do that any longer, I paid $500. Finally, a BOA employee (BOA's FIA Services took over the loan in 2006) reduced the interest rate at my request to 10.99% and said I could do a minimum payment of $350.
Trouble is, when the hardship program came out, the fact that they would need to double my minimum payment for me to take advantage of the h.p. was used as an excuse not to lower my rate, even though I was already on a hardship program for my regular Bank of America card. The fact that I've paid the BOA card down from $12,500 to $8800 in about a year shows that if cards are closed and banks reduce their greedy rates drastically, many people can pay off the balances.
After all, BOA has already made tens of thousands in profits from me because I've been a mortgage holder and Key Advantage checking customer, as well as the holder of 2 large balance cards, for over 10 years. Although I have 40 years of clean credit (no lates,) now FIA has decided that I'm not paying them back fast enough. My minimum payment has recently doubled to $670, which they want me to pay for 5 years so that I can pay back the $36,000 (that I've already paid in their interest), plus a sweet 4.25% for them for 5 years. Some of us work hard for an honest living. I guess smoke and mirrors, untruth in lending, trickery, and entrapment is perfectly legal for those that know how to get away with it.
Let me be bold... (I am usually humble) I have NO debt of any kind. NONE! I'm RICH. I travel/vacation out of country more than half of every year. I own 6 rental houses. I live in a 3,000 square foot home next to a golf course that I paid for in CASH on the same day that I bought it. I have approximately half a million dollars invested, even after the US stock market collapse. I have $100,000 set aside for emergencies.
I have a 842 FICO score. I HAD a $49,900 credit line with MBNA. I always paid on time.
IN MAY OF 2009 MBNA CUT MY CREDIT LINE IN HALF WITHOUT TELLING ME while I was traveling out of country for 4 months. FOR NO REASON. (They admit this openly.)
I called, and the lady convinced me to apply for a credit increase whereupon it was REDUCED AGAIN TO 12,000 since I quote, "wasn't working"??? After telling me I applying for an instant "INCREASE"?!!??!!! She did this while I Was on the phone to complain about the 25k limit reduction!
I'm rich. I'm travel. It's illegal for me to work in Canada while I'm SKIING AT A RESORT for 4 months. SUCKS to be me I guess... LOL However, this was my ONLY card I used BECAUSE it had a $49,900 credit limit. I had even canceled others. They cut me off at the kneecaps and I have a PERFECT credit record.
After many years as a loyal customer, my husband's job has been hit by the recession. I never missed a payment with MBNA. The credit card has gone from no balance to full balance several times. I wrote to complain about the interest hike of 14% to 29%, explaining our circumstances. A letter came back explaining that basically they had raised the interest because I had less income! Next thing - I have a letter to increase the interest again! Do not touch this company with a barge pole! I cannot afford the repayments with extortionate interest.
When I was near the maximum credit limit on my MBNA card, the next statement arrived announcing that I had "qualified for a payment holiday" and that "no payment was required, however normal interest charges will apply". I (foolishly) missed the payment as suggested, and then on the next statement was told that I was over my credit limit (due to the interest charges) and that a $30 late payment fee had been added to my account!
I have received the "payment holiday" invitation several times since, but ONLY when the interest charges would put my account back over the limit again. MBNA knows EXACTLY what they are doing, and I wouldn't be surprised if their automatic billing system is set up to make such an offer to people who are near their credit limit. How many "$30 overlimit charges" have they accrued with this tactic?
This is predatory in the extreme, and despicable business practice on the part of MBNA. Yes, I know I had a choice, but the offer should NOT have been on the table in the first place.
I have had a MBNA credit card for several years. I have made my payments on time and at times ahead of time and have paid more than the minimum balance. I had a fixed interest rate of 5.9%, at least that's what they told me; however, I recently received a letter that stated my "fixed" rate was going to increase to over 10%. Is there anything I can do to fight this? I plan on paying off my balance prior to 05/01/09 which is the date the rate is suppose to increase.
I have never been notified when MBNA makes changes to my account, percentage rates, or any other notifications. The only notification I have recieved was collection notifications. Even while I was overseas I was getting the harrasing phone calls that made my phone bill skyrocket.
I went into debt severly because of the jump in the monthy bill from MBNA, then while trying to pay the minunum for them, I was falling behind on all the other bills I had, now my credit score is so bad, I worry I will not be able to get a rental home when I move with my job. also, I don't see how it is posible to regain the credit score I had prior to having the MBNA card.
MBNA NEA card - LOOK OUT TEACHERS! I also received the letter! I have been a perfect customer since 2004. I have never had a late payment and just last week I paid my balance off by half! I received the letter that they were raising my rate from 9.99% to 14.99%.
Of course I could opt out, but in doing so I am no longer allowed to use my card! Well not a problem because I am canceling my card! By the was teachers - this is a preferred platinum NEA educator card - some special benefits!
I have been a MBNA credit card member for 9yrs and have had no complaints until recently. I have never been late on my MBNA credit card payment and generally pay more than the amount due. My credit is good as I am meticulous when it comes to paying bills on time. Recently they raised my 14.99% rate up to 24.99% without any notice whatsoever. The cusomer service representatives are unwilling to work with you or bend at all. It was truely a very negative experience.
My MBNA payment shot up more than $50.
For years I have had an MBNA loan which I have tried to pay off but they keep adding more interest so I was paying over 100 per month to get the loan clear On my last statement MBNA have decided to reduce my direct debit to minimum payment and added more payment and added more interest without my authority They say its due to the credit crunch and they have done this with all their customers. I have told them to revert it back to 100 per month but they have refused. Its been over a year that I have been trying to cler 1000. I asked to speak to a manager and this was refused Garth would not even give me the name of the manager.
Extra interest has been added to the account and payments reduced without my consent.
APR was raised to almost 30%. This was due to my payment of the minimum each month. Paying almost $400 a month for a credit card is absurd! And, $100+ of that goes to the interest!
I have had an account with MBNA for 5 years, My percentage rate was 14.9% which is why I got the card. I have an 20000.00 credit limit currently I have 7000.00 on the card. I just realized that my interest rate is now 29%. There were no warnings, no late payments. I am at a loss. The funny thing was I had the same problem with CitiBank Card. When they refused to help I transferred my balance to MBNA who I called to make sure I would still be at 14.9%. How can this be legal, especially in this economic environment!!
The damage now is that I usually pay 50.00 over minimum, but now that cost has gone way up since the monthly interest accrued is so much higher.
I have called the MBNA refering to my account and asked that they please lower the APR so I can at least pay then off.I told them I have been client since 1989 and that if i have been late it would have been years ago. They will not even try to help me in lowering it. They connect me with a credit counselor for all My credit. is the one that is a thorn in my side.Discover is at 14% for me. Mbna Is 29% and rising!!! I can not pay it. I closed that account years ago and they want me to open it back up. They said after that the will try and see if they can lower it. I have paid for my purchase on thet card 10 times. It should be illegal to let this happen.
I am goint to to the decent thing and write and tell them I will no longer pay them. I have made the purchases in 1993 and it is paid for as far as I am concerned. I know My credit will be ruined due to this. I have no choice. It is either that or not have gas or food. This is insane.
My interest rate was increased when I have never missed a payment. Besides this I have noticed that MBNA has been charging a $20 uncollected funds charge even if they have received payment. This has happened on more than one occasion.
I have had a 7.99% interest with this card for some time then out of nowhere it goes up to 21.99%. I called in to ask what was going on and first I got shuffled from one person to the next--the last guy said that I had great credit ratings but they could not help me because even thou I always paid the minimum plus a good 50+ more, and was never late, I was a poor risk.
He said I got a notice of this jump back in December--this I did not get, and he suggested that I put everything over to another card and then they would welcome me back in about 6 months. I will be very happy to put in the mail tomorrow my FINAL payment to them along with the confetti pieces of my card.
I paid off another credit card using the Gold Option with MBNA. I completed this over the phone. I had a question about the APR. The question I asked was "Is the APR fixed?" I was told that it was, unless I am delinquent. After the first or second month it had already increased from the advertised 5.99% to 14.99%. I called and complained and of course got nowhere.
This is ridiculous. I am very sure if the original phone conversation was recorded, which it may have been, and played back they would find someone on the other end telling me what I wanted to hear!
I have been a member with MBNA (Now Bank of America) since 1999. I had always had a 10% interest rate on my credit card as well as promotional rates for balance transfers. In September 2006, after NEVER paying a single creditor late, MBNA jacked my rate from 10% to 22% with NO WARNING. When I called the 800 number to inquire about the hike, the rep, instead of answering my question, proceeded to lecture me on credit responsibility.
I asked for a supervisor and he said he was the senior analyst on the floor. I politely ended the conversation and tried again. Another man (completely different) proceeded to tell me that they elected to raise my interest "because they can".
Was lured into MBNA with agreat intial rate of 13.9% and 0% on transfers. My credit line was raised and raised and raised to end up at $16,500. Now with a balance of $15,000 (I only have myself to blame) they arbitrarily raised the rate to 24.99% and when questioned the response was Because we can. No warning on any bill this was happening - but they said a notice was sent ?
Minimum payments from $250 to close to $500 per month.
My rate was 6.9% on my MBNA (now Bank of America) card. They sent me a letter saying they would increase my rate unless they received a letter from me, so I sent a letter that said I didn't wan't them to increase my rate (duh!). Then they increased my rate to 21.99% anyway. When I called they said it was because of adverse information on my credit report. I ordered my free annual credit reports. The only adverse account is an upaid $60 hospital charge (I am in a dispute about this charge). There isn't a single other late payment on my report.
How could $60 justify this huge interest rate jump? Why was I told that writing a letter would prevent the increase? I'm sure they were hoping I would miss their notice and not write the letter, so the universal default was their back-up plan.
In Sept 2005 I had an existing installment loan in the amount of $15,000 at 6.99%. Sept. 2006 the interest rate increased to 8.74%, which was tolerable. But opening my statement for November I noticed the interest rate was now 14.98%, I couldn't believe it.
I called the 1-800# to inquire about this change which had pretty much doubled. I was told that there was a notice in my September statement that my interest would increase if I didn't notify them in writing within 30 days. If I had written them, it would have remained the same. According to the supervisor it is called a "just say no policy". Obviously if I was aware of this I would have just said NO!
I have never missed a single credit card payment. I called MBNA today and they said my interest rate is 28.49%. My response was: EXCUSE ME?!? They decided to raise my interest rate equivalent to the one of a typical loan shark despite the fact that my credit scores are in the 700's, and the fact that I have never missed a single payment EVER. When these balances are paid off, I will close all of my MBNA/Bank of America accounts. This is nothing more than consumer gouging which should be illegal.
I have a visa with MBNA/BofA. They have increased my APR to 27%, because they said my credit score has lowered!
My credit score has fluctuated throughout the years and this has never happened before. I called the company and they confirmed that I haven't missed any payments since I've had the account. I've been a loyal customer and it feels like these companies are trying to force me into bankruptcy.
I just googled my interest rate (29.24%) and imagine my surprise when the first site listed was a webpage complaining about MBNA. What started as a low interest card is all of a sudden 29.24%.
This was a special offered card with low interest rates and I just found out they jacked it up without notification. Now only about $30.00 of a $175-$190 payment goes to principle.
I thought that rates this high were illegal. Talk about gouging. The only way I can pay this is to work 70-80hrs a week. Bankruptcy looks good and would serve them right, but I have my integrity.
I have had this credit card since 2004 with never a late payment. I did not receive a statement in June 06, causing me to miss one payment. My July 06 statment had a $39 late fee so I contacted MBNA customer service, explained the situation and they removed the charge.
I then made an electronic payment through my bank and for whatever reason that payment was not credited to my account until 8/16, one day after my due date of 8/15. Another late fee was placed on my account and my interest rate was increased from 5.9% to 24.99%. I contacted MBNA customer service to cancel the account. The csr transferred me to a rate specialist who said she would change the rate back to 5.9% but that I would still have to pay the late fee and finance charges of $22.20 (on a balance of less than $900). I told her that was unacceptable and that I would be closing the account.
I asked her about the cash value of the 12,187 World Points I had accrued. She told me that I lost those when I closed the account but that they would have been worth about $80. I responded that I hadn't finished my account inquiry so it should not be closed yet and I wanted to redeem the points for cash. Basically she told me that she closed the account as we spoke and that I lost the points due to that action.
I asked her to re-open the account, redeem the points and then close it. She refused saying the company would lose too much money doing that. At that point I asked to speak with a supervisor, she refused to transfer me saying supervisors were not available.
MBNA just raised my fixed 10.99 interest to a whooping 24.74 variable. When I contacted MBNA I was given to a credit supervisor who said my credit debt was too high and I was considered a credit risk. I have never been late on any payments on any of my acounts and always make over the minimum payment. I also received the story that they notified me of the proposed increase which I never received. I always pay the bill online - you would think that they would also post the notices with your online statement since they encourage you to make your payments online.
If consumers are such a bad credit risk in MBNA's eyes why do they continually raise your credit limit - offer you a lower fixed rate to transfer balances from other cards (which I was told was a rate that would never change) and then pull this rate change when your balance is higher because you believed their stories. They dangle the bait until they have you trapped and then they just slit your throat. I have been a customer of MBNA for over 5 years and have an excellent payment record with them (and my other creditors)however that's just not good enough in their corporate (rape the consumer) eyes. MBNA IS A CONSUMERS WORST NIGHTMARE.
I have been a customer of MBNA for the last 10 years. I always paid more than the minimum amount required. I had some balance left on my credit card and without any notice they increased my interest rate to 24.99%.
I think this company has become worst than the loan sharks. I will pay off the balances but will be very very careful when doing business next time or doing any business with them at all.
Back in May of 2006, I leaned heavily on my MBNA credit card to help get me through a tight financial spot. I used it to pay my mortgage, car payment, and some utilities. Before long I got a call from them saying they were going to have to knock back my credit limit. Unfortunately for me, they chose an amount that was below the amount that had already been charged to the card.
It didn't occur to me at the time, as I'm not a big credit card user, that there would be an overlimit fee charged to my account for each billing cycle that the amount remained above the credit limit. These banks are extortionists!!!! I will soon pay off the balance on the MBNA card, and plan never again to use their product, or any other credit card issued by loan-shark organizations. My blood boils each time I recall this incident.
I have had MBNA credit card for several years at 8.99% rate. They raised my rate to 18.99% and claim that they mailed me info. with opportuity to opt out. I do not remember receiving notice. What's really upsetting is that they applied increase to existing balnce, not just new charges. I phoned and they refused to do anything.
My current balance is $12,590. A rate jump from 8.99 to 18.99% is significant on that balance.
Twelve months ago I entired into ZERO % interest rate contract with MBNA.The 13th. month the rates want to 7.90.( no problem).The 14th month rates want to 16.49%.MBNA responed to my omplaint letter.Even though I was not late nor did I miss a payment because the balance was not being paid down quick enough they felt I was a higher credit risk.Month 15TH. After I made a payment in the 14 month using my prior interest rate of 7.90%.MBNA RAISED MY RATE AGAIN TO 16.74% WITH $39.00 LATE CHARGE.So at one time I was paying a monthly payment of $483.00 now $958.90..
I use "bill pay" through my bank and have my account set up to pay my MBNA credit card on the due date. I opened my statement and saw an increase from a fixed 10.00% to a 20.49% rate.
I called to get my rate switched back and find out why it had increased. I was transfered to a supervisor who told me that I was considered a high risk consumer because I had to much credit.
I had never been late and always paid more than the minimum due on my credit card account with MBNA. I think this type of activity is criminal.
I have been an MBNA customer for many years. I opened my recent statement and found my account had changed from 9.5% to 20.95% and my payment doubled. When I inquired I was told that I was considered a risk because of my revolving dept load.
Now I have to make a payment double what I was paying, but not for long. I got an account with a credit union at a lower rate and I have closed this account. I'll pay my balance off and I will never have another account associated with MBNA.
First they raised my interest rate without notification and when I called stated it was due to my credit report. Then they would only let me sign up to pay directly out of my checking account for one year and you had to remember a year later to sign up again. I had automatic payment and they did not send me a notice that I needed to sign up again the year had ran out. Charged me a late fee and when I called them instead of waving it and seeing I paid all the time they stuck to it. Which shows on my credit report I am a late payer. Upset over this.
I have a Master Card credit card thru SunTrust, this account has been active since 1988. On 30 March 2006 I received my monthly credit card statement and noticed that the interest rate had almost doubled, from a 12.97% APR to the present 25.49% APR. This was not the first rate increases, the first time was when they defaulted on a 6 month introductory rate by one month, at the time I made the payment regardless of the error, thinking that it would be more trouble to resolve, than to just pay it, the later APR increases seemed to be due to honest market fluctuations, until now.
Thinking that this was an egregious mistake, I contacted Bankcard Services at the toll free number 1-800-223-7046, I first talked to a account representative (Jeannette), and I informed her of the problem, she pulled up my account information on her monitor and promptly informed me without further queries that she would transfer me to the Account VP. Gloria, an account VP answered the phone and asked for my account information, and asked if she could be of any assistance. I informed her that my credit card APR had doubled and wondered why this would happen since no payments had been late or missed since 1988.
She asked me if I had made a late payment or missed any payments to any other companies, I quickly responded by saying NO. She then proceeded to ask me what my annual income was, and how much I was paying in rent or house payment. I informed her of my financial condition at the present. She said that my total debt to income ratio was too high, and said that I did not make enough money, and that the bank would incur a bigger risk that I could not make the payments.
Therefore they would raise my payments from the previous month $246.00 at an APR of 12.97% equaling to a $124.02 monthly finance charge to this month’s statement of $389.00 at a 25.49% APR bringing up the finance charge up to $268.23. It’s obvious to me that this is a well crafted profit scheme; since the finance charges increased by $120.40 per month by only raised the principal payment by $1.21.
My reward for making all my payments on time and in full has come to this; I think this is an extremely unjust business practice and should be made illegal. Now that the corporations have literally put the screws to me, all I have to do now is wait a very short while for my myopic government to slam the hammer on the head by increasing the principal payments. Thank you Congress! My payments will probably increase to $700 to $800 a month on this credit card alone. Talk about adding insult to injury! Let’s not forget that this honest, well intending conglomerate was a major leader in the Bankruptcy Reform laws and a major contributor to the Bush campaign. Money does talk! And citizens walk.
I was the co-signer of MBNA credit card and I maxxed it out at $18,600. The interest was low, something like 8%. I was making the minimum monthly payments and MBNA decided to pull a credit report on the card owner and found one little Blemish on his Credit Report for a Time Share he had quit paying on and was in dispute over at the time. So they jacked the interest up to like 26.99% so that made the payments go from $240 to over $600 per month so I did not have the budget to pay those kind of payments.
I called once and MBNA lowered the interest but for only 3 months and then jacked it back up. I called them once again to have it lowered and they would not work with me. I just could not pay for it so I just let the bill go into default. Now they are trying to sue the card owner (my roommate)which did none of the charging, I did. So my roommate is very upset with me for such a mess that I feel MBNA got me into because they made it impossible for me to pay monthly payments.
MBNA sent me a notice of being sued and a judgement sounds like what they are looking at. Not sure what that will do to my roommate which is the card owner and I am the co-signer.
I received my monthly credit card statement and noticed the increase in my monthly minimum due. My payment went from $440 to $721 a month! I looked at the percentage rate and noticed that it went from 11.99% to 24.49%.
I have always made my payments on time. I did go over my limit by $40, but I made an internet payment right away to get my balance under the limit. The supervisor told me a notice was sent in December of 2005 stating our rate was going to go up. I never received that notice.
She told me that they base the interest increase on credit reports. I told her that couldn't be possible because we had just gotten two other credit card companies to lower our interest rates, and they would not have done so if we didn't pay our bills on time.
I'll never be able to pay off my balance at this rate.
Two months ago my credit limit was reduced from $12,600 to $10,200. MBNA told me that I had too much credit and had 2 collections posted to my account.
I checked at my ratio of debt (41%) and my credit ratings (640 and 717). The two collections were actually one collection (which I corrected with Equifax) that was paid and disputed.
A month after my limit was reduced, MBNA increased my APR from 13.3% to 20.99%. They said they sent a memo in my December paper statement informing me of the increase and allowing me to opt out if I responded by Jan 31, but I do all my banking online and didn't see any notice in my paper statement.
I believe the credit reduction and subsequent increase is a planned strategy.
I was issued an MBNA America credit card in 2004 at a rate of 5.9% I was never late on any payment, as with all my creditors. Since then my income has increased, I have payed off a $300 per month auto loan, my FICO score is currently over 730 and have had another card increase my credit limit to $13,500 up from $7,500. My balance on the MBNA card is only $3500.
With all of this, MBNA has increased my rate 3 times and is currently charging me 28.49%!
I have excellent credit and can't understand how MBNA gets away with this.
I just received my new statement yesterday, and noticed the minimum amount due had gone up considerably. My eyeballs nearly popped out of my head when I saw that the interest rate had been jacked to 25.49%. My payment had been received in plenty of time, so I called to find out what the heck was going on. The woman told me that they thought I was using too much credit.
I have had this card for 10 years, and never been late on a payment or over my limit. Needless to say, I will soon be paying this card off and closing the account.
My apr of 9.9%, which I have had a very long time, jumped to 20.49% on my April bill. MBNA said they sent an insert in my December bill about the increase, but if they did, I would have called them immediately to find out why.
I was told that the rate increase was partly due to a lateness on a credit report that stated my mortgage was 30 days late in June 2003. I have a copy of two of the three credit bureau agency's report and my mortgage (which is now closed as of May 2003) was late in September of 2001. Our credit scores are good.
I was also told it was because I wasn't charging recently and that my balance was high. Intelligence would tell anybody that if your balance is high, you don't charge and you start paying down your debt. I was offered a 17.99% apr when I spoke with customer service and was told that a 9.99% rate was no longer available and I would have to wait 10 months in order to ask for a reduction in my apr.
I have been a cardholder with them since 1986 and all of a sudden I receive an 11.50% increase. I feel this is an attempt to make a great profit at my expense.
I had a 2.9% loan. It was on e-bill initiated payment with Bank of America. It escalated to 19.9% because I "only made minimum payments" and that I was "late" by one day in April 2005.
I increased the amount I paid and 6 months later asked to have it lowered. I was told that it would take a year. When I asked to know the reason I was told, in a condescending tone, that "this will not be a confrontational call, I am terminating it". The arrogance and rudeness leaves me breathless.
MBNA raised my rate without my knowledge and was extremely unhelpful and rude!!!!
I am being charge 29.24% interest on my credit card. I have a high balance. I also have a credit score that recently went down to 658 because of an $11 payment I made late on my property tax. I read the tax bill wrong, transposed the numbers but when I caught what happend, I sent them the $11 and they are fine. MBNA isn't.
They raised my already incredible high interest rate of 24.99% to 29.24%. I am paying only interest on this card because the interest rate is so high. I have no hope of ever paying it off or catching up. I feel like I am drowning in MBNA.
With no advanced warning (although they say otherwise) my APR jumped from 9.99% to 20.49%. I went from being able to send more than the minimum payment to only being able to send the minimum payment. I have had a credit card account with them for almost seven years with no late or missed payments and then one day opened my statement to find my minimum payment increased by $75.
I consolidated my credit cards to one payment. Because of a $65 late payment to a hospital, MBNA shot my interest rate up to 17.8%.
I make payments each month to MBNA of about $750. It will take me about a year longer to pay off the balance at this rate.
This is like dealing with loan sharks.
My interest rate was increased from 5.9 to 12.4% without explanation. This will change my monthly payment from $300 to $400 which will make it much harder to pay off the account.
They increased my interest rate from 8.90% to 16.90% in Feb. without notice or reason. When I called them they stated that I was more of a risk, but the funny thing is they increased my credit line (that remains unused) in Sept. 2005.
They claimed I never responded to a letter they sent me in Dec. That was because I never received it. I was not late on payments, and even paid higher then minimum payment.
I threatened to pull my Wachovia accounts, but they don't care because only the name Wachovia is on the card, although it is MBNA.
I bought a house in July 2003 and needed some money for the closing costs. Well sitting in my file cabinet were some courtesy checks that MBNA had sent me. 4.9% interest until August 2005 it said. I used the check and got $3000.00. Well I moved into my house and in September I received my statement from MBNA stating that my interest rate was 12.99%.
Rather upset I called the customer service number to be met by a very rude lady who said that she couldn't help me with my problem. She informed me that the rate on the checks were only good until August 2004. Thinking that I had read it wrong I gave in and apologized for bothering her, but asked her if there was anyway my interest rate could be lowered. She transferred me to some idiot that I could hardly understand. He mumbled, "Sorry, can't do anything for you. Have a nice night" and he hung up.
Well, I just let it go thinking that I will just live with my supposed error. In February of 2004 I received my monthly statement. As I always did I looked at the balance and my interest charged. As I began to swear loudly and lose all sense of where I was at I noticed that my interest rate had jumped from 12.99% to 24.98%. I called the credit card company and was met by another very rude lady. I asked her why my interest had jumped to such a high amount. She told me that it was because I only paid the minimum balance.
I asked her if she could close my account. She told me that I didn't want to do that. I told her that I indeed wanted to close my account and that they would receive all of their money the next month. I asked her how much my total payoff amount would be. It was in the area of $2,994.00. And then to my surprise I was told that I had another MBNA credit card with 7.9 percent interest that I could transfer this balance to if I wanted to. I didn't even know I had another MBNA credit card and I about went through the roof. I asked her to close both accounts. At that point she hung up on me.
I called back and spoke to another lady who surprisingly was very cordial. She informed me that both my accounts had been closed. I requested to talk to her supervisor and she let me talk to another surprisingly cordial person about why his previous employee hung up on me. He told me he would take care of the situation, which I doubt he did. In the meantime I sent MBNA the "Payoff Balance" on the card and wished them good riddance. Then in March I got another statement from MBNA saying that I owed them yet another $37.35 in interest charges on a balance of $1,975.00. I said....HUH.
I called again and was met again by another very rude lady. She explained to me that since I just paid the minimum balance in January and paid the whole balance off in February I owed interest from January ... which totally blew my mind. I told her that I was told the amount I paid was the pay-off balance and if I had sent almost $3000.00 to them what would another $37.35 hurt me. I would have definitely paid it but that isn't what I was told to pay. Well we argued for about 20 minutes before she very hatefully told me that she was tired of arguing with me and she would just waive the interest charge. I told that was good because I wasn't going to pay it anyway.
I cannot believe individuals continue to praise MBNA for their excellent customer service! Do you call luring eighteen year-old college students with the promise of a high credit line excellent customer service?
Although this happened to me years ago, I still cannot get over how despicable this company is for approaching young and impressionable individuals and luring them into the world of 22% interest rates. Although individuals are considered adults at the age of 18, do not think for a minute that MBNA does not recognize the fact that if they offer a student who has been eating ramen noodles for two months straight a credit line of $5000 (who gives a person with no credit history a $5000 credit line to start?!) they will accept it not realizing the potential danger they face with such asinine APRs.
