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MBNA - Sales Practices

MBNA America • Interest rate increases • Payoff agreements • Sales Practices • Credit protection plan • Credit line • Luring students • Pay-by-phone --- News • Bank of America Completes MBNA Buyout • Small Wonder MBNA Found Itself the Prey • Bank of America Buys MBNA • MBNA Profits Plunge • MBNA Turns Up the Heat • Supreme Court OKs MBNA's Charging Interest on Fees

Kathleen of St. Charles IL (4/23/04):
I have an MBNA credit card because it is connected with LL Bean Clothing company. Its interest rate is high, but I can pay it off monthly and I get free shipping plus LL Bean $$. When they sent me information about a line of credit for 6.99%, I called to find out more about it. They take all your information, check your credit report and then, of course, come back to tell you yours will 9.99% or something like that. I already have a very good credit card for that amount and a Dell computers account for 6.99%, so I told them forget it, I didn't want it. They tried to change my mind and I explained why I didn't want it and then hung up.

Two weeks later I get a packet in the mail with checks telling me I now have a $10,000 (twice what I said I needed before I said no deal) line of credit with them. I called and told them to cancel it and what state agency could I complain to. After being on the phone 20 minutes and never getting an answer to that, I hung up. I got a fax stating that the account was canceled but that it would take 30 to 60 days for my credit bureau information to be changed and that I would probably get more blank checks in the mail for 30 to 60 days.

I have also noticed with my MBNA credit card that if I send my payment very early (two weeks), it still takes until right before the due date for the check to go through--thereby adding extra interest. Is there a regulatory agency I can complain to that could take action against MBNA?

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