|
Vivian of Longview TX (07/24/08)
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.
Bryan of Covington WA (09/24/07)
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.
Daryl Fogarty of Deland FL (03/16/07)
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.
Paul of Lancaster SC (03/09/07)
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!
Rachel Stanley of Brentwood CA (02/19/07)
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".
Sean of Glenshaw PA (12/06/06)
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.
Kristin of New York, NY (11/25/06)
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.
Ann of Shelby Twp, MI (11/10/06)
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!
Robert of Huntington Beach CA (11/07/06)
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.
Jacque of Elk Grove CA (10/19/06)
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.
Phillip of Hammond, IN (10/14/06)
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.
Diana of Reynoldsburg, OH (09/11/06)
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.
Laurie of Akron OH (09/05/06)
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.
Sri of Sachse, TX (08/15/06)
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.
Lisa of Seven Valleys PA (08/08/06)
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.
Gerald of Grants Pass OR (08/03/06)
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.
Michael of Sea Isle City NJ (06/13/06)
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..
Denise of Madison WI (05/24/06)
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.
Emory of Austell GA (04/21/06)
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.
Linda of Ashtabula OH (04/06/06)
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.
John of Newport News VA (03/31/06)
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.
Kenneth of Willow Park TX (03/30/06)
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.
Desiree of El Centro, CA (03/29/06)
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.
Eric of Atlanta, GA (03/29/06)
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.
Marcos of Everett, WA (03/21/06)
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.
Jim of St. Augustine, FL (03/21/06)
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.
Deborah Mc Clure of Cherry Hill NJ (03/19/06)
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.
Barbara of Concho, AZ (03/16/06)
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.
Christina of Athens ,GA (03/16/06)
MBNA raised my rate without my knowledge and was extremely unhelpful and rude!!!!
Pamela of Greensboro, AL (03/15/06)
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.
Shameka of Philadelphia, PA (03/13/06)
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.
Ronny of Belton, UT (03/13/06)
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.
Carolyn of Garner, NC (03/10/06)
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.
Lazaro of Belle Glade, FL (03/08/06)
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.
Jennifer of Cape Coral FL (4/22/04):
My interest rate was increased because I am "a bad credit risk". I have never had a late payment with them. My credit is excellent. I have been paying more than the minimum and now I make more money then I did when I opened the account. They refused to close my account because "they wouldn't be guaranteed their money". They wanted me to get a consolidated loan through them. Yeah, right!
My APR went from 19.98 to 24.98%. If they were so concerned I was a credit risk, then why increase my APR? They had a lame excuss. They just lost a customer for life and you can bet that every chance I get, I will bad mouth them. I will be transferring my balance to another card unless they are all in cahoots with each other and I can't get one. They caused me more mental anguish than anything else. You work hard to stay clean and somebody has to come around and dirty up the water.
Trey of Albany NY (3/16/04):
I opened a credit card account with MBNA America in May of 2002. I used the card and paid them on time. I used my card up to the credit limit, and maintained minimum payments. I was never late. In Dec. 2002 I opened a subsequent account with MBNA for a purchase of a computer. In Fall of 2003, they slammed my rate on my credit card to 19.9% from 12.9% claiming that because of the way I use credit with MBNA and my other creditors that I fit that rate for the customer profile that I know fit into. I told them to please close my account. They came back with a counter offer to decrease it to 13.9% and I maintained that I wanted my account closed. They then relented and put my interest rate back to 12.9%.
I continued to maintain my minimum payments and I finally got sick of the minimum payments and I paid the card and finance account off in Feb. of 2004. Then I received my March statement for the finance account and they slammed my rate to 27.98% from 19.99%. I called and inquired as to why this increase happened and I got the same response as before.
Seeing I had a zero balance I just decided that it would be best to just close the account and not have to worry about this awful creditor again. Well that would've been simple if I had not received Dennis as my customer service rep. He was extremely rude, disrespectful, and outright mean. He asked me why I was closing the account and I told him "you've slammed my rate up." And he said "oh well, why didn't you write and object." I said I never received the letter and it did not matter I would just like to close my account. He said "you're going to close the account for that reason?" I said yes please, and he proceeded to get ruder and ruder until we were screaming at each other.
I told him I then wanted to close both of my accounts because I wanted no more business with horrible bank. He then preceded to tell me the benefits of my credit card and I told him that "I'm not having this conversation, just close my account." He went on to explain to me that if I closed my accounts it would cause derogatory marks on my credit reports. I'm fortunate, because I am a loan officer and I know otherwise, but this is where I became most angry. He was outright lying to me to try to con me into keeping my accounts open. I told him that it would do no such thing and he persisted it would. I know it wouldn't and I told him I'd rather take a 100 hundred point drop in my credit score than keep an account with MBNA America, and he told me that was shameful.
I wish that MBNA America and its representatives would stop making these statements and would also stop the very unfair practice of jumping the interest rates on the accounts just because you use the credit that they've willingly extended to you. Its a bait and switch; here is a line of credit, haha, you used it now here is your new rate!
Robert of Northbridge MA (2/2/04):
I signed on with MBNA at a rate of 5%. They say they mailed a flier informing me that my rate is increasing to 22% unless I notify them that I refuse the rate increase. I never received any flier. Well, I missed the increase until they sent out another flier which I did receive. My rate was being increased again to 25%. I contacted them and the said the rate increase was because I had other debts. Not because of any late payments, since there weren't any, but because I had too much credit.
The goverment is not protecting the citizens of this country by allowing MBNA to charge these kind of rates. Ticket scalpers are regulated more than these type of companies are. An example - my monthly payment is $317.00 each month. The finance charge is $234.86.Which means only $82.14 goes to the principal.
I ended up searching for information about bankruptcy. I had decided to close all my accounts when I spoke to a "SZE" at Chase who offered me a program where I could transfer the debt owed to MBNA interest free for one year, no processing fee (20% usually) and a rate of 5.65% rate therafter. If Chase can make an offer like that it shows MBNA is in the business of gouging its customers for higher profits. It also makes it extremely difficult for a person to reduce their debts in a time when too many people are hurting.
Toni of Westlake Village CA (1/27/04):
My husband and I receive many phone calls from credit card telemarketers but we have never acted upon them until July 2003. I spoke with an individual from MBNA regarding a balance transfer at 1.99%. I told the individual that I would like to pay off my car loan at 7.9%. I was told many times that this rate was for the life of the loan and it would not change until it was paid off. My husband also spoke with this individual and as we had a credit line of 50K and 0 balance we believed this to be true. We have excellent credit and we beleived MBNA wanted our business.
My husband spoke with the individual and asked him many times, "Is this for the life of the loan". Yes, was his answer many times. Unfortunately I have not been able to locate the individual's name, but I am still looking. There has been no correspondence regarding the balance tranfer time frame for the 1.99% interst rate either on our bill or in the mail. We just got a new statement and the interest rate changed.
Now in our January payment the interest rate is 9.99%. We have called and spoken to the manager and were told MBNA never gives credit at 1.99% for the life of the loan. What do we do? We transferred a balance of 40K.
Donald of Hot Sulphur Springs CO (1/15/04):
MBNA raised my interest rate from 10.95 to 22.95. I called because I assumed it was a typo, I was told because a negative report showed up on my credit report, they had the right to raise my rate. The negative report was between myself and a lease company, this had nothing to do with MBNA, however MBNA uses things like this to steal from good paying customers. It is no better than if they simply started taking money out of my wallet every month.
The result is my monthly payment went up (from around $300.00 to $750.00 a month) to were I can no longer make the payments, and they have filed a negative credit report against me for lack of payment. I have called them on 3 ocations to try and get them to see their error, that I would pay if my payments where back to what they were prior to them raising my rates, but they say they cannot.
Mrs. G of Tracy, CA writes:
My husband has a credit card account with MBNA. We applied for this account as a result of an unsolicited offer recommended by the Fleet Reserve Association (my husband is a member). Larry was approved and was sent a card in approximately April of 1999. Since then, on a regular basis, MBNA has claimed that our payment was late, over and over again, and charged us many late fees of $29.00.
They also raised our interest rate, claiming that our TRW report showed that we were over obligated and that we had a few late fees. Our interest rate went to 23% and 38% for cash advances. When we complained, they told us to pay for four months without late fees and they would reduce the interest rate.
They have been extremely rude and have refused to speak to me when I attempted to find out the problem, citing their desire to protect my husband's privacy. We have paid hundreds of dollars in interest and our prinicipal has not gone done, despite out discontinued use of the card.
Robert of Washington, DC, writes:
MBNA America, a major credit card issuer, did not credit
my payment on time, charged a $29.00 late fee, and raised the
interest rate to 23%.
When I called their customer service representative, she
couldn't tell me why the interest rate had been increased,
but speculated that it might be because of the "late"
payment.
The customer service representative urged me to reject the
rate increase by sending a letter to the special address used
for that purpose.
One trick MBNA has pulled repeatedly on me is offering a
balance transfer loan at a low interest rate (for a few months).
If I borrow up to my credit limit to take advantage of the
offer, the next month MBNA offers a payment "holiday"
because I am such a "good customer" (interest keeps
accruing, however). Then the next month MBNA says I have exceeded
my credit line because of the interest accrued the previous
month, added to the loan, thus bringing a "over limit"
penalty of $25.
So far, I have been able to persuade them to reverse the
penalty fees by writing a stern letter with a copy to the
Comptroller of the Currency, but the observation that this
seems to happen every time suggests to me that this action
is programmed into their computers.
William of Athens, TN, writes:
MBNA raised my interest rate from 15% to 24.9%. When I inquired into the reason they stated that I have a history of delinquency with my creditors. They based this on a report from Trans Union. I got a copy of the credit report and it shows no (zero) late or missed payments, also I have(had) been a customer of MBNA since 1988 and have never been late. They refused to give me any other reason.
I did close my MBNA account however I have a good credit history I would like to maintain. I would like a letter from MBNA which states that their attempt to raise my interest rate had nothing to do with delinquent payments from a credit report.
Report Your Experience
If you've had a bad experience -- or a good one -- with a consumer product or service, we'd like to hear about it. All complaints are reviewed by class action attorneys and are considered for publication on our site. Knowledge is power! Help spread the word. File your consumer report now.
|
