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MBNA - Interest Rate Hikes

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

Jeremy of Pittsburgh, PA March 1, 2009

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.

Hanmore of Yate, OTHER January 29, 2009

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.

Michael of Danvers, MA October 15, 2008

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.

Vivian of Longview, TX July 24, 2008

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 September 24, 2007

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 of Deland, FL March 16, 2007

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 March 9, 2007

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 of Brentwood, CA February 19, 2007

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 December 6, 2006

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 November 25, 2006

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.

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