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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

Barbara of Concho, AZ March 16, 2006

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 March 16, 2006

MBNA raised my rate without my knowledge and was extremely unhelpful and rude!!!!

Pamela of Greensboro, AL March 15, 2006

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 March 13, 2006

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 March 13, 2006

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 March 10, 2006

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.

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