MBNA America raised my interest.

[Homerr]

Well, <br /><br />I used to have a good credit card....<br /><br />I've been with MBNA for almost 4 years, and what did they recently do for my excellent service with them?<br /><br />ALMOST DOUBLE my interest rate! <br /><br />I've never been late, and have paid it off on several occasions.<br /><br />Needless to say, I'm not happy.<br /><br />I sent them a letter telling them what I think of their rate hike, and to close my account immediately.<br /><br />I looked at their web site, and they are still offering cards with an interest rate even LOWER than I originally had! I'm not sure if I should call and gripe or not. <br />I'll probably get someone who doesn't speak English anyway... <br /><br />I guess I'm going card shopping....<br /><br /><br />Any suggestions?<br /><br />H.

 

[Homerr]

Re: MBNA America raised my interest.

EDIT:<br /><br />After some Google-'ing'.... It would appear that MBNA has done this to many people despite good standings with them.<br /><br />They can keep their card. I'm sticking to my guns and closing them!<br /><br />I would however... like to find a good credit card company (if there is such a thing).<br /><br />H.

 

[JB]

Re: MBNA America raised my interest.

Had a problem like that a few years ago with a different bank, Homerr. A long story, but here is the bottom line:<br /><br />I complained to the Governor (GWB) who sent it to the Texas Attorney General and I was advised that they can only do that with prior notice. I had the option when notified to close the account, freezing the interest rate, before they raise the interest. The problem is that I wasn't notified.<br /><br />I don't know what he said to the bank, but within a few weeks they notified me that the rate had been returned to the original rate and excess interest had been credited to my account.<br /><br />The above is based on the contract I had on my card and some or all of it may not apply to your situation, but you need a third party to compare your contract (agreement) and the bank's action to state and federal law and to deal with the bank on your behalf.<br /><br />Good luck.

 

[18rabbit]

Re: MBNA America raised my interest.

Homerr – if at all possible, try to get to the point that you are paying off your credit every month that you use it. In one sense, the interest rate has no meaning to you because you will never be paying any interest. But still, I would go for a lower int rate card, just in case.<br /><br />JB – I had a similar situation. In short, the Atty Gen’s office said “yes, it’s fraud” and “no we won’t do anything about it because we don’t work for you. Nothing personal but we only address issues of multiple complaints.” In a word, California.

 

[roscoe]

Re: MBNA America raised my interest.

I have had a creditline card with USBank for 20 years, ever since the bought out my bank. Since then, they have bought out many many banks and have grown to one of the biggest players in the country. It has always worried me that they would take on policies like MBNA or CITI. <br /><br />But they haven't.<br />I have had a variable rate account (prime+ 5.99%) for the entire 20 years. They don't change the terms every 6 months either.<br /><br />They are currently offering cards at prime+ 3.99%, and up to prime + 12% to those with shakey credit.<br /><br />And their Premier Creditline is Prime + 1.5%, if you qualify.<br /><br />It might be worth your time to check them out and see if you qualify for one of the low rates.<br /><br />Their customer service has been great, and their fraud alert has notified me when they suspected that my card was being used in an unusual way. Like when I bought a new car with it. It was 5% cheaper than what the car dealers were offering at the time, and I needed the car till I could sell my other one. All I had to do was to verify that it was actually me that was using the card.<br /><br />My other card is with Capitol One, fixed rate of 7.9%, no complaints.<br /><br />As 18rabbit said, try to get the balances paid off, atleast a couple times a year, if not every month.

 

[Homerr]

Re: MBNA America raised my interest.

I did get notice... that is why I am closing it.<br /><br />It's the famous letter, "we are changing your contract...blah, blah, blah.. to this rate starting with your next statement"<br /><br />"If you don't agree to the change... tell us in writing, and do not use your card or the interest will go up"<br /><br />In other words.... they are forcing me out.<br />I thought about calling them, but I already sent the closure letter a few days ago.<br /><br />Fine with me... There are a ton of other companies out there that will take my business.<br /><br />H.

 

[cmyers_uk]

Re: MBNA America raised my interest.

Homerr, <br /><br />The problem is your being to good at paying it off so they obviously think its not worth their while having you as a customer. So go somewhere your appreciated.<br /><br />In the UK we have loads of companys offering special low intro rates where you can transfer your balance to them. I switch every 6 months to the new intro rate , done this 6 times so far with no probs. Always close the other cards at the end of the intro period though

 

[18rabbit]

Re: MBNA America raised my interest.

Chris – you guys invented banking!!! And now you are single handedly undermining the whole system. <br /><br />Btw, I’ve done that very same thing, too? It’s foolish not to if you carry a balance.

 

[cmyers_uk]

Re: MBNA America raised my interest.

You and me beating the system, taking on the large corporations and kicking butt!

 

[Bigfun]

Re: MBNA America raised my interest.

Cabelas visa, 4yrs. not one complaint. When I call them (usually after they call and leave a message to call them back in regards to curious charges) a real and friendly person answers. I don't know what the interest rate is because we pay it off every month.

 

[Ben Konopacky]

Re: MBNA America raised my interest.

homerr;Apply for a new cc with some other card ,who cares what the rate is if you pay on time? use their money and it doesn't cost you a cent and have a good credit.you do have to keep close tabs on your acc,and billing date.been doing it for years...

 

[POINTER94]

Re: MBNA America raised my interest.

The single most powerful force in the universe..compound interest - Albert Einstein

 

[LubeDude]

Re: MBNA America raised my interest.

I never carry a balance, (been there, done that). I beat them at there own game anymore, I got over $200.00 back from Discover last year. Yep, thats right. I use it when I buy materials when I do remodeling, then I pay the balance off every month, Rock on!!!

 

[Kiwi Phil]

Re: MBNA America raised my interest.

What a great idea Chris. <br />Our rates down under are all in double figures, (the competition just hotted up - with Virgin entering the market (as in Virgin Airlines).<br />I will tell you another trick I used. Instead of all this B/S with Fly Buys (you could never get a flight to where & when YOU wanted), when my Visa changed its conditions I was given an option of transfering Fly Buys to Rewards, for which I get a voucher for a Chain Store. <br />I whack all my business purchases thru Visa and this year alone I have picked up $650 in vouchers.<br />What I also do, is always ask my supplier if he will give me a discount for cash or cheque, or does he put a surcharge on all Credit Card Transactions.<br />Interest rates don't effect me really, I pay it off every week, but still think your idea good for most people.<br />Cheers<br />Phillip

 

[one more cast]

Re: MBNA America raised my interest.

I just call the CC company and tell them their rate is too high and most of the time they will lower it. if they wont then I transfer the balance and close the account. I like to have a zero balance but sometimes (like right now) I OWE.

 

[kd6nem]

Re: MBNA America raised my interest.

I've had checking and savings accounts with two banks. Both proved unsatisfactory even though I always fulfilled my responsibilities. My student loans got all screwed up and it took years for that to get resolved. (Because of THEIR computer errors they refused to take my money then took me to collections! Communicate? I spent weeks on hold! My letters were ignored.) My mortgage was great until it was sold to another big corporate bank. They have backed off to only mediocre now, they were nearly hideous for a bit when they went through yet another merger and tried to do what my student loan bank did. Moral of the story: I have been a credit union member for 15 happy years. Never have I been treated with more respect and dignity. NOW I now what real service is. There may well be some really good banks out there but they are an endangered species. Credit Unions have much to offer, including reasonable credit cards!