vinc1963 Posted July 16, 2003 Report Share Posted July 16, 2003 I have never been late on any credit card bills, (FICOS in low 700's). My situation is that I am maxed out on most of my credit cards(none are offer the limit), but always pay them on time. If I could transfer the balance to another account I would, but I don't have that option. How can they get away with this ??? I could just imagine someone who doesn't pay their creditors on time what the interest rate would be .. I haven't called them to discuss the higher interest rate, wanted to post here first for some advice..What department do I call to try and get this worked out.. Thanks Link to comment Share on other sites More sharing options...
md Posted July 16, 2003 Report Share Posted July 16, 2003 You can try a goodwill letter through Planet Feedback, although MBNA has not responded to mine. Try and find a copy of your terms, although that will probably be impossible. Does the APR they are showing you include any cash advances or balance transfers with fees? If so, then those fees will be calculated in when they give you the APR which would inflate it from what it really is. Good luck with this. You can also try calling them and ask to speak to a supervisor. Link to comment Share on other sites More sharing options...
vinc1963 Posted July 16, 2003 Author Report Share Posted July 16, 2003 Do you have the website address ?? Thanks Link to comment Share on other sites More sharing options...
kb9tbq Posted July 16, 2003 Report Share Posted July 16, 2003 First try calling and asking for an account review; that you feel this is not right having increased your interest rate.Citi did this recently to my DH; and that is what I had him do, they increased from 11% to about 19% then decreased after calling to about 12%.Then if this does not work go through www.planetfeedback.com to send letter asking consideration. Link to comment Share on other sites More sharing options...
vinc1963 Posted July 16, 2003 Author Report Share Posted July 16, 2003 I just spoke to MBNA & they can't do anything about the interest rate, & they doubled the minium pmt to $400.. They had me on the phone for about 1 hour, I thought they were going to work with me, so I put up with the comments that the rep. was making & answered the same question over & over again. They kept suggesting that I get enrolled in a debt consolidation program & even recommended a company to me, I adv her that I don't have a steady income right now due to illness & if you miss 1 pmt you are not allowed to stay in the program. I asked if they could lower my minium pmt back to the $200 per month, no can do..I was transferred to an "interest rate specialist", nothing he can do either...He gave me a hard time when I asked for the head of his dept. didn't want to give me a name, I advised him that you work for MBNA & you are giving me a hard time about a name of your superior ???? He had to put me on hold to get a name .. I am so disgusted with this company.. Link to comment Share on other sites More sharing options...
ms6073 Posted July 16, 2003 Report Share Posted July 16, 2003 How can they get away with this ???Although I have a LOC with MBNA, I closed it early last year in order to avoid something like this and should have it completely paid off soon. Although my account is closed, I recieved an account holder amendment notice from MBNA not too long ago that outlined some amendments with regard to the account. Since my account was already closed, unless I default, I was not effect so I dont recall the exact langauge but the notice made mention of such things as MBNA reserving the right to impose higher interest rates/finance charges if an account holders credit history was found to indicate such things as high balances on any/all revolving accounts, balances over the specified credit limit, as well as late payment(s) on any/all accounts that are reported to the CRA. I think that notice stated that if the account holder did not agree with the new terms in the amendment notice, that account holder would need to indicate so in writing and that MBNA would then close the account. Even worse, at another forum that I frequent (www.daveramsey.com) there is a member who used to work for MBNA. In one post she mentioned that among the reasons she left the company was her inability to help customers when these types of disputes arose. I am afraid that she also mentioend the fact that when a customers interest rate was increased and ended with ".98" - then that was it, there apparently was nothing anyone within MBNA could do to get it lowered! Her suggestion was to file a complaint with your State Attorney General as well as the OCC (Office of Comptroller of Currency - I think) which is either a state or federal regulatory agency responsible for oversight of the credit card companies. Michael Link to comment Share on other sites More sharing options...
vinc1963 Posted July 16, 2003 Author Report Share Posted July 16, 2003 Thanks for all the feedback.. Link to comment Share on other sites More sharing options...
Boobeans Posted July 18, 2003 Report Share Posted July 18, 2003 This has nothing to do with the card you have but Providian did that to me. Not like I wasn't paying enough, my rate was 21% and they sent me a letter telling me they were raising my rate to 28%. I called them and they said there was nothing I could do about it, either keep the card with that rate or close the account...I closed the account right then and there. Even though I had a zero balance on the card I was pissed they would do that. Does anyone know if closing a credit card hurts your score? I heard that it did. Good luck with getting your rate down... thats unreal!! I don't know how they can get away with that. You have a good credit score. It's all about money. Link to comment Share on other sites More sharing options...
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