• Report: #222221

Complaint Review: MBNA Aka BANK Of AMERICA

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  • Submitted: Sat, November 25, 2006
  • Updated: Fri, April 20, 2007

  • Reported By:Spotsylvania Virginia
MBNA Aka BANK Of AMERICA
www.bankof america.com Internet U.S.A.
  • Phone: 800-789-6701
  • Web:
  • Category: Banks

MBNA Aka BANK Of AMERICA raised intrest rate from 9.99 to 24.7 percent Ripoff Baltimore Internet

*Consumer Comment: Go ahead, raise my interest rate

*Consumer Suggestion: Contacting a lawyer won't do anything...

*Consumer Suggestion: Contacting a lawyer won't do anything...

*Consumer Suggestion: Contacting a lawyer won't do anything...

*Consumer Suggestion: Contacting a lawyer won't do anything...

*Consumer Suggestion: Burden of Proof

*Consumer Suggestion: Here's how I handled it. But may not work for you.

*Consumer Comment: You are not alone!!!!

*UPDATE Employee: We told you the truth

*Consumer Comment: Many Credit Unions offer GREAT CC deals!

*Consumer Comment: Many Credit Unions offer GREAT CC deals!

*Consumer Comment: Many Credit Unions offer GREAT CC deals!

*Consumer Comment: Many Credit Unions offer GREAT CC deals!

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I had a MBNA credit card.No problem(rate of 9.99)until Bank of America bought them out.With out a warning the rate on my next statement was 24.7 precent.(My credit score is great)They claimed they sent out a letter about the rate change. If you do not accept the change let us know. Well that good but I never got the letter. They are holding to their guns. What a rip off. If you have this problem pay them of if you can. I may contact a lawer about this.

David
Spotsylvania, Virginia
U.S.A.

This report was posted on Ripoff Report on 11/25/2006 07:20 PM and is a permanent record located here: http://www.ripoffreport.com/r/MBNA-Aka-BANK-Of-AMERICA/internet/MBNA-Aka-BANK-Of-AMERICA-raised-intrest-rate-from-999-to-247-percent-Ripoff-Baltimore-In-222221. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
0Author 13Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Go ahead, raise my interest rate

AUTHOR: Cory - (U.S.A.)

Go ahead, raise my interest rate. I could care less. Don't have a balance. IF I use one of your cards, you get paid off each month with no interest. IF people refused to use their cards and went to cash, they'd drop those rates IN A HEARTBEAT.

If you have to, go to a credit union, get a fixed rate loan, pay off those cards and CUT THEM UP. How long are you people gonna stand for it? Good luck contacting a lawyer. They would have sent you the paperwork or claim to and said it's all in the terms of your agreement.
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#2 Consumer Suggestion

Contacting a lawyer won't do anything...

AUTHOR: Mike - (U.S.A.)

Usually these notices are contained within your billing statements as a note, or as an additional notice. MOst people throw these out without reading them. The banks know people throw them out without reading them, but by law all they have to do is prove they sent it, and it's legal. It's not their fault if you choose not to read what they send.
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#3 Consumer Suggestion

Contacting a lawyer won't do anything...

AUTHOR: Mike - (U.S.A.)

Usually these notices are contained within your billing statements as a note, or as an additional notice. MOst people throw these out without reading them. The banks know people throw them out without reading them, but by law all they have to do is prove they sent it, and it's legal. It's not their fault if you choose not to read what they send.
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#4 Consumer Suggestion

Contacting a lawyer won't do anything...

AUTHOR: Mike - (U.S.A.)

Usually these notices are contained within your billing statements as a note, or as an additional notice. MOst people throw these out without reading them. The banks know people throw them out without reading them, but by law all they have to do is prove they sent it, and it's legal. It's not their fault if you choose not to read what they send.
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#5 Consumer Suggestion

Contacting a lawyer won't do anything...

AUTHOR: Mike - (U.S.A.)

Usually these notices are contained within your billing statements as a note, or as an additional notice. MOst people throw these out without reading them. The banks know people throw them out without reading them, but by law all they have to do is prove they sent it, and it's legal. It's not their fault if you choose not to read what they send.
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#6 Consumer Suggestion

Burden of Proof

AUTHOR: Mike - (U.S.A.)

Unfortunately for you, contacting a lawyer won't do anything. The burden of proof is on YOU, not BOA. All BOA has to do is provide documentation that their system generated a notice to all of the MBNA customers and were mailed.
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#7 Consumer Suggestion

Here's how I handled it. But may not work for you.

AUTHOR: Steve [Not A Lawyer] - (U.S.A.)

I had the same thing happen to me with multiple credit cards at once. I was current and had a 735 credit score, and never made just minimum payments. I was a good customer in good standing with all of them.

Within about a 3 month span every card issuer doubled and even tripled my low fixed rates. I called to discuss it with each one, and got the same BS and "take it, or leave it" attitude from each.

Well, given those 2 choices, I left it.

I walked away from every creditor except 1 who did not play that game. That was in 2002. None of them have been paid, and all debts are now past SOL except 1.

They got greedy and lost. I'm still laughing.

My credit score went from a 735 to a 385 in 7 months, and is now mid 600's without paying any of them. Now, I will be cleaning up the sloppy reporting and will get my score back in the 680+ range in the next few months.

Just walk away. If everyone would do this, they could not get away with it!
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#8 Consumer Comment

You are not alone!!!!

AUTHOR: Dana - (U.S.A.)

Clearly they had an expert legal team that they consulted before this takeover. I wish we would have had the same kind of notification to prepare. It doesn't help one bit that for the past 2 years I've been throwing out junk marketing material from Bank of America. It's almost everyday that there's something from them.

Have you noticed too that credit card companies have been disguising them to look like a bill just to get you to open them? I'm not saying that that's what Bank of America did but it's all the same. You open the ones you know you have accounts from. There is nothing they could have done by mail to let us know it was worth reading - they can blame their own marketing department for that! I do know I've had credit card companies call me on the phone for a lot less than a simple 'Hey, how you doing - we're your new credit card company!' I just want to know at what point a company takes responsibility for a poorly handled takeover.

If you find reasonable grounds for recovery, there are probably thousands by this point (6 months after they've taken over) that will hands-down join you! Myself included!
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#9 UPDATE Employee

We told you the truth

AUTHOR: Mooky - (U.S.A.)

Listen, what they said was the truth. It was a National thing done, where rates were raised, but cardholders had the chance to opt out if they wanted. Now if you dont get your mail, or threw away the letter, or whatever dont say they just raised your rate. Your not telling the entire story. This didnt happen in one month between statements.

Ask for a repayment plan to solve the matter. this will lower your rate drastically, and after 6 months of payments they can bring your account up to date if this is ness.
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#10 Consumer Comment

Many Credit Unions offer GREAT CC deals!

AUTHOR: Thomas - (U.S.A.)

See what you can do at a credit union that you can join or that you already belong to.
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#11 Consumer Comment

Many Credit Unions offer GREAT CC deals!

AUTHOR: Thomas - (U.S.A.)

See what you can do at a credit union that you can join or that you already belong to.
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#12 Consumer Comment

Many Credit Unions offer GREAT CC deals!

AUTHOR: Thomas - (U.S.A.)

See what you can do at a credit union that you can join or that you already belong to.
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#13 Consumer Comment

Many Credit Unions offer GREAT CC deals!

AUTHOR: Thomas - (U.S.A.)

See what you can do at a credit union that you can join or that you already belong to.
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