- Report: #96619
Report - Rebuttal - Arbitrate
Complaint Review: MBNA America Bank, N.A.
MBNA America Bank, N.A.P.O. Box 15720 Wilmington, Delaware U.S.A.
MBNA America Bank - N.A. Credit Card Interest Rate Increase Wilmington Delaware
A business' first
line of defense
on the Internet.
If your business is
willing to make a
Click here now..
About one year ago I noticed that the interest rate on my MBNA account had be raised from 10.9% to 19.9%. I called and they advised that a notice had been included with a previous bill. I asked if there was a reason and they stated that it was based on a credit report's derogatory information. I asked to speak with a supervisor and the supervisor, after putting me on hold advised that I was not using the card enough. I was carrying a balance on the card and paying it down, but not adding additional debt on the card. After some negoiations, the interest rate was restored to the original rate.
Afterall, I was a good, longtime customer who paid on time. Enclosed with the May 2004 statement was a small notice, very small print informing me that the interest rate was being increased to 19.9% effective with the next billing period. This was facititated by derogatory information contained in credit reports. I immediately downloaded all three major credit reports. I found that my scores were high and there was no derogatory information in any of them. To add insult, I also had a promotional letter from MBNA offering a low interest rate debit consolidation loan, AS I WAS SUCH A GOOD CUSTOMER.
Armed with the credit reports, I called customer service, and was advised it was for the reason the notice had stated. I asked for specifics, but was not given any. When I mentioned that I had the credit reports infront of me and that there was nothing in any of them, I was then told it was based on the Feb 2004 report, not the current one. Once again, after some negotiating, I was returned to my original interest rate. I immediately took steps to pay off the remaining balance. The following statement had an additional $30.73 interest added to the balance that had been paid. I paid this immediately.
I will keep the account opened, but have no plans to use the account in the future. I found MBNA's tactics to be less than honest and up front. Interest rate increases should be required to be in large bold type on the statement, not in a small notice, in small print buried in the folds of other useless advertisements. As a stockholder in MBNA, I am concerned about their ethics in these types of matters. I will continue to monitor my statements very closely. I hope these serves as a warning to others to be on the LOOK OUT!
This report was posted on Ripoff Report on 06/27/2004 09:05 AM and is a permanent record located here: http://www.ripoffreport.com/r/MBNA-America-Bank-NA/Wilmington-Delaware-19850-5720/MBNA-America-Bank-NA-Credit-Card-Interest-Rate-Increase-Wilmington-Delaware-96619. 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.
If you would like to see more Rip-off Reports on this company/individual, search here:Search Tips
In order to assure the best results in your search:
- Keep the name short & simple, and try different variations of the name.
- Do not include ".com", "S", "Inc.", "Corp", or "LLC" at the end of the Company name.
- Use only the first/main part of a name to get best results.
- Only search one name at a time if Company has many AKA's.
Advertisers above have met our
strict standards for business conduct.