• Report: #184125

Complaint Review: MBNA America Bank, NA

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  • Submitted: Thu, March 30, 2006
  • Updated: Thu, March 30, 2006

  • Reported By:Laramie Wyoming
MBNA America Bank, NA
1000 Samoset Drive Wilmington, Delaware U.S.A.

MBNA America Bank, NA Doubled interest rate with no missed payments ripoff Wilmington Delaware

*Consumer Comment: give them an ultimatum

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I have been an MBNA cardholder for over 2 years now. I have been a faithful customer, paying my bills ontime and above the minumum. The last time I missed a payment was when I moved, and that was taken care of in 2004. I just looked at my accounts and saw that my interest rate went from 10.99 to 22.49 percent in one month.

When I called, I was told that this was pecause of a periodic review of my credit shoed that I have a high debt ratio. Yes, I do at the moment have a high debt ratio, but it didn't stop me from paying my bills on time. They told me that there was nothing they could do to lower the interest rate. They instead pushed me to sign up for a debt consolidation program that would reduce my credit rating and still have a high interest rate.

I have other cards, and have NEVER had my interest rate increased for anything less than missed payments. I am in the process of transferring the balance of this account to another card that we had in reserve, and I will then cancel this account. I will not give my money to a business with practices such as these.

Jason
Laramie, Wyoming
U.S.A.

This report was posted on Ripoff Report on 03/30/2006 02:28 PM and is a permanent record located here: http://www.ripoffreport.com/r/MBNA-America-Bank-NA/Wilmington-Delaware-19884-2332/MBNA-America-Bank-NA-Doubled-interest-rate-with-no-missed-payments-ripoff-Wilmington-Dela-184125. 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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#1 Consumer Comment

give them an ultimatum

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

According to the "fine print" that no on e ever reads they can legally do this. Yet another way they like to squeeze more money out of everyone. Call their customer service and ask to speak to a manager, not just a cus service rep. Tell them that unless they lower your rate you will close the account right then and there. If they say they cant do that. Then stand by your word and close it. I did this and within 1 day i had 3 managers call me back to reopen my account. I told them i would IF they lowered their rate. They gave in and lowered it back to the original. Some companies would rather keep a customer than let them get away.
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