Complaint Review: MBNA America - Wilmington Delaware
- MBNA America PO Box 15286 Wilmington, Delaware U.S.A.
- Phone: 800-896 3986
- Web:
- Category: Credit & Debt Services
MBNA America spiked interest rate Ripoff Wilmington Delaware
*Consumer Comment: MBNA Not subject to usury law or ethics
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A MBNA representative called me in October 2003, I was told due to my excellent credit that I could consolidate my high interest credit cards to MBNA with a 0% interest for one year, and then after the introductory period my interest rate would be a fixed rate of 9.99%.
I agreed with the understanding that one late payment would cost me the introductory interest rate and my rate would be increased. After the one year anniversary in October 2004, my interest rate went to 9.99% thru February 2005. When I received my March 2005 statement I was shocked to find my interest rate had increased to 19.99%.
I called them and was told that in reviewing my credit report MBNA noted that I had HIGH Debt ratio and found me to be a credit risk....so this gave them a reason to increase my interest. I told them the high debt balance is the BALANCE YOU CONVINCED ME WOULD BE SO ADVANTAGIOUS, AND THIS IS WHAT I GET.... NEVER LATE DURING INTRODUCTORY PERIOD, ALWAYS PAID MORE THAN THE MINIMUM DUE......
Since then they have increased my rate to almost 26%.... I am in the process of transferring this debt and closing my account with them....... they are unbelievable. IT SEEMS THE CONSUMER HAS NO RECOURSE CONCERNING MBNA. They lobbied our senators, and invested a nice piece of (our change) to the Bush Campaign.
Joy
Leesport, Pennsylvania
U.S.A.
This report was posted on Ripoff Report on 05/04/2005 10:15 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mbna-america/wilmington-delaware-19886-5286/mbna-america-spiked-interest-rate-ripoff-wilmington-delaware-141504. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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#1 Consumer Comment
MBNA Not subject to usury law or ethics
AUTHOR: Robert - (U.S.A.)
SUBMITTED: Wednesday, March 15, 2006
I had the same experience with MBNA. In addition, when I called they informed me that they were not subject to usury law because their home office is in the state of Deleware.
I confess that I did not know what usury meant and decided to educate myself. The more I learned the more concerned I became. Webster's New World Dictionary defines usury simply as "The lending of money at an excessive or unlawfully high rate of interest."
This defintion just touches the surface of the term. It was used extensively in the bible and was recognised throughout history until quite recently. The definition does not do justice to many thousands of years of thinking on this subject with personal suffering and damage done again and again to societies.
What MBNA is doing threatens our country more than anything going on today.
I have filed complaint with the Federal Trade Commission and the NYS Attorney General.
On a positive note, AAA Travel issued the card and were not aware of this practice. They were very proactive. I'm in the process of re-mortgaging my home to eliminate all credit cards that have home offices in Deleware or South Dakota.
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