Complaint Review: MBNA America - Wilmington Delaware
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- Author Confirmed
- MBNA America 1000 Samoset Dr Wilmington, Delaware U.S.A.
- Phone: 800-789-6685
- Web:
- Category: Credit Card Processing (ACH) Companies
MBNA America bait and switch doubles interest rates without contacting you. Ripoff! Wilmington Delaware
*Consumer Suggestion: balance transfers
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I have excellent credit and a year ago was looking to consolidate some small credit cards. Decided to go with MBNA at a fix rate of 7.99. About six months ago I noticed my minimum payment had increased and since I always pay more than the minimum started looking at the statement.
MBNA had increased my interest rate to 19.9% without notifying me. I called them to find out what was going on and they told me due to my high credit balances. They would not lower the rate even though they did admit I have always paid on time and more than the minimum required.
Due to personal circumstances I was not able to look into any more but January 2005 when I received my statement lo and behold they had raised my rate to 23.24. When I called they once again refused to lower my rate even though I have a good payment history with them and to make matters worse, THey are raising it again to 26.99.
Kellie
Irmo, South Carolina
U.S.A.
This report was posted on Ripoff Report on 02/02/2005 11:31 AM and is a permanent record located here: https://www.ripoffreport.com/reports/mbna-america/wilmington-delaware-19884/mbna-america-bait-and-switch-doubles-interest-rates-without-contacting-you-ripoff-wilmin-129837. 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 Suggestion
balance transfers
AUTHOR: Anne - (U.S.A.)
SUBMITTED: Tuesday, February 22, 2005
when you said you wanted to consolidate some small credit balances, I assume you meant you transferred the balances to the new account. These offers usually do entice you with an initial "introductory" rate which jumps after 6 months or so. If you are unable to pay off the balance within the introductory period, you might end up worse off.
I suggest you look into another balance transfer offer (which we all get in the mail, all the time) and figure out which one will give you enough time to pay off the entire balance before the interest rate rises.
Figure out what your monthly payments will have to be, and pay them, even if it hurts. If this is too difficult, you might want to look into credit counseling services.
Anne
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