MBNA AMERICA Cheap excuses to reduce credit line and increase interest rate on card. Wilmington, DE Delaware
My MBNA credit line was reduced from 20K to 10K from a 'false judgment recording' ($300) and a 'change of spending habits' on the card. MBNA also increased my card interest rate this month as the FED recently raised their interest rate. They need to find any reason to raise rates to meet their 'monthly nut'. I refused this increase and can't use the card after 7/21/04. If I use the card, the new interest rate increase of 35% over the previous card rate, will go into effect. I always paid on time, better than agreed and paid the balance off more than one time. They state the increase of interest is due to the fact that I am not paying the balance down quickly enough. The letter stating the increase in interest rate was 'based on my credit report' which hasn't changed from a previous report that they used to reduce my credit line. I was informed that they would not consider a reinstatment of my credit line and previous interest rate. What a bunch of B.S. I will pay this card off, or roll the account to AMEX.
Jon
Anchorage, Alaska
U.S.A.