MBNA, Ripoff Do Not Do Business With Them! MBNA will raise your rates once you have a balance. Wilmington Delaware
MBNA is another classic example of a Company which will wait until you have a balance, and will then find a way to raise your rates possibly through fine print, and not necessarily because of a late payment either.
It happened to us once we carried a balance. MBNA said that they "reserve the right to periodically examine credit report updates, and base changes in interest rates (to the customer) on that information."
So we paid off the card in full and will NEVER do business with them again - and strongly recommend that you do the same!
Peter
Phoenix, Arizona
U.S.A.
3 Updates & Rebuttals
Matt
San Francisco,California,
U.S.A.
Close the Account
#4Consumer Suggestion
Thu, October 27, 2005
This is exactly what happened to me, they sent wonderful Balance Transfers which had 6-Month expiries--no problem, if after 6-months I was back to 14% it would be an issue, but after 6 months of minimum payments the balance remained high, but even at 14% it is no big problem, except that for no clear reason at all they changed the rate to a default 24% even though I never, ever received any explaination of how I was in default. Thankfully I am not entirely poor and was able to go ahead and pre-pay the line, but it was annoying and I had to eat steak for almost a week!
Upshot: Close the account by any means necessary, and never open another one, watch out for other companies who resell MBNA lines of credit with their own logos, like Best Buy and Apple Computer.
Alternative: I've had citibank lines for years and they have been stable, even friendly (offering 2% transfers for the life of the line etc.), despite the fact that I am paying below prime, they have the stability to wait for a future profit, I guess.
Paul
Los Angeles,California,
U.S.A.
MBNA Data
#4Consumer Comment
Thu, October 27, 2005
The following is publically available information that can be found on a number of websites. I got it from Yahoo Finance after googling the company name.
MBNA Corp.
1100 North King Street
Wilmington, DE 19884-0131
(the phone # is there too, just go to the website)
Employees 28,000
MBNA Corporation, through its subsidiary, MBNA America Bank, N.A., provides various financial services in the United States, Canada, the United Kingdom, Ireland, and Spain. The company primarily offers lending, insurance, and deposit account products and services. Its lending products include credit cards, consumer loans, home equity loans, aircraft loans, mortgage loans, business credit cards, and other business lending products to individuals and small businesses. (snipped the rest, there's more)
Key Executives
Bruce L. Hammonds , 57
CEO, Pres, Director, Member of Corp. Policy Committee, Member of Exec. Committee of MBNA America Bank N.A
Annual salary: $3.54 million
John R. Cochran III, 53
COO, Member of Corp. Policy Committee, Member of Exec. Committee, Chairman of MBNA America Bank N A, Chief Exec. Officer of MBNA America Bank N A, Pres of MBNA America Bank N A of MBNA America Bank N A
Annual salary: $3.39 million
Richard K. Struthers , 49
Vice Chairman, Member of Corp. Policy Committee, Member of Exec. Committee, Chairman of MBNA Delaware, Chairman - MBNA Europe Bank Limited, Vice Chairman of the MBNA America, Chief Exec. Officer - MBNA Europe Bank Limited, Chief Exec. Officer of MBNA Delaware, Chief Loan Officer of MBNA America, Director of MBNA America, Director of MBNA Delaware of MBNA Europe Bank Limited.
Annual salary: $2.72 million
P
South Carolina,South Carolina,
U.S.A.
Close the account
#4Consumer Comment
Wed, October 26, 2005
I was in the same boat you are in now with MBNA, what I did was got a pay off sent them like $5.00 extra just to cover my own butt and closed the account. Save yourself the stress and dont do business with them, they do rip-off people