- Report: #184125
Complaint Review: MBNA America Bank NA - Wilmington Delaware
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Author Confirmed
Why?
MBNA America Bank NA
1000 Samoset Drive Wilmington, 19884-2332 Delaware, U.S.A.
Phone:
800-
Web:
N/A
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Business Rating:
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MBNA America Bank, NA Doubled interest rate with no missed payments ripoff Wilmington Delaware
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.
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.
1 Updates & Rebuttals
Victor
Chicago,Illinois,
U.S.A.
give them an ultimatum
#2Consumer Comment
Fri, March 31, 2006
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.
