- Report: #85295
Complaint Review: MBNA America - Wilmington Delaware
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MBNA America
PO Box 15021 Wilmington, 19850 Delaware, U.S.A.
Phone:
800-421-2110
Web:
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MBNA America Dishonest finance interest charges Wilmington Delaware
For years I have paid my full balance on my credit card every month. But I decided that i could afford to accrue charges that wouldnt be immediately repaid in the interest of my business. So last month, I recieved a bill for $2,302.40. I paid $1,704.00. Which meant I seemingly left $598.40 accrue interest for a month at 13.99%.
So I would naturally expect about $10 or less for this statement's interest. But that is not what happened. My total interest charges are $22.53. Because all of the sudden, the grace period on new purchases was erased, due to the fact that i carried an old balance.
This is absurd of course, and i wouldnt bet that other companies dont do this. However it is dishonest. MBNA's reasoning is that it is based on the "average daily balance", even though it never was before. I would imagine that other credit card companies do this; however i am interested in companies that dont do this.
B
Cypress, California
U.S.A.
So I would naturally expect about $10 or less for this statement's interest. But that is not what happened. My total interest charges are $22.53. Because all of the sudden, the grace period on new purchases was erased, due to the fact that i carried an old balance.
This is absurd of course, and i wouldnt bet that other companies dont do this. However it is dishonest. MBNA's reasoning is that it is based on the "average daily balance", even though it never was before. I would imagine that other credit card companies do this; however i am interested in companies that dont do this.
B
Cypress, California
U.S.A.
1 Updates & Rebuttals
Dave
Medina,Ohio,
U.S.A.
average daily balance
#2UPDATE EX-employee responds
Thu, September 16, 2004
this is a practice not unique to mbna. it is disclosed that this is how finance charges accrue. some lenders have more harsh finance charges....i do understand your frustration especially since you are one that pays in full typically...but mbna did not rip you off
