MBNA rate increase

clio

Tausend Dank!

cifpower

clio wrote: »

Is there any card thats not a variable rate ??...........

Only one I found that came close is the Co-op with 5 years fixed at 9.9%

http://www.co-operativebank.co.uk/servlet/Satellite/1193206375414,CFSweb/Page/Bank-CreditCards

Mozette

NickX wrote: »

Yes, get a Life of Balance (LOB) Balance Transfer card. Transfer your existing balances to it and NEVER spend on the card again.

You have then got a fixed rate loan, and they can't mess with that if its stated Life of Balance.

Oh yes1 Still happily paying the minimum on my M&S LOB at 3.9% as it is now marginally less than what I get on my savings!

steve1964_2

Hello Everyone, Has anybody any idea as to why MBNA has increased its monthly rate from 1.4566% in September to 2.5292% in October?. I have had this credit card for approx 12 years and been a good customer. At present unfortunately have a large balance on it i rang them to ask if they could reduce the rate and the best they could was reduce the yearly rate from 34.9% to 29.9%. I am at present looking to try and shift onto another card at a lower rate. The rate has gone up 73 % in one month and this must be now one of the most expensive credit cards???
I know MBNA are an American bank and perhaps as they have been hit hard through bad lending they are trying to claw back monies through there present customers????.

_Andy_

This has been discussed many times here before.

They can vary the rate as much as they wish, it's a variable rate credit agreement.

clio

Have you missed payments on any credit cards/loans etc coz that may be why they have upp'd the apr.

Bismarck

it's simple..they very the rates because they can...they'll try and milk what they can when they can from people who can't pay it all off or transfer it away or forget to....or bury their head in the sand....

if you are able to get away then your chances of getting a good rate in the near future when you've cleared your balance, are pretty good...

SmileyG_2

Got ashock this morning, opened up my Credit Card statement to find that although I settle my credit card balance every month, I now have to pay a "minimum interest charge" (i.e. a user charge of £1.00) each month.

It was probable in the change to the Ts and Cs that I received, together with the credit card cheques that they kept sending me despite my protestations.

It seems that MBNA don't want my business, and if I had been running a balance, it was likely that my interest rate would have been heading skywards from 17.9% too.

I told them it was time for them to get out of the mainstream credit card market, cancelled the card, and successfully applied for a credit card with an institution that "treats customers fairly". Got 3 months interest free on purchases, which is all I need to smooth out my Xmas expenditure. :T

steve1964_2

clio wrote: »

Have you missed payments on any credit cards/loans etc coz that may be why they have upp'd the apr.

Hello Clio,
No i have not missed any payments, and i know this is a variable rate card. But the sudden massive 73% monthly increase seems to have hit other mbna card holders hard at the moment.

steve1964_2

_Andy_ wrote: »

This has been discussed many times here before.

They can vary the rate as much as they wish, it's a variable rate credit agreement.

Hello Andy,
I have just joined this site so was not aware rate increases had been discussed many time before. Yes quite right it is a variable rate card having had it 12 years i know this, but the sudden 73 % monthly increase seems variable rate extreme, and it seems through banking mistakes they are trying to claw back monies through exsisting good customers. Having done a little research the sudden massive increase has hit others hard to.