MBNA rate increase

Amy83

From what I've read on here, you're best bet is to call Virgin and explain that you like the benefits of their card, you'd rather stay with virgin, you like the customer service you receive from them etc etc etc but that their interest rate is no longer competitive enough for you to stay with them (they don't have to know that you possibly can't transfer the balance elsewhere) and ask if they could lower the APR as you're a good customer?

A lot of people have successfully have their rate lowered by doing this

Of course they're not obligied to but it's worth a try anyway

ldn-100

Amy83 wrote: »

From what I've read on here, you're best bet is to call Virgin and explain that you like the benefits of their card, you'd rather stay with virgin, you like the customer service you receive from them etc etc etc but that their interest rate is no longer competitive enough for you to stay with them (they don't have to know that you possibly can't transfer the balance elsewhere) and ask if they could lower the APR as you're a good customer?

A lot of people have successfully have their rate lowered by doing this

Of course they're not obligied to but it's worth a try anyway

It also helps if you give an example of another card that has a lower non-promotional rate, to show you have been looking around.

SweetLola

I have great credit and never miss payments etc, but yesterday I received a letter from MBNA (Abbey branded card) saying the interest rate for normal purchases on my card would be increased to 34.5% from September 2008.

Fortunately for me I usually use credit cards for balance transfers and don't really spend on them, but I was worried about why my rate would increase so dramatically (previously 18%)

I telephoned them and their customer loyalty team said it was a blanket increase and they could not do anything about it. Has any one else been advised of the rate increase ?

Just a warning to put your MBNA card in the freezer if you are used to spending on it ...you could be in for a nasty shock

battyboimatt

I got a letter from them yesterday as well, for my MBNA platinum card, only had it 9 months, and they have incresed the rate from 15.9% to a whopping 29.9% APR, I called and got stoned walled saying it was a company deicsion and was going across the range, is this a sign of struggling times for MBNA, im lucky and only have about £149 on it, will just leave it then to get me nice 0's until I apply for a new card next year to go on holiday with he he

alleybabes

SweetLola wrote: »

I have great credit and never miss payments etc, but yesterday I received a letter from MBNA (Abbey branded card) saying the interest rate for normal purchases on my card would be increased to 34.5% from September 2008.

Fortunately for me I usually use credit cards for balance transfers and don't really spend on them, but I was worried about why my rate would increase so dramatically (previously 18%)

I telephoned them and their customer loyalty team said it was a blanket increase and they could not do anything about it. Has any one else been advised of the rate increase ?

Just a warning to put your MBNA card in the freezer if you are used to spending on it ...you could be in for a nasty shock

hi i had same letter i rang them and asked them if they could keep it as it was now and they agreed for nine months and them review it again at least gives me time to pay some off it

Richard019

battyboimatt wrote: »

I got a letter from them yesterday as well, for my MBNA platinum card, only had it 9 months, and they have incresed the rate from 15.9% to a whopping 29.9% APR, I called and got stoned walled saying it was a company deicsion and was going across the range, is this a sign of struggling times for MBNA, im lucky and only have about £149 on it, will just leave it then to get me nice 0's until I apply for a new card next year to go on holiday with he he

Whilst I've been on a promotional rate my standard rate has made a similar rise (15.9-24.9) so I suppose I'll get yet another increase if these 24.9% and 34.9% are across the board. Ah well, they'll offer me another 0% deal soon.

TheAnalyst

Thats odd....

In the Sub-Prime thread loads of us have just been offered a MBNA credit rebuilder card thats got a £500 starting limit with £100 deposit required.

Some of us have pretty bad credit files and have been offered the card at 19.9% and 29.9% APR depending, seems a little unfair on you good credit people to be paying more!!!???

very_silly_and_scared

Hi there.

Just to let you know that the same thing happened to me but with a far bigger balance. Had £4000 on Virgin and £5000 on A and L both at 0% so I could pay off a big lump of my loans from studying. Never missed a payment, never made a late one and the apr on BOTH was put up to 34.5% which they 'kindly' agreed to drop to 29.9%. Oh, and Virgin moved my payment due date FORWARD from 4th of month to the 27th of the month before.

HamiltonL

Sounds like both Abbey and MBNA are doing their best to destroy the old links. MBNA by rocketing the interest rates. Abbey through latest BT offers aimed exclusively at Abbey MBNA customers.

clio

Hamilton
do you know why credit card companys move someones payment date forward for no reason at all ??