MBNA Interest Rate

pjays

Hi all

I saw in the newsletter a few weeks ago about MBNA raising their interest to 35% and sure enough that filtered through on the statements.

My question is that MBNA are advertising on their site, 15.9% interest rate. I called them to ask for a reduction, but a lovely chap told me that he couldnt do anything as he didnt have authority.

Are they allowed to advertise one rate, and charge their customers another?

As anybody experienced similar?

thanks

BenL

15.9% Apr Typical rate (variable)


If 2/3rds of customers are getting this rate they can use this in the advertising.

Ditch and switch taking any cashback offers and get a new card with a new provider.

Companies love to milk existing loyal customers so be loyal to yourself and bin them off.

In short, MBNA are doing nothing wrong with their advertising.

u319489

MBNA in my experience are the very worst credit card company you could possibly get
They seem to be ramping up everyone,s apr
They have just doubled mine to 30 per cent having been with them for about 10 years and never missed a payment
they consistently send me credit card cheques and have just doubled my credit limit
they will try anything possible to encourage you to amass loads of debt and then badger you endlessly if you can,t pay
I know this from when my brother was declared bankrupt the most agressive and least understanding company he had to deal with prior to bankruptcy were MBNA
Easy choice for me --I have moved most of my balance of my virgin card and fully intend to clear the rest shortly
I would not encourage anyone to open an account with them as they have no redeeming features as far as I am concerned

bunny999

Virgin credit cards are issued by MBNA

issyc_2

I just got a letter through saying they are raising my interest rate to 34.9% from 16%!!!! I've been with them for years and can't believe this is how they repay loyalty!!!!

How can they double the interest rate on you? Doesn't seem fair...

So shutting the account down and moving on. Never opening MBNA again!

ICan'tStandIt

issyc wrote: »

I just got a letter through saying they are raising my interest rate to 34.9% from 16%!!!! I've been with them for years and can't believe this is how they repay loyalty!!!!

How can they double the interest rate on you? Doesn't seem fair...

So shutting the account down and moving on. Never opening MBNA again!

Loyalty counts for nothing these days sadly.

You may even find that your average callcentre keyboard monkey warrior (of which I have been in the past and there is no shame at all in being one) probably doesn't even know how long someone has been a customer.

methusala_2

Best way to use the MBNA card is to use it to your advantage. Use only thier promotional offers and make sure you never get to the stage where you have to pay interest. My MBNA is rarely sitting idle despite never being used for purchases except while in a 0% interest period.

Paulgonnabedebtfree

methusala wrote: »

Best way to use the MBNA card is to use it to your advantage. Use only thier promotional offers and make sure you never get to the stage where you have to pay interest. My MBNA is rarely sitting idle despite never being used for purchases except while in a 0% interest period.

This is pretty much what I do these days too. Luckily, when they jacked up my interest rate to higher than storecard levels, I also had reasonable LOB transfers offered from other cards even though I was an existing customer. My most recent bills from two of my MBNA cards was £0.00 and £1.15 (a bit of residual interest left over after the BT). If I use them for 0% again, I will make sure that I have the money put by to pay it off just before the end of the promotion. Incidentally, I think they are now charging 5% for BTs into their accounts. That's how it looks anyway.