Narky letter from MBNA!

oldagetraveller

udydudy wrote: »

Its surely nothing personal. I would say just cancel the card if it really bothers you. .

Possibly that's exactly what MBNA want the OP to do?

shaven-monkey

the key point is this : you paid off the balance.
They would much prefer you to pay the minimum every month and keep paying interest indefinitely.

busydaffodil1

They could not wait for me to clear my card because I was on one of those "cashback" schemes and they were trying to get rid of them.
Could this be the issue maybe?

nad_

i do use credit card but just for score and i alway pay in full to avoid the interest apart from onece when i forgot tht i havn't got enough moeny in bank and both bank and the credit card charged me for it and now i m really keeping an eye on both

rodent

Mbna cut one of my card limits from 20K to £100 and raised apr to 30% just after i paid off a 0% balance, at the time i had 16 accs showing on their computer !!! most were closed tho, i just waited until they offered me anther 0% deal on that acc then moved my credit limit from another acc to take it back to the 20K and had another 12 mths at 0% thank you very much !

I still have that particular acc open and sitting at £100 cl BUT this time i reduced it to £100 sit and wait for the next 0 % deal to come along !

Get Stoozing, they just did you a big favour and got rid of unused credit for you , just reapp for anew acc and off you go again !

The Rodent


Ps paying 30% apr is optional, you only pay it if you are financially inept !just take the 0% then move on to the next.

Clive_Matthews

uptomyeyes1984 wrote: »

hi all,

This matter wouldnt have bothered me AT ALL! apart from the letter i recieved from them last week.

The letter said on the lines of yearly review and due to the change in my circumstances they have put my credit limit from £6000 to £200! ! ! !

YES! the change being it was nearly maxed out and we paid it off IN FULL!


Anyone else had one of these letters?

Kelly

Yes - they're still at it. I had a £4000 limit on my British Telecom Visa card (issued by MBNA), I owed around £3200 on it until last week when I paid it all off. I've never defaulted on it, never made any late payments, nor did I take out a consolidation loan to clear the balance.
Had a letter this morning telling me they'd cut it back to an insulting £500 - I was livid. Phoned them up and got the usual flannel about how they were "concerned" about the level of my credit card borrowing, and how they may well increase the limit 6 months down the line.
I asked why they had chosen this moment in time when I had just REDUCED my debts substantially to act on their "concerns" - of course, they couldn't answer that.
A cleared balance = no money being earned from interest. Therefore, these sudden cuts in credit limits serve no purpose whatsoever apart from to spite those of us who are determined to become debt free.

Numenor

I'm seeing a pattern emerging here... people's limits are being cut when they are paying off the whole amount in one go, especially at the end of a 0% period.. Perhaps the card companies are simply trying to get rid of stoozers.

pb3

Numenor wrote: »

I'm seeing a pattern emerging here... people's limits are being cut when they are paying off the whole amount in one go, especially at the end of a 0% period.. Perhaps the card companies are simply trying to get rid of stoozers.

One of my credit cards (Littlewoods - now managed by Barclaycard) was suddenly reduced from around 4K I think to £260 after an "account review"

Mind you I hadn't used the card for well over a year. I wouldn't have minded the credit limit cut that much, but the "narky" letter annoyed me a bit. I believe (as somewhat said) that they are trying to "encourage" unprofitable customers to jump ship, rather than withdraw the cards and risk the PR disaster that was Egg.

I'm certainly not giving them the pleasure. I'm now using the card instead of a prepaid for online purchases from websites I'm not familar with. The low credit limit should protect against large fradulent transactions should the details ever be compromised.

Every cloud has a silver lining as they say

Congrats to whoever got a compensating 3.5k credit limit increase on their Littlewoods card