MBNA Letter - Legal loan sharking?

Bookie

I have recently received a leter from MBNA giving me new rates for my credit card. They quote 2.5292% monthly for ALL services including card purchases, balance transfers, credit crad cheque transactions and cash transactions. This is the equivalent of 34.2% APR.

What on earth is going on?
Has anyone else had this letter?

I dont get it! Cash withdrawals I can understand but card purchases?

I have had no defaults for many months with this company. I find their service centres rude and unhelpful only quoting from the book when they are asked questions.

This has to be tantamount to legal loan sharking?

KP

Ilian2008

Hiya. I got into a pit of despair with MBNA. They were my best card for a while constantly giving me 0% deals and raising my limit and the minimum repayments were always low and then bang they increased my rate to 34% and wouldnt reduce it. I had two other cards which were administered by MBNA and I couldnt get a deal anywhere esle. Finally after a lot of hard work ive paid it all off but i reckon i paid 3k in interest alone last year.

I will never have another mbna account.

skyrider007

They have been doing this to loads of people. It is clearly stated in their Ts&Cs that the interest rate is variable though. The best you can do is jump ship and apply for another card from other company.