Letter from MBNA

purpleparrotuk

Just received a letter from MBNA. They said they are increasing my apr and if I want to opt out (which keeps my existing rate) then they cancel my card so I cannot use it any more.

I have not missed any payments or gone over my limit so why have they sent me this?

Has anyone else received this recently?

mikehno1

purpleparrotuk wrote: »

Just received a letter from MBNA. They said they are increasing my apr and if I want to opt out (which keeps my existing rate) then they cancel my card so I cannot use it any more.

I have not missed any payments or gone over my limit so why have they sent me this?

Has anyone else received this recently?

Isn't it time that the government did something about the credit card companies? There has been an enormous swathe of credit limit reductions and interest rate hikes on top of what were already exhorbitant interest charges. It seems like they can get away with anything they like and if you don't have the whole balance to stump up and clear what you owe them then it's like a form of blackmail because you are stuck with whatever way they decide to treat you.

Shouldn't they be reducing their interest rates now for the good of the country and their long-standing (and weary) customers, the bank rate is down to next to nothing but here are the credit card companies screwing the ordinary defenceless public out of as much as they can get.
The latest round was with EGG, hundreds of thousands of EGG customers received notification in the last few days that they are hiking their rates up, what's that about? Don't forget EGG is a bank as well; are they trying to make us pay through the nose for their banking mistakes as well? If I had any EGG savings now I would run a mile before it's too late!

Swans1912

mikehno1 wrote: »

Isn't it time that the government did something about the credit card companies? There has been an enormous swathe of credit limit reductions and interest rate hikes on top of what were already exhorbitant interest charges.

If it is in their Ts & Cs then they are doing what the account holder agreed they could do!

I do not have a problem with credit card companies changing the APR or withdrawing credit if they wish. What I do have an issue with is when they blame the account holder like egg did.

Any idea if the OP received this letter after the 'computer' felt it was time or are these things done manually?

kevin.philips

If it is in their Ts & Cs then they are doing what the account holder agreed they could do!

By virtue of the fact that so long as someone has signed something doesnt make it right.... the reason the banks are in trouble is because they or there staff screwed up... that is simple fact... why then should they be bailed out on both fronts by the general tax payer in terms of government backed funding then again by YOU and I by being forced to pay an increased rate of return or lose service...?