Unfair Credit card Interest rate Hikes! Write complain do not accept it!

petera74

Unfair Credit card Interest rate Hikes! Write complain do not accept it!
Contact the OFT FO your local MP's.

I have a problem MBNA have increased my interest rates to 29.9% from 15.9% with no warning.
All my payments up to date, so why can they justify such a hike?
I cant be the only person who has had this problem?

How much of a common practice is it for credit card companies to exploit the term variable?

Also how many people have had a increase due to a missed payment for making a payment one day late?

They need to be stopped!!

MBNA are the worst at catching people out. They dont send you a letter about the increase they just add the figure on your statement, as a customer you only see the new percentage figure by working it out from the amounts in pounds and pence.

They will try if possible to shed a couple of % but this is the biggest trick in the book. Because they have customer saying yes I will accept 22% instead of 29.9% because the customer think they have a bargin. In fact they have just tricked the customer into agreeing to the 22% figure. Then you are stuck. Do not accept 29.9% or any others other than the original 15.9% on your terms & contitions. They are abusing the variable bit in the tems & conditions, with unfair hikes. Get them to justify why they have increased it so much, do it it writing.

If you can switch the balance do so. But its not that easy at the moment because other lenders don't want new debt.

Lets complain together and get the ball rolling for the Credit card companies to pay back all the unfair interest rates we are subjected to.

Personally I think this is on par with unfair than bank charges. How are they getting away with it?


They seem to be able to set the rate at whatever they want and get away with it.

Iam so mad at MBNA.
Martin can you help us or explain why they get away with it?

:money:

cifpower

They are "getting away with it" because the contract you signed up to when you took out the card was for a variable APR. They have varied it to 29.9%.

petera74

It is not a fair rate to be bumped upto? So we bail them out with taxpayers money then they stick you with a double rated interest hike. This is just not fair practice at all. They are exploiting the term variable!!!

Small print. Doh!

cifpower

MBNA has been bailed out by taxpayers? Must have missed that one

petera74

INTEREST rates charged on credit cards are at their highest in two years despite recent cuts in the Bank of England base rate, according to new research.

petera74

Hey wizkid.
You work for MBNA surely!!!!.

Ok miss that bit about being bailed out. It is still daylight robbery!!!!

But head!

cifpower

No I don't work for MBNA. I just watch the news.

Moggles_2

I have to say, in more than 10 years of credit card shuffling with over 50 cards (not all at once of course), I have never paid 15.9% APR, (never mind 29.9%).

If you only ever spend what you can afford to pay back each month (or alternatively shift the balance to a new card), your standard interest rate - whatever that happens to be - is irrelevant.

If I were you, I'd stop spending on your MBNA card (if you haven't already) & concentrate on paying off as much as possible each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process. There's no shortage of lovely 0% BT cards out there, if you play your cards right

Why go on throwing good money after bad? If your anger spurs you into turning over a new leaf now, then MBNA will have done you a favour, IMHO.

simon_templar_2

The B of E base rate is nothing to do with APR on credit cards. They can charge what they like. If you dont like the APR try another card provider and stop blubbing about it.

jonesMUFCforever

Petra don't moan but switch your account.
Try for another card and balance transfer to clear MBNA.

~Brock~

MBNA have recently written to me telling me they have lowered my rate.