MBNA raising interest rate

icklepiggle

My hubby has an MBNA credit card & has had 2 interest rate hikes....

first one in Feb from 14.9% to ~ 30%

second one notified yesterday from 30% - 34.5%

when the first one was notified he called them to ask if he stopped using the card would they maintain the original interest rate & they said no.

now he's had a letter for the second rate hike, and they have offered him the option to opt out of the interest rate rise if he stops using the account. He called them to find out why he couldn't do this the first time around, and they just said he only got a standard letter notifying him of the change so he musn't have been eligible.

I am hopping mad about this :mad:, as it has a balance of £6,000 on it - so a 15% interest rate hike is a huge burden when we're only paying min payment off.

Do you think it's worth complaining? Do we need to contact MBNA again?

thanks

PNPSUKNET

Im not sure you will get far as its in their tiny t&c's , try looking for either a loan or 0% if unable to pay off. Credit cards are only really for short term lending

icklepiggle

totally agree on that point... my beef with them is that they proudly claim to have 'principles on risk-based pricing' which includes giving customers options including an opt-out of interest rate changes and close the account.....

_Andy_

PNPSUKNET wrote: »

Im not sure you will get far as its in their tiny t&c's

There is nothing 'tiny' about the rate being variable. Have a look at

http://www.mbna.co.uk/

There are three key points for the card advertised, the third of which is the typical APR and the fact it is variable.

icklepiggle

sometimes it feels like people reply to threads on here just to say anything at all - despite the fact it is not useful....obviously it is a variable rate, that was not my point but hey ho I guess I'll go back to another forum where you can get an answer to the question you posed in the first place.....:rolleyes::rolleyes::rolleyes:

_Andy_

I was responding to another poster who was suggesting the fact the interest rate is variable was hidden. I have pointed out that is not the case. Demonstrably I have not replied 'to say nothing at all'. My reply was useful because the poster in question needed to be corrected about what is 'tiny'. Clearly you didn't find this useful and that's fine.

If you search the credit card forum you will find MBNA have been increasing interest rates for many of their customers as well as various successes and failures in requesting the rates be lowered.

RobertoMoir

icklepiggle wrote: »

I am hopping mad about this :mad:, as it has a balance of £6,000 on it - so a 15% interest rate hike is a huge burden when we're only paying min payment off.

Do you think it's worth complaining? Do we need to contact MBNA again?

thanks

Well it isn't like you get charged for complaining so by all means have at it. Not sure it'll do much for you, as this is an often repeated pattern with their cards that we've seen here a lot, so pulling stunts like this is clearly how they make their money.