MBNA Rate change opt out letter!

elsmore1

Hi I got a MBNA credit card last year on a low balnce for life of 4.9% on balance transfers. I recently got a letter saying the rates were going up and gave me a choice top opt out which I did as they were going up to 24.9% for new purchases etc, obviously I never plan to use this card for purcahses and now I cant use it at all as I have opted out.

Maybe the credit companies see people are just using it for transfer and never plan to use the card but some people may not read the letter properly and may end up paying huge APR's.

Luckily the propmotional rate are not affected!

chattychappy

I've got a 6.9% LOB offer running now which I haven't taken. Immediately prior to this they offered me 8.9% LOB which I also ignored.

Maybe I can get your 4.9% next? That would be brilliant.

Or maybe they'll reduce my 19K limit so I won't be able to draw much. Or maybe they'll increase it?

My standard rate just came down by 2% too. (I think from 14.9% to 12.9%).

huxleypig2

Just had a letter from Capital one today. They are raising the rate from 25.090% to 34.9% from September.
This is nothing short of usury. Never missed a payment .

Moggles_2

Maybe the credit companies see people are just using it for transfer and never plan to use the card ...

Once upon a time, all credit card companies made a good living from merchant fees.

If customers now use their cards for balance transfers and credit card cheques rather than purchases, the card companies - MBNA in particular - have only themselves to blame.

dvs

Moggles wrote: »

Once upon a time, all credit card companies made a good living from merchant fees.

If customers now use their cards for balance transfers and credit card cheques rather than purchases, the card companies - MBNA in particular - have only themselves to blame.

Totally agree with you!

gazelle8760

huxleypig2 wrote: »

Just had a letter from Capital one today. They are raising the rate from 25.090% to 34.9% from September.
This is nothing short of usury. Never missed a payment .

I had exactly the same letter, a 10% rise is totally disgraceful, and no thought has been put into those who are long standing, or good payers, it makes you unable to afford to use your card, especially if you cannot pay the balance off in full, Capital One need to realize that they are not going to get people spending on their cards, when the incentive is to penalize them, instead of rewarding good loyalty.:mad:

dfh

I had the same experience with Halifax.I always stayed within my limit,always paid on time and for no reason at all,my interest rate went up from 16.9 to 26.9 !