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MBNA Virgin outrageous interest hike
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accountnurse
Posts: 49 Forumite
in Credit cards
I have a 9 month interest free deal that expires 15th May, I received a letter yesterday saying my rate 'following statement date in May 2006' is increasing to 24.9% (from 15.9%) !!
The terms and condition seem to allow this with 14 days notice, and I'm just about to shift the debt to another card anyway, but I was just wondering if any other providers have starting doing this too?
Does anyone know if this is considered acceptable business practice?
I have seen another thread about fees for cancelling direct debits so I'm going to ring them to see what I can find out.
Just spoke to them and was told there has been a review of all accounts and that the fact my interest free period is expiring is just a coincidence. Was advised that my rate has changed because there was a mix up with my first payment last August! (it was late) they agreed that my account has been run perfectly apart from that.....I also discovered (by accident) that when I spoke to them about the first payment being late they actually extended my interest free period by another month!!!!('a clerical error')
Regarding direct debit cancellations-was advised that if you ring them at least 4-5 days before it's due you won't incurr any fees.
I still say this interest rate hike is shoddy practice............
The terms and condition seem to allow this with 14 days notice, and I'm just about to shift the debt to another card anyway, but I was just wondering if any other providers have starting doing this too?
Does anyone know if this is considered acceptable business practice?
I have seen another thread about fees for cancelling direct debits so I'm going to ring them to see what I can find out.
Just spoke to them and was told there has been a review of all accounts and that the fact my interest free period is expiring is just a coincidence. Was advised that my rate has changed because there was a mix up with my first payment last August! (it was late) they agreed that my account has been run perfectly apart from that.....I also discovered (by accident) that when I spoke to them about the first payment being late they actually extended my interest free period by another month!!!!('a clerical error')
Regarding direct debit cancellations-was advised that if you ring them at least 4-5 days before it's due you won't incurr any fees.
I still say this interest rate hike is shoddy practice............
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