MBNA Rate reduction

hotchkissstuart

Thought I'd let you know about a success story and say thanks to MSE for the idea to try it.

I have a MBNA credit card and noticed that they quoted the interest rate as a monthly figure and it was only when I calculated the annual rate I realised I was paying 34.5%.

A quick phone call and I got this reduced to 19%. Not the lowest rate but significantly better.

Tried to do the same with LLoyds TSB and they refused to concider a rate reduction but were willing to look at increasing my credit limit and giving me an offer on balance transfers. Declined their offer.

Next job is to try for a card offering a 0% on balance transfers and move the LLoyds balance to that then close the LLoyds account as if they won't work with me then they don't get my business.

Thanks to MSE for the idea of trying for reduced rates.:j

chopper78

I noticed my MBNA card has a near 30% rate (despite having ~15% rates on other cards). I haven't bothered to phone them and ask them to reduce it as I only use the card for balance transfers. I figure that if I ask them to reduce the rate, they may stop offering 0% BT promos.

I had a £5500 balance on my MBNA card and the 0% rate was due to end in March. I transferred the entire balance away from MBNA before the end of the promo onto my Egg card (no 0% rate, but no BT fee either), and a few days later MBNA called me to offer me a new 0% BT rate for 12 months on a 3% BT fee. Balance transferred back to the MBNA card.

I guess they're happy at least for the 3% fees I'll just use my other cards for actual purchases.

bouncydog1

You may also find that by having the rate lowered you can no longer use the card for anything - the rate will stay at that level until the debt is paid off.