mbna credit card help

melissa1000

hi

i have had a letter from mbna to hike my rate and not really sure what to do.

It says i can reject it and pay at the old rate.

15.9 - 20.9%

Will this effect my credit rating if i reject?
Should i ring and try to barter with them?

Was planning to pay more of it off after chrismas monthly i have missed any min payments etc.

Please help
Regards
Melissa

chanz4

It wont affect your credit rating

SCO

If you reject and pay the old rate the account will be closed and you would continue to pay the debt off.

The card will not be usable.

chattychappy

It won't directly have any impact, but if this is the only card and it ends up closed, then a hole is opening up in your history.

If it is your only card (or perhaps you only have a couple), then maybe now is a good time to apply for a new one. (Didn't understand if you've missed payments or not - might be tricky if you have.)

Of course if you get one with a good BT deal, then you can pay off MBNA anyway.

5% extra is 5%. But that's APR. If you think you will clear the balance in a few months, then the extra amount on top won't be so significant. MBNA are great for coming back with repeat deals. So I might even pay it just to keep the account open.

melissa1000

hi

thank you for reply

it isnt my only card i do have another, im just worried about applying for another card for BT as my balance is high 9000 and dont want to get declined.
Do you think it is worth calling them for a better rate? or should i just close and pay monthly?

I meant to say i havent missed any payments

jonesMUFCforever

To get a new card with anywhere near a £9000 limit when you already have one, probably will be impossible unless you are on mega wages.
Have you thought of applying for a loan to pay the card off?

melissa1000

hi

yes i think this might be the way i have to go.

thank you for the help
Melissa

chattychappy

A couple of searches are not a problem. So why not apply for a new card anyway? Even if you get a lower limit than you need, you might at least be able to transfer some of your balance over.