Naming and Shaming MBNA/Virgin Credit Card

jayglitter

Same here - just got letter through yesterday saying my Virgin card was being increased to 29.96% from 15.9%. In process of moving the balance now. Couldn't move it to my partners Virgin card as they would allow a transfer within the card of the same company.
Wonkyferg has a point though. I had recently applied and was turned down for a loan by two companies and this hike came 1 month after those applications.

YorkshireBoy

jayglitter wrote: »

In process of moving the balance now. Couldn't move it to my partners Virgin card as they would allow a transfer within the card of the same company.

Whilst they don't allow a 'direct' balance transfer, the Virgin card does allow the transferring of an overdraft (or even a ficticious one ) to the card.

Your partner could then settle your card from their current account.

Whether this is beneficial will depend on your partner's Virgin card APR, and any BT fees applicable.

CTT_2

In my case MBNA cards are definately worth keeping. The normal APR is of no interest to me as I use the cards for balance transfers and always get excellent deals.

Lexis200

I've just had a letter this morning from MBNA saying they are increasing my interest rate to 2.5292% per month, giving a ridiculous APR of 34.95%! That's worse than most store cards! I'm not in a position to get rid of the card yet, so I'm stuck with it...

Dylanwing

Try Vanquis - I think they are cheaper!!!!!

jay78

Lexis200 wrote: »

I've just had a letter this morning from MBNA saying they are increasing my interest rate to 2.5292% per month, giving a ridiculous APR of 34.95%! That's worse than most store cards! I'm not in a position to get rid of the card yet, so I'm stuck with it...

Ring them and try to negotiate a lower rate. Remember all of these rises are computer generated. If you've got a high balance on your card then you'll probably be paying more interest than that of the balance.

perksy

I just paid off £10000 from Virgin Master card after 12 months interest free period ended. Received a letter APR going up to 17.9%. Rang to complain and cancel. Was offered further 9 months at 0% (didn't discuss fee), permanent APR of 11.9% or 0% on purchases until end of Feb 08. Went for APR 0% for purchases followed by change to 11.9

So ring and negotiate, I spent nothing on this card over 12 months and the only money they made was the original BT fee. Their customer retention department seemed pretty keen to keep me though. I realize not everyone gets the same deals but be cheeky and ask!

Spark

I don't have a Virgin/MBNA card but have an Abbey/Mbna card. They've increased my interest from 9.9 and 12.9% to 18.9% for both cards. I used to carry some payments across a few months, so they were earning a bit from me. And I have always paid on time. Not anymore.
I can't be bothered to call and discuss about bringing down my APr. As far as I'm concerned, I find the interest too high, therefore I have paid everything I owe on my 2 MBNA cards, and apply for a Barclaycard at 6.8%.
That Barclaycard plus my 12.9% marbles card, and I've got enough for my needs. I might even cancel one or both my MBNA cards. Of course, if one day they lower my APR, I might consider using them again.
I should thank them really, if they didn't rise my APR, I wouldn't have looked around for a better card.
I think MBNA are doing that across the board.

value_2

i just called them. i have reached the end of my interest free, so now they agreed for 1.9% for 9 month, but will have a 2% transfer fees. The best thing about Virgin is that they can be used to do transfer for overdraft. which is soomething hard to fiind

YorkshireBoy

value wrote: »

i just called them. i have reached the end of my interest free, so now they agreed for 1.9% for 9 month, but will have a 2% transfer fees.

Is that a 2% uncapped fee, or did you manage to get them to cap it?