MBNA Have Doubled My APR!!

mlevans84

Just recieved a letter from mbna saying that my interest is going from 6.9 to 12.9apr. The standard rate when i took out the card was 6.9apr Not an Opening offer. I telephoned mbna and they told me that the rate was variable and that basically they can change it to what they want and there is nothing that i can do. Is this correct? Any advice please.

jonesMUFCforever

Yes they can charge what they like as most cards not on a special offer are on a variable rate.
Even at 12.9% it is far from being the most expensive card on the market but my advice would be to apply for a 0% card to balance transfer to to clear your existing one.
Just make sure that it is not another card from the MBNA stable.

Gorgeous_George

mlevans84 wrote: »

... and they told me that the rate was variable... and there is nothing that i can do.

Of course there is something you can do.

Option 1: Clear the card and close the account. Maybe using a BT to another card.

Option 2: Do nothing and accept the t&c's that you signed up for.

I'd go for Option 1 even if I could only find a card with similar rates.

GG

hillendale

mlevans84 wrote: »

Just recieved a letter from mbna saying that my interest is going from 6.9 to 12.9apr. The standard rate when i took out the card was 6.9apr Not an Opening offer. I telephoned mbna and they told me that the rate was variable and that basically they can change it to what they want and there is nothing that i can do. Is this correct? Any advice please.

Today, 4:27 PM #1 lewpylew vbmenu_register("postmenu_6574772", true);
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Virgin CC - are upping my interest rate by 15%!
Just got in to find a letter from Virgin money saying that they are upping the apr on my credit card from November from 14.9% to 29.9% apr..... :mad:

I am fuming... I have never missed a payment and have a balance of about £900 on a card with a £1,000 limit.

I am unlikely to get another credit card so what can I do? Has anyone else got this letter?

Thanks in advance



2007 Wins...Toy pelican,Leapster L Max,Microsoft Office 2007, Shrek Beanie, Die Hard 4 Cap, GWR Steam Railway Family ticket, Shrek DVD Boxset & limited edition pritt stick, Pirelli Towel & Cap, 2 Cadbury album downloads and bar of Cadbury's & Little Miss Sunshine dvd:j :j
Impatiently waiting for my next win :mad: :rotfl:

hillendale

hillendale wrote: »

Today, 4:27 PM #1 lewpylew vbmenu_register("postmenu_6574772", true);

MoneySaving Stalwart

Join Date: Mar 2006


Post Count: 263


Thanked 739 Times in 99 Posts

Virgin CC - are upping my interest rate by 15%!


Just got in to find a letter from Virgin money saying that they are upping the apr on my credit card from November from 14.9% to 29.9% apr..... :mad:

I am fuming... I have never missed a payment and have a balance of about £900 on a card with a £1,000 limit.

I am unlikely to get another credit card so what can I do? Has anyone else got this letter?

Thanks in advance

2007 Wins...Toy pelican,Leapster L Max,Microsoft Office 2007, Shrek Beanie, Die Hard 4 Cap, GWR Steam Railway Family ticket, Shrek DVD Boxset & limited edition pritt stick, Pirelli Towel & Cap, 2 Cadbury album downloads and bar of Cadbury's & Little Miss Sunshine dvd:j :j


Impatiently waiting for my next win :mad: :rotfl:

Looks like mbna are pulling a fast one with its customers

cruzier

So one minute they are moving 'payment due' dates and causing customers to incur late payment charges (another thread) now they are increasing customers APR's.

Sounds like they are in trouble and need to increase their profitability to me!

Squirrel29

Yes I too have got the letter today. I have a credit limit of £3k and a £1100 balance. I have not missed any payments. Also the min payment is rising to 5%. I guess we are on their list of "undesirables".:mad:

jamalfatty

cruzier wrote: »

Sounds like they are in trouble and need to increase their profitability to me!

Going to assume you dont actually believe this! Payment due dates changing and APR's being increased has happened since credit cards were invented, 2 or 3 people complaining it has happened to them doesnt make a company in crisis!

12.9% is still not a rate to be sniffed at - that and the fact you had 6.9% probably means they consider you to be low risk and quite profitable, bet if you ring them up to threaten closing your account they will lower this.