Hoodwinked By Mbna?

naivete

Over many years I have only one credit card, i.e. Mastercard now "run" by MBNA. Every year my credit limit goes up automatically, usually by another £1,000 each January/February. Last month whilst browsing my Account Snapshot (overview) I noticed the credit limit having been increased by £4000! I immediately telephoned MBNA pointing out their error only to be told that as I am a loyal customer the new limit of £14,100 is correct.
With this newfound credit I was able to commit myself to certain matters out of my reach before the new increase.
Some four weeks later, having used about £2,000 of my newly acquired £4,000, I again just happened to be looking at my Account Snapshot and to my horror discovered that the credit limit now said £12,300.
I am now in the unenviable position of struggling to honour my committments through no fault of my own. Money has been given to me in one hand and taken away with the other, all without any notification at all. As a "loyal customer" I feel let down and hoodwinked. Any comment from anyone?

In the last couple of days I have received a Seasons Greetings card from MBNA thanking me for my valued custom and as a loyal customer they would like to offer me more than just their best wishes. "...really celebrate Christmas in style this year ........ enables you to make a money transfer of up to 95% of your available £14,100 credit limit .... take full advantage and splash out on gifts for your family and friends ..... thank you for being one of our best customers ..... MBNA will help you to make this Christmas one to remember"

Help to make Christmas one to remember? I'll certainly do that! Talk about rubbing salt in the wounds!!

jamalfatty

naivete wrote: »

With this newfound credit I was able to commit myself to certain matters out of my reach before the new increase.

So you knew you would struggle with this but spent it anyway?

I am now in the unenviable position of struggling to honour my committments through no fault of my own.

How would the additional credit that they have now taken away made any difference to this? If anything, they have done the right thing by reducing your limit if your struggling already

naivete

jamalfatty wrote: »

So you knew you would struggle with this but spent it anyway?

How would the additional credit that they have now taken away made any difference to this? If anything, they have done the right thing by reducing your limit if your struggling already

Because the new outgoings to which I have committed myself are towards repairs and maintenance of one of my two vehicles to sell at top price, the proceeds of which would pay for all repairs on the other so that it is also saleable, hence putting me in a position to reduce my outstanding balance considerably.

Zebedee69

Lol! The bank did the right thing..... They gave you a high limit and you have spent alot of it within a few weeks...... That rings alarm bells!

naivete

You're right .. building credit aint easy - it's taken many years of credit worthiness to achieve this kind of limit, in which time I have never missed a payment and have only had one five hour late payment charge.

C32AMG

Can't really understand what you're complaining about here!

They gave you more credit facilities than you were expecting (or needed), but you decided to spend it anyway knowing you wouldn't be able to pay it back?

Then they reduced it by 1800? Still 1,200 more than you were expecting, though?

With a credit limit of even 12,300 the repairs on the vehicle must be pretty extensive, or you must drive something very special indeed to warrant you needing 14,100 to pay for it!?

naivete

What on earth gave you the impression I was spending my whole credit limit of £14,100 on very special cars indeed. Perhaps you would care to read my thread again.

"HE WHO HATH NO SIN SHALL CAST THE FIRST STONE"

:rolleyes:

Mozette

naivete wrote: »

What on earth gave you the impression I was spending my whole credit limit of £14,100 on very special cars indeed. Perhaps you would care to read my thread again.

"HE WHO HATH NO SIN SHALL CAST THE FIRST STONE"

:rolleyes:

What exactly is your problem then? If you're not near your (revised) limit, where's the problem?

bengal-stripe

naivete wrote: »

"HE WHO HATH NO SIN SHALL CAST THE FIRST STONE"

Here's a bible quote, especially for you:

"THE LORD GIVETH AND THE LORD TAKETH AWAY"

MABLE

bengal-stripe wrote: »

Here's a bible quote, especially for you:

"THE LORD GIVETH AND THE LORD TAKETH AWAY"

No doubt in MBNA's case their mission statement says

"MBNA GIVETH AND MBNA WILL TAKETH AWAY WITHOUT WARNING"

Frugaldom

Are you absolutely positive that MBNA dropped your credit limit? Are you sure you didn't see the 14,100 available credit BEFORE spending the 2k and then afterwards it reflected the balance available, which would be 2k less than previously shown, as you had spent it. MBNA online accounts can be quite confusing to read compared to some of the others. (The worst ever has to be the PayPal credit card, I tried this for their interest free period and cash-back, but gave up completely and phoned to cancel as it was such an appalling online service.