Be Careful With Mbna

moneypenny2k

I took out an MBNA card about 10 months ago with a 9 month interest free. When it came to an end I contacted them about reducing the interest rate from the 16% I thought I was paying, They said to me we can reduce it from 29% to 23%. Apparently the letter telling me I was going to be put on this extortionate rate of interest must have been lost in the post.

They best they could do was to put me on 23%. Given that I earn 45k and have a good credit history this is laughable.

Be warned.

sazziecee

yeah happened to me too, I was on a 15.9% standard rate and got offered something like 2% for purchases for a few months. I spent quite a bit on it and then got a letter saying that once my deal had ended, my rate was going up to 29.9% I couldn't believe it.

Luckily I had some money elsewhere I could pay most of it off with but still have £1500 I need to shift off it ASAP as I am paying ridiculous amounts of interest.

They are still sending me 0% offers too for balance transfers and cheques, but as if I am going to be that silly


Sarah

moneypenny2k

I'm glad it's not me. If there are others too maybe Martin would like to investigate.

MABLE

moneypenny2k wrote: »

I took out an MBNA card about 10 months ago with a 9 month interest free. When it came to an end I contacted them about reducing the interest rate from the 16% I thought I was paying, They said to me we can reduce it from 29% to 23%. Apparently the letter telling me I was going to be put on this extortionate rate of interest must have been lost in the post.

They best they could do was to put me on 23%. Given that I earn 45k and have a good credit history this is laughable.

Be warned.

There has to be a good reason for charging you 23%. I note you say you have a good credit record. No doubt that is very true but perhaps you have alot of commitments and that would reflect a less than fair apr.

rsykes2000

MBNA are putting up rates across the board, it has happened to a lot of people in the last few months.

Dylanwing

And people complain about Vanquis rates!;)

moneypenny2k

MABLE wrote: »

There has to be a good reason for charging you 23%. I note you say you have a good credit record. No doubt that is very true but perhaps you have alot of commitments and that would reflect a less than fair apr.

No, not over committed, managing well. Thankfully I have money in the bank and I can pay this off within the next few weeks. I'm just astonished by the underhandedness. No warning of the rate hike at all. Telling me that the post must have gone astray in the strike just doesn't cut it.

mrcow

Switch to another 0% card.....there are loads about.

MABLE

MABLE wrote: »

There has to be a good reason for charging you 23%. I note you say you have a good credit record. No doubt that is very true but perhaps you have alot of commitments and that would reflect a less than fair apr.

Very strange indeed. Personally I am a great supporter of MBNA not because of the APR on standard purchases but they are always offering me good deals and thats the only reason I keep the card. Also with MBNA they administered credit cards for other companys. You could look at the SONY card which is administered by MBNA as they are offering 0% at the moment.

MBNA will allow you to transfer your credit limit to that card and have all the special offers associated with that card.

You can apply on line and the application will initially be referrred and you will be given a free no. to ring and then ask the underwriters to close the MBNA and transfer limit to the chosen card.