MBNA suddenly incerased my intrest rate on credit card balance what should I do!

seyes2

I have 2 MBNA credit cards taken from them 2 years ago.

initially they gave me 9 months 0% balance transfer.but at the end of 9 months I could not be able to pay.
after the interest free period is over one fine morning they phoned me and said they did a credit check on my details as i did not pass they increased the interest from 15.9% to 22.95%
at that time I know that it is unfair but I don,t know whom to ask for an advise

can anybody help me please

seyes2

JJVV

Hi

I am having a similar problem. Following a 0% rate my interest has increased to 34%. I have asked for a reduction but they refuse. What do i do?

Help

JJVV

Hi

I am having a similar problem. Following a 0% rate my interest has increased to 34%. I have asked for a reduction but they refuse. What do i do? I am at my limit with is £12K and have no other cards to switch the balance.

Help

seyes2

Hello JJVV
it seems there is no help for us.............

CLAPTON

unfortunately they are allowed to change the APR.

So the only options are to switch to a lower APR card if your credit rating is good enough or review your income and spending so as to free up more cash to pay the debt off faster.

missile

That is the catch with 0% deals. When the deal ends they hope you will not have cash to pay balance and get stuck with a massive interest rate. That is how they make their money = there is no free lunch

MABLE

Why on earth would anyone want to have a large debt on their card after the promotional rate. Credit cards normally are for short term debt but the majority of people do not seem to grasp this fact.

a11waysindebt

May I ask if you have put claims in for charges,before the rise with any banks or cc companies.

PayPeanuts_2

For some reason you signed a credit agreement saying the interest rate could vary.

It is not unfair, it is what you signed up for.

missile

MABLE wrote: »

Why on earth would anyone want to have a large debt on their card after the promotional rate. Credit cards normally are for short term debt but the majority of people do not seem to grasp this fact.

I think you may find it is not just OP. Many (if not most?) people find it hard to clear the balance at the end of the 0% deal.

Bismarck

This is one where you look at it and the OP and others would expect the 0% period to be followed by a rate of 17 - 20 % i.e. regular purchase rate. The silly over 30% rate is just making sure that those who can, will prioritise getting out in time to avoid being hit. The trouble with this was announcing the new rates when the money had gone and there isn't much time left to sort out any alternative....guess they'd call it hardball but it really is a switch in gear...