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

loveandlight

You should definitely switch to another 0% deal or even a low life of balance. I have two on low life of balance deals ( 3.9% and 4.9%) so I don't have to worry about this happening and my third one which wasn't in a low life of balance increased by 3% within a month and this is despite having an impeccable payment record. I'm changing that one to a low life of balance as well. I wouldn't be able to cope on a 0% with the stress and worry of not being able to transfer them before the 0% ended.

chuckley

missile wrote: »

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.

the problem is transfering or totally up a big amount in such a short time. if it was say £500 it would be fine, but thousands ending at the 9 month or whenever it ends, stage is different...

toomanyshoes

There doesn't seem much you can do.

I'm still with Egg and my interest rate is 17.9% when they are offering 16.9% to newbies.

I very politely wrote and asked for a reduction as a long term customer etc etc but no chance.

I'm currently transfering elsewhere. My Debenhams card offered 0% for 6 months out of the blue and Mint accepted a new application this week.

missile

chuckley wrote: »

the problem is transfering or totally up a big amount in such a short time. if it was say £500 it would be fine, but thousands ending at the 9 month or whenever it ends, stage is different...

Like I said earlier, this is the catch with 0% deals. Obviously the savvy will save a little each month and have enough to pay off the balance in full after 9 months. They can earn interest on this money i.e. stoozing. Unfortunately many people put off doing anything about it until the deal ends. :rolleyes:

GeorgeUK

JJVV & seyes2 - it may be worthwhile starting a thread on the Debt Free Wannabe board. If you aren't able to get another 0% Card, there may be other way to either juggle your money or make some savings to pay towards the debt.

Just remember that each credit check you get goes on your credit history, so you shouldn't have more than 3 within a 6 month period or it will start to affect your credit score.

_Andy_

seyes2 wrote: »

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

So, in essence, you signed up to a credit agreement that involved (after the 0% period), a variable rate of interest.
The lender, well within their rights, varied (increased) the interest rate as per the terms of the contract.
Exactly how is that unfair?

JJVV

Hi

I did apply for charges to be refunded and come to an agreement.

Thansk

JJVV

Is this a Debenhams store card?

bengal-stripe

JJVV wrote: »

Following a 0% rate my interest has increased to 34%......I am at my limit with is £12K

I bet, you had a good time spending all those 12k in nine months.

As Madame de Pompadour used to say: "Après nous, le deluge"