MBNA Mastercard - I was paying 34.9% APR without realising!

georgiaes

I want to share an experience I had yesterday as I hope it can help others.

In the past, I haven't paid close attention to my changing credit card APRs as (very naively :mad: ) I simply remembered the APR that the cards had when I took them out and mentally added any base rate interest changes or assumed that they would increase to a normal APR of 15.9-17.9% when the 0% period ended.

This week, I've been giving my finances a spring-clean and contacted MBNA to get info on the rates and fees I'm paying on my MBNA Platinum Mastercard (this was 0% on purchases and transfers when I applied about a year ago).

I was stunned to discover that I've been paying 34.9% on purchases for the last 6 months. I called them to discuss this and was at first offered a reduction to 25.9% when I refused to accept this, they quickly dropped it to 20.9%. I told them that this was still too high and I was considering cancelling the card. After being put on hold for a few minutes, they came back with an offer of 15.9%. This was extremely easy and I just wish I'd been more on top of the changing rates in the past.

A cautionary tale for anyone who hasn't checked up on their APRs recently! I'll definitely be calling round all my card providers every 6 months from now on.

Bokkens

Have a look at Martin's "rate tart alert" and you won't miss any end of offer dates.
http://www.moneysavingexpert.com/cards/credit-card-tart

silkglade

Well I have applied or an egg money card and was accepted instantly on line. I already had an egg card.. Which has a nil balance.

Well when I appled for the card just over a week ago and was given an interest rate of 7.9% upon acceptance so I thought great, that was what I was hoping for.

I checked online this morning in egg money (the card has not yet arrived) and they have changed my interest rate to 16.9%... Not great!

Now wondering why I bothered