Is it worth contacting MBNA about interest rates?

jenevieve

Quick question for you expert lovely people....

2 of my credit cards are with MBNA (one MBNA, the other A&L) and both have upped the interest rates a while ago to 2.52% monthly which is a whopping 30% a year.
Is it worth my time writing to them to ask for a reduction in interest rates so that I can make headway into my debts? Or will this cause more problems than it solves as I am currently meeting minimum payments and hoping to increase what I pay through careful budgeting.

Anyone else with any experience of this?

Thanks in anticipation......

jenevieve

Little bumpety-bump;)

GeorgeUK

I'd say it's definately worth asking them to reduce the interest rate.

I take it you can't get another card to transfer the balance to at a lower rate?

jenevieve

Thanks George,
Unfortunately, I doubt I would be accepted for any type of balance transfers.