TORONTO, ONTARIO, CANADA -- Without my knowledge, MBNA Canada went ahead and raised my interest rate to 24.% then dropped it to 22.98%.
I was appalled by this increase and I called them. Their response to me was, that because I had other debts they had the right to do a major increase to my interest rate, on a pre-existing amount of money already owing. I asked them how they can do that, they said they just can. They said I should have read the fine print a little closer and they would gladly send me it to read again.
When I originally spoke with them in regards to the application they had sent me, without asking for it. They supposedly told me everything about it. They failed to mention that they could increase my interest whenever they wanted to. I am so angry!!! On one hand they tell me they raised my interest because I have other outstanding debts and this was a way to insure they get their money, while on the other hand they keep sending me these payment holiday invoices + interest.
How worried can they be about getting their money when they offer me these free months with interest! I pay to them 124.00 per month, 114.00 of that is interest. IF I could just pay them off I would! All they care about is the money and they will knowingly lie to you by not giving you all the necessary information! Very deceptive! IF anyone knows of any legal action I can take I would really appreciate it! Thanks for reading this.
MARIETTA, GEORGIA -- I purchased a computer from Microcenter with the incentive to save $100 by signing up for their credit card. For six months, I never received a statement and had no idea whom to call. The receipts I have from Microcenter did not mention MBNA or any contacts regarding my account. After six months, I received a nasty phone call from MBNA threatening because I haven't made a payment. They had already ruined my credit before ever trying to contact me.
I offered to pay in full if they send me a statement. The MBNA rep wanted me to give my checking account number over the phone and I refused and still insisted that they send me a statement and I'll pay in full. I received the statement two weeks later along with another nasty phone call. Since then, MBNA has cashed my check, closed this account, and reported me as a bad debt to all the credit companies. It was MBNA's fault because their rep typo'd my address incorrectly. Now my credit is ruined forever.
COLORADO SPRINGS, COLORADO -- After reading the other reviews regarding MBNA, it seems that this company has developed a pattern. I also agreed to terms and agreements over the phone with a customer representative and received by post a completely different agreement. When I telephoned MBNA, their response was that they sent me in writing the terms and agreement and I should have read and been more cognizant of their terms. Unfortunately, I trusted MBNA to give me the correct information over the phone and not change the terms of agreement in writing. Silly me!
MBNA definitely changed the terms of agreement in writing and apparently this is a patterned practice for this company. They really should be ashamed of themselves. The second MBNA representative that I spoke with agreed with me that I would have been better off keeping my two MBNA credit cards rather than consolidating them. Not only did MBNA increase the percentage rate that we were paying on the credit cards but they also charged $700 to consolidate the loans.
If MBNA would like to repair the damage, I request that my $700 be refunded and my initial - agreed upon rate of 8.9% be instated.
MICHIGAN -- I'm going to transfer out of this account as soon as I get home tonight! I pay ahead on my account, and carry a balance of approx. $6,000. I can't believe they haven't jacked up my rates like they have to others, I figure it's only a matter of time, or I've been lucky so far. I'm going to beat them to the punch.
I'm a member of MBNA since 1996 and I always had a great experience with them, they have a very courteous customer service, and they don't hesitate to remove a once in a while late charge, they are very generous with credit line increases, and understood me when I was going through a very difficult time in my life (divorce), they are certainly the best credit card company, and have been so since day one