BAY AREA, CALIFORNIA -- I have read through most of the MBNA comments on this site and if I had only read them sooner. I was introduced to MBNA back in August of 2005. I kept getting junk mail from them wanting me to consolidate my debt by using their line of credit. One day I figured what can it hurt, so I called them. Everything was done over the phone and happened very fast.
A few days later they called saying I was getting a line of credit. I was asking for $25,000. I ended up getting $26,500.00. This all happened in August and I didn't receive my first bill until mid September. I don't recall ever hearing anything about being charged to get the money put into my account. But when the bill came, it read "BALANCE TRANSFER TRANSACTION FEE $750.00". Also they talk you into getting the credit protection, which I said I didn't need. They said, "you can cancel it in 30 days if you don't want it."
"CREDIT PROTECTION PLAN COVERAGE $247.23" which with this fee plus the transfer fee of $750 it automatically puts you over your credit limit. Which brings you to this response: "Your account is over limit. To avoid an over limit fee on your next statement, we must receive a conforming payment, that brings and keeps your account balance below the credit line, within 20 days of the above statement closing date, and not go over limit again."
Which brought me to my first bill with them $908.23, my payments are $661.00 and the interest alone was $568.93 with an APR of 25.74%. WOW!!! I called them several times and talked to supervisors, they just stated it was my fault for not paying attention. They said that they could pull my credit report and see if they could lower my interest rate, I fell for that once, which they pull it and tell you, "no you will have to check back in 8 months and maybe they can reduce it then," due to my credit score. At that time my credit score was 714.
Since September I have paid down $6,442.71. Never late and yet my interest rate just keeps going up..... now my APR is 27.24%. Since March of this year they have been offering me this deal "$15 REDUCED PYMT OFFER THIS MONTH. FIN CHRGS ACCRUE. PYMT MAY NOT COVER FIN CHRGS. LATE FEE IF PYMT LATE." I just wanted to give someone else a heads up, wishing I had known then what I know now.
I would never do business with MBNA or their affiliate Bank of America ever again. Lesson learned. Once they are paid off, it's a done deal. Thank you to everyone for putting their comments out there, it's never too late to let someone else know what is going on with this company.
If you have one of these cards, get rid of it, or don't use it. I've been a customer of MBNA for 7 years. Perfect credit, never been late. $16k credit limit. I use the card for business expenses and travel. I just paid $11k on the card after running up a considerable balance for travel to Europe and some large equipment purchases. I went online to check that the payment posted OK and noticed an available credit of only $376! My credit limit had been reduced from 16k to 5k overnight. No warning, nothing! I called then figuring it was a computer error or some such.
They told me my credit report had been "reviewed" and that they decided to reduce my available credit. I asked why and the person said that I had too much outstanding credit. I became worried that perhaps I had become a victim of identity theft, as I only have 3 credit cards and perfect credit. I was also told that "a letter explaining we had done this was sent out to you today". The same day my card went from having $11,000 free on it to $376.
I pulled all three of my credit reports, worrying that I would find a bunch of bogus cards in my name or some such. Nothing. No new cards, inquiries and no negative items. I canceled the card immediately and paid the rest of the balance off. I have no idea why they would do this to a 7 year customer with perfect credit and history with them who regularly uses the card. Only thing I can guess is that they figured I would use the card, which would pretty much instantly drive it over the "new" limit and incur some ridiculous interest and penalty charges. Of course that would lead to me canceling the card anyway.
All I can say is, I should have done this a long time ago when I became aware of them turning into a used car lot rather than a bank. Can't imagine what might have happened if they did this while I was traveling overseas.
I was a Credit Card Member for six years with MBNA. I used this Company for all my credit card needs. They started out treating me well. Low rates, secure and I was now able to use this card as a tool in my active life. In six years I paid the card off in FULL two times, and never had a late payment to this Company. April of 2006 was not a great month for MBNA and myself. Easter week-end I open my statement. And what do I see. They doubled my rate. from 9.99% to 20.99% WOW! So I called them.
I found out that they had sent a letter stating that this would happen. And that I have to reply back to them with a letter that states "I don't want this to happen." What a concept! The Consumer has to reply or it increases, as if I want to agree to that, or any Consumer. So I talk to a rep on the phone...That was a great experience in itself. Long story here made short. I asked them to move it back to the old 9.99% rate. It wasn't going to happen. They could put in a request for a better rate, but it wasn't going to be 9.99%. I cancelled the account and paid it off.
I will NOT be used like this again. With many card offers today, why would a Company do this to a six year client?
Oh yeah...$$$$. With finance charges and their HIGH rates. The public is getting robbed. This Company had no consideration for account history, reliability of a client, nor do they care to keep a good client. I spent a large amount of money with them in 6 years. As most of you know, that have used card services for life, business, and home. I will never use this Company for services again.
I encourage the American public to look into their accounts fully. Make sure the Legal Loan Sharks are stopped. This is bad business in my opinion. I have managed a better way to utilize my money and spending, with a Debit card service that draws interest also. US BANK. I will see how they treat me in the next few years. Hope you found this opinion interesting. And I am sure there are many others in the USA that have had the same treatment from their Credit Card Service. Good Day, Good luck in life.
MARS HILL, NORTH CAROLINA -- I received a "Clean Sweep" offer through the mail to pay off your high balance credit card debts with a very low interest rate in the range of about 4.99% to 6.99%. This bunch took my information over the phone and I was given a line of credit to payoff all my credit cards. Which, I done immediately. I was working making $60,000 a year, until very suddenly I became disabled and I am now receiving Permanently Total Disability Payments each month. I explained that I needed to consolidate my debts in to one low monthly payment. I was told that my payment would be around $350.00 per month for 92 months.
That was O.K. with me. However, when I got my first statement, it showed a $690.00 transaction fee, my monthly payment was over 550.00 per month, and my interest rate was 54.99%. Needless to say I had a mini-heart attack and called them. They were very rude and acted liked I never talked to them and said I signed a loan application, which I never did. This was all done by phone. They sent me a copy of my application, and it was totally bogus.
Nothing on that application even pertained to me and I never signed it. Now they have destroyed my perfect credit rating, and all I get when I call - is someone telling me that I am a liar and that they are going to sue me. I told them to bring it on, because I would love to show the Courts what kind of Fraud they are producing.
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.
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.