MBNA/Listen to them well....ask questions...get things in writing Complaint - MBNA-I would NEVER borrow from them again, NEVER!!
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, its a done deal.
Thank you to everyone for putting their comments out there, its never too late to let someone else know what is going on with this company.