FIA Card Services (Formerly MBNA, Formerly Held By Regions/AmSouth Bank) Complaint - Impossibly Stupid Intererst Rates With No Explanation & Terrible Customer Service
NASHVILLE, TEXAS -- I've been a loyal customer of AmSouth bank for over 7 years and received my first credit card from them, which was an AmSouth Visa card with a 9.9% APR rate.
Over the years, my rate was the same and my limit increased due to payments (more than the minimum at times)made on time every month. Now here is where the nightmare began....
AmSouth was bought out by Regions and the credit card company transitioned from Amsouth to Regions... to MBNA (with a 10.99% APR rate)...to finally, my nightmare... FIA Credit Card Services with an APR rate of 29.99%.
I went along with it for a few months thinking that usually with a transition, the rate would increase for two or three months, then go back down to the normal rate as before. But when the rate NEVER decreased, I called FIA and had someone to explain to me why I was paying such a high APR rate when all payments have been made on time and some were more than the minimum. Here is the result I received:
1. I was on hold for 34 minutes
2. The first person I spoke to thought I was lying; I asked to speak to someone else
3. The second person I spoke to said I made late payments. When I asked when that was, he couldn't give me an accurate date. I asked to speak to someone who was more knowledgeable regarding the standards and practices of FIA, then
4. The third person put me on hold for 42 minutes because he said he was "checking on my account".
Since that didn't work out, I hung up and called back and spoke to a new representative. Again, I asked why my APR rate increased and the call became more interesting. He said I should have received a notice (in which I did) and that notice had a toll free number (which I called) and I was to tell the person on the line that I didn't approve of the increased rate (which the person I spoke to didn't know what the rate was, nor did anyone around him; he said I had to call another number and send in a certified letter stating I didn't want the increased rate but as an "aside" to me, he was nice enough to tell me that it wouldn't do any good since the rate increase was going through anyway no matter how many "NO" letters they received).
I hung up again (notice a pattern here??) called FIA and asked to close my account. When asked why, I told the rep that no one at FIA could properly explain why my credit rate increased. She only said "ok" and proceeded to close the account.
The ULTIMATE slap in the face was going to Regions Bank and explaining to the "account manager" what happened and if he could get any result from FIA regarding the increased APR since Regions sold the card division to FIA/MBNA. He called FIA and basically said that he had a customer in front who received a substantial APR rate increase and wanted to know why. He goes on to tell the FIA rep that obviously I hadn't read the information.
The Regions Bank rep made it seem like I was an idiot who never read the disclosure regarding the rate, who never called FIA or even sent a certified letter to say no to the increase rate. When he was placed on hold, I told him thank you for his "assistance" (which he never received an answer because he was being transferred from one area to another) and left.
Months later, I closed my account at Regions, obtained a loan to pay off FIA completely and have washed my hands completely of the entire mess with FIA and Regions Bank.