Hi all,
As above, I am looking for some tips (if there are any) on ways to get MBNA to reduce my interest rate!
It is 34.9% BUT they have closed my account.
It is NOT because I am a bad payer, in fact I have never been late on any payments on anything. The credit card was affliated with a football club - MBNA decided to terminate their agreement and subsequently closed my account and changed the interest rate from 6.9% (for everything) to a huge 34.9%.
I am not in any financial difficulties, but I do think the rate is ridiculous. Do you think I may be able to get them to reduce it given current climate?
Thanks all
If you have a balance left on it then you are allowed to pay it off at the rate it was when mbna cancelled. They cannot cancel the card and then force you to pay a higher interest rate.
Hi Mel,
There was a similar thread a while ago about this - link: http://forums.moneysavingexpert.com/showthread.html?t=1336561
The OP managed to get his rate reduced although I believe his account was still active. There might be some useful info there anyway.
HTH
Emma
Ask them to justify the increase or your going to the financial ombusman. Say that you could understand a small 1~2% increase but a ~30% increase insn't right! In real terms thats a ~500% increase in interest that your paying!
I forgot to say, don't take what the first person says (they are like trained animals to tell you rubbish)! ask for their manager etc and so on if they won't help you!
If you have a balance left on it then you are allowed to pay it off at the rate it was when mbna cancelled. They cannot cancel the card and then force you to pay a higher interest rate.
Yes, I tried calling their customer review department and explained that I am struggling to meet up my payments. If the rate is/was increased in the last 6 months, they can re-instate the previous rate
Thanks
M
BTW, welcome to the fight club!
I have launched a website http://unfaircards.blogspot.com to fight against these vultures. Please contribute your story if you can!
I have had my rate reduced to 28.9% - wow er not.
Better than nothing I suppose! I asked them to justify their rates but he said it was "market sensitive".
market sensitive lol, whats that meant to mean? 6% in your favour though is better than nothing at all I guess!
Can anyone help?
I've had a Abbey Card for about 15 months and have been paying the minimum payment of 145 a month for this time by direct debit. On 1st November they took 290 out, leaving me short for the rest of the month. I cancelled my direct debit and spoke to MBNA saying they had made a mistake taking too much out of my account.
Their response basically was 'tough'. Apparently, they can raise the interest rate whenever they feel like it. They have now gone from 12.5% to 25%. Apparently they wrote to me but I didnt receive the letter. They have reduced it to 22% (big deal) but I'm now behind in payments as I cant afford this.
Dick Turpin is alive and well - any thoughts?
Dick Turpin is alive and well - any thoughts?
Get them back by getting a new 0% Balance Transfer card and moving your MBNA balance across.
Provided you credit rating is good, there is no need to pay any interest wahtsoever.
A slight problem - its a huge amount and my credit history isnt fantastic??!!!
