CreditCards Blog

I've browsed the forums and noticed quite a few people have had their apr upped to 35% on mbna credit cards. I've called them a few times to reduce it but they wont budge.

I'll explain my problem. I had it on the interest free rate, and planned to balance transfer at the end, but an unfortunate problem occured, possibly carless on my part.

I had a 500 overdraft outstanding with A&L, I was out of the country for several months, I didn't know then but during this time received 3 warnings off them to pay this back (as i wasn't paying in). When I arrived back, I paid this off straight away as not to default. But now i have 3 missed payments on my credit report.

I'm basically stuck with a 5.2k balance on my virgin card and getting rejected on all other cards. I have a full time job but i'm struggling to get the balance down due to such a high rate of interest.

I know its variable and they can do what they want but i feel this rate is extortionate, considering i've never missed a payment with mbna. It seems like they are taking advantage of my situation.

The 3 missed payments I had were around May this year. How long will it take for my credit rating to go up again and get accepted for lower rate cards? and is there anyway i can get virgin to reduce the interest rate?

With late payments on your record you will find it hard for any credit card company to reduce the rate :(

Maybe see if your bank will give you a card? They have your history and even with a rate of 15-20% it's lower than 34.9% APR :)

I'm basically stuck with a 5.2k balance on my virgin card and getting rejected on all other cards. I have a full time job but i'm struggling to get the balance down due to such a high rate of interest.


I had the same problem and due to the same reason. two late payments, really hit the credit score. Not sure if it's for you, but I ended up getting a loan last week. Not the best APR 12.9% but based on my score it was the best I found. And cheaper than the credit card even before the hikes. The plan being that I can now make sure payments are not late for the next 6mths and improving my credit score. Then shop around for a better deal again. If worse comes to worse and there isn't one at least I know these credit cards are cleared, in 5yrs I'm debt free. It's unsecured and I can overpay on this loan too, which is an added bonus in reducing interest and term. Now I'm a little more money savvy ............that's my plan.

Just one thing, only borrow to pay off debts that are a higher APR than the loan. They tried to get me to consolidate a loan. It's only at 7.1% APR and will be paid in 2yrs. I probably would of done that in the past with out thinking:o But not anymore. Here's to lining a bit more of my pocket and not there's:rotfl: