In we consolidated several thousand dollars in debt onto our MBNA Platinum Visa card. We were promised 4.99% APR for 6 months, and 9.99% APR for the life of the balance. This year, effective with the October statement, they hiked our rate up to 19.98%, without cause. They claim to have mailed us notification, which we never received, which they alleged we could have rejected, but we did not receive it so that we could reject it.
When we called and asked that our rate be adjusted down, they said they would not do so, stating that we had not paid down our principal fast enough. Hello... What are credit cards for? Everyone knows that the interest rate and APR calculations use by credit card companies along with their minimum payment requirements allow for a 30-45 year payoff, if paying minimum payment. We never made a late payment, and usually made more than our minimum payment.
We tried to talk to them and we explained that I had gone back to school and only recently began working again. I cried and told them I felt that they were punishing me for having returned to school... They did not care at all. They told us they did it because they could. On this minimum payment issue... They tell us we did not pay off our principal fast enough, yet when they calculated the minimum payment with the new APR, the payment was $492. The interest, get this, was $477 for that month.
Now we cannot make any headway on our debt, because MBNA has chosen to deceive us, and I am sure, other customers. Oh, they also tried to increase our rate again to 21.99%. We did receive that notice and we rejected the change in terms and requested that our account be closed.
They then sent us a letter asking if there was anything they could do to earn our business back. The letter begins..."We recently received a request to close..." The letter continues in the second paragraph, "We hope that you will reconsider this decision... If you wish to reopen the account..." This really made us very angry. We are now waiting on inheritance money and intend to pay them off ASAP. We were not going to pay them another dime, but why should we let one stupid company ruin our credit?
0 comments