I have excellent credit and a year ago was looking to consolidate some small credit cards. Decided to go with MBNA at a fix rate of 7.99. About six months ago I noticed my minimum payment had increased and since I always pay more than the minimum started looking at the statement.
MBNA had increased my interest rate to 19.9% without notifying me. I called them to find out what was going on and they told me due to my high credit balances. They would not lower the rate even though they did admit I have always paid on time and more than the minimum required.
Due to personal circumstances I was not able to look into any more but January when I received my statement lo and behold they had raised my rate to 23.24. When I called they once again refused to lower my rate even though I have a good payment history with them and to make matters worse, THey are raising it again to 26.99.
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