Complaint / review text:
In june of 2004 accepted a personal line of credit from mbna at 5.9% for funds to build an addition on my home. For seven straight months made payments on time and more than the minimum amount. During seventh month recieved correspondence from mbna that my account was being changed to a variable rate due to excessive unsecured debt (the majority of which was through them).
On may 19 2005 called mbna service line to recieve account balance in order to pay off account. Was given amount and made payment to company. On may 21,2005 payment was recorded with mbna. On may 24,2005 called mbna service line to ensure account was payed, at which time was informed there was a balance of zero. After recieving information of a zero balance decided to end my relationship with mbna and close the account.
On may 31,2005 recieved statement from mbna which claimed that I owed them one months finance charges for previous month. Upon calling to dispute the charge was told that the finance charge was added on may 25,2005 (one day after the account was closed with a zero balance) and that this was normal business practice for mbna. During the last month I also payed off two other credit cards and thankfully they dont use the same calculation practices. I would encourage anyone who has or is considering doing business with this company to seriously reconsider your options. If this is the way they treat the honest paying customers imagine what they would do if you couldn't pay.