MBNA Financial Services
Ripoff "Universal Default" credit card practices

My interest rate jumped from a fixed 10.99 to a 20.49 variable rate. I was not given any notice of credit card APR changes. I have been a cardholder for 5 years and always paid on time and more than the minimum amount due each month. I have never been late on any of my revolving credit cards or other bills. I pay all my bills online with my checking account and have them set up for the due date. It went from 10.99 4/06 to 20.49 5/06 with no notification.

I called immedietly after getting my 5/06 statement in the mail and to find out the reason for this practice. The agent put me on hold, and after returning she could not give me a reason for the increase. I spoke with an account specialist and she said it was because I had to much debt/credit ratio and I was considered a "high risk" customer. All the major credit card companies are apparently using this practice called "universal default" and can/will raise interest rates to what ever they feel like. Do not get a credit card from Deleware or South Dakota. They have no limit to APR bank rates. This pracice should be illegal and if I am such a "high risk customer", why do they keep sending me checks with 0% APR balance transfer promotions.

Wouldnt the best solution be to educate the consumer and restrict the use of the credit card until the balance is lowered to a debt/income ratio.instead they are using unfair business practices and acting unethical to consumers. Please tell everyone you know not to do business with MBNA Bank America. Feeling ripped off in Wisconsin.

Company: MBNA Financial Services
Country: USA
State: Delaware
City: Wilmington
Address: P.O. Box 15286
Phone: 8008073068

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