I have been a member of MBNA for many years. I received "Gold Option" checks in the mail. It was advertised fixed rate for the entire length of the loan... 5.99%. This seemed a crazy.
I called to confirm what was advertised. I was told the rate was fixed and would be for 72 months. The only thing that could change this was a late payment. I completed the transaction the same day by phone.
After the first or second bill, I noticed the rate had increased to 14.99%. I called and asked them about this. The said it was never a fixed 5.99% "loan". They don't do loans.
In other words; someone lied to me. The monthly payment never increased, only the length of the "loan". Just recently the APR increased again. I have called several times and it does no good. I am at the end of my rope... Please help!
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