I was contacted by phone by MBNA with an offer to lower my rate to a fixed 10.99% if I was willing to do a balance transfer; no balance transfer fee would be assessed. Since I did have outstanding balances at a rate higher than 10.99 with other credit card carriers, I said I would consider the offer but was unable to decide exactly who to pay and how much during that phone call. At the urging of that individual, I authorized a deposit into my checking account of my what amounted to my remaining credit available.
After about six months of promptly paying at least the minimum amount set by MNBA, my rate was increased to 19.99% and when I contacted MBNA for an explanation, I was told that since I had not paid down my balance to their satisfaction, my rate was being increased. And I would also like to add that during that six month period I received several offers by mail from MNBA to do additional balance transfers.
Even if their actions were not illegal, they are deceptive and improper and I urge others to avoid dealings with this company.
Cindy
Pittsburgh, Pennsylvania
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