MBNA America, through the Rhode Island Bar Association, offered a zero percent introductory interest rate and then 13.99% thereafter. I opened an account and remained in good standing for several years. Last year within a matter of a few months, I opened another MBNA account with a student interest rate through Apple Computer to purchase a laptop that I would use for work and for my continuing education classes. I also transferred about $5,000.00 from a different account to my primary MBNA account to take advantage of the low interest.
During that same time (Christmas season) I was late making 1-2 payments and MBNA increased my interest rate to about 19%. I was also charged late fees and over the credit limit fees caused by the added interest. I called and explained my hardship to MBNA but they were very callous. I explained that the increased minimum monthly payment would create even more hardship and offered to set up a monthly draft from my bank account if they would lower the interest rate back to 13.99%. They said no so I closed my accounts and have been paying as best I can.
However, my financial situation fluctuated during the last year and I did not always pay timely (although I don't recall ever paying more than 60 days late). I am currently up to date on both accounts.in fact, I mailed in $80 extra on the primary account because I anticipated a late fee of $39 and an over the credit limit fee (because of interest) of $39.
I just received my December statement for my primary account that reflects a new interest rate on my primary account to 27.98% which pushed the balance past the credit limit and resulted in another fee. The woman I spoke with was very rude. When I asked what amount I would have to send in by 12/1/03 to bring the account under the limit and avoid another fee, she told me $308. A few minutes later, when I asked again she told me $420. When I told her that had I relied on her first figure I would have incurred another fee, she told me that I should have explicitly asked her the first time to figure in the interest. She also tried to offer me a consolidation SECURED loan with MBNA. I declined saying that I no longer trust MBNA or feel that they value their customers.
I realize that I share some responsibility for not paying on time every single month. However, I have always done my best to maintain my excellent credit, to pay off my debts. I have had some financial hardships this last year and my years as a customer in excellent standing with MBNA should count for something especially if I am willing to authorize monthly drafts from my account to ensure that all payments are posted on time. I have never dealt with a company so callous and vindictive. Had I seen this website before opening my accounts, I would have never gone with MBNA.
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