MBNA is ruthless! My story is much the same as others here but I will share it because someone, somewhere, needs to help all of us find a way to bring this big corporation down!
I've had my MBNA credit card for 15 years or so and have always paid off my balances or made payments. I've never been late and I have an excellent history with their company. Last summer MBNA mixed up my bill and my mother's bill (how is this even possible?) We don't even have the same name! It was a huge mess and very difficult to straighten out. Once the accounts were straightened out - I received a statement with a higher interest rate. I called and was told it was because my balance was too high (well below the limit about $5K). They set my rate to 10.49% and stated that with my excellent history I deserved a "good rate".
Well, my December statement arrived with a new rate of 19.98% and my new MBNA nightmare began. I called and was told my rate was raised (not because I ever missed a payment - no my payment history is perfect) My rate was raised because MBNA checked my credit report and thought I had too many other creditors! None of these "other" creditors were in poor standing.
I asked why my credit report would have anything to do with my ability to pay my bill and was told that it was a statistical assumption using some kind of forward function. (It was a very lame excuse) Now the very rude customer service people I have dealt with were telling me I need credit counseling and so forth.
I was told to write to MBNA and request my interest rate be reduced but that it would do no good because until I paid my balance off - I would be stuck with the new interest rate. I was berated by a young man as if I had no idea how to handle my affairs. It was ridiculous to be treated with such a lack of respect but for no other reason than the company felt that I might make a mistake in the future!
I closed my account and paid off the balance but it did not end here. I have since received another statement charging me interest pro-rated by 14 days after my account was paid in full.
Again, the customer service rep lacked respect and proceeded to tell me I should find a financial advisor. WHAT??? Where do they get these people and who made them god?
MBNA is consistently taking advantage of people, lying, overcharging and gouging people. This company is ruthless. Credit card companies are not god and it's really an invasion of privacy I think to use their privilage and snoop in credit reports when there has not been any negative activity on the account. I am certain this is a huge consumer fraud and scam.
Someone, somewhere, needs to hop up to the plate and take MBNA on. I believe we have an excellent abuse of power case.
P.S. I phoned about this interest and was told it was compounding daily and would reflect on my credit poorly not to pay in a timely manner. I was also told that since I closed my account MBNA did not have to honor the promised interest rate of 10.49%. They said I never should have closed my account~!
This company is playing games with us!
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