Complaint / Review
MBNA America
Dishonest finance interest charges

For years I have paid my full balance on my credit card every month. But I decided that i could afford to accrue charges that wouldnt be immediately repaid in the interest of my business. So last month, I recieved a bill for $2,302.40. I paid $1,704.00. Which meant I seemingly left $598.40 accrue interest for a month at 13.99%.

So I would naturally expect about $10 or less for this statement's interest. But that is not what happened. My total interest charges are $22.53. Because all of the sudden, the grace period on new purchases was erased, due to the fact that i carried an old balance.

This is absurd of course, and i wouldnt bet that other companies dont do this. However it is dishonest. MBNA's reasoning is that it is based on the "average daily balance", even though it never was before. I would imagine that other credit card companies do this; however i am interested in companies that dont do this.

B
Cypress, California
U.S.A.