MBNA America - Maryland Bank National Association America
Ripoff scam credit score credit report APR interest rate lousy high balance customer service

Using this opportunity to vent my anger with MBNA.

After receiving a low interest balance transfer offer from MBNA I opened a credit card account with MBNA back in May. I opened the account for $25,000 to transfer some higher rate card balances so I could close the other card I had in my possession.

I read the offer completely, fine print and all, and felt comfortable with the offer of 7.9% fixed. I know credit card banks get you with higher rates and penalties if you should ever be late on a payment, bad credit, etc... MBNA states all this right in the agreement and I was comfortable with it because I never pay bills late and I have excellent credit.

MBNA America credit card scam

But what I didn't count on was MBNA jacking up my rate for no reason. Since receiving the $25,000 credit line I always paid my bill on time, always sent in more than the minimum due, only used the card 3 times in the year I had it, and also sent in a large payment of $5,000 only 8 months after receiving the card. The only reason I got the card was to take advantage of the low interest and pay off other high balance cards. I never intended to use this card. I planned to pay it off 2 to 3 years and not ever have credit card debt again.

To make a long story short, when I received my last statement I noticed that the rate had been raised from the 7.9% to 19.98%. I was furious and called them up to find out that they say something derogatory was recently reported on my credit. I knew this wasn't possible and immediately obtained a copy of my credit file from the 3 major agencies. Nothing negative whatsoever. I called them back to get an explanation, but they could not explain, they would only say it is done automatically by computers.

I fought tooth and nail and threatened them with everything I had and finally got them to lower the rate back to 7.9%. This will save over $200 per month on finance charges. The only catch is that I cannot use the card for any purchase whatsoever or the rate will automatically jump back up. No sweat off my back, I never intended to use the card anyway.

Get this; they also told me my balance was high compared to my credit line. I have over 20% of my credit line available. I just don't get it. Why would a corporation as large as MBNA choose to lose a good customer, and hopefully many more as a result of this report, just to fraudulently line its pockets with a few more interest dollars?

MBNA America credit card scam

I will never knowingly be a customer of MBNA in the future. Read the fine print and know that even if you stick to your agreement MBNA won't.

Company: MBNA America - Maryland Bank National Association America
Country: USA
State: Delaware
City: Wilmington
Address: PO Box 15026

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