I opened this credit card account with MBNA back in 2003 for a promotional APR rate of 2.9% after the promotional rate ends the APR changed to 9.9% FIXED. Well I just received my June statement and noticed the APR changed to 19.98%. I immediately called MBNA and was told EQUIFAX had reported a late payment back in April. This was incorrect.
My credit is in perfect order, no late payments in over 9 years. My credit score is very high. The credit specialist told me to contact EQUIFAX and get the problem corrected. He advised that they could adjust the rate back to 9.9% but he could not do any adjustment for the current month (June). I carry a small balance $3,000.00 so the interest rate for this one month is over $50.00. I immediately went on-line and got a copy of my credit report $29.95. Verified nothing derogatory on my report. I called MBNA back for the second time explained the problem again to another specialist and was told that my credit was fine but my dept to income ratio was high. Debt to income ratio is not called out anywhere on the bank contract as being a condition of default.
What if I lost my job and had an income of $0.00 and have $100,000.00 in bank accounts? I still can make payments and not default. This is a B/S excuse debt ratio. The fact of the matter is, I have plenty of available cash and did not lose my job. I have enough money to pay off all the credit cards. The problem is MBNA raised the APR to 19.98% and set it back to 9.9% and refuse to credit me the difference in interest.
The real problem is I haven't used this card in over six months and just started making large payments ($400/$500) in the last few months. Guess what card I will be paying off this month. I would advise everyone else to do the same.
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