I have 2 credit cards with MBNA America. They were both with other banks who sold their business to MBNA. It was not my choice to do business with them. I have had one card for 19 yrs and the other one for 13 yrs. Last year, while I was out of town, I charged a hotel room after calling to get my balance to make sure I had enough room to do the charge on my credit card. But interest had not kicked in for that month so I ended up going over my credit limit.
The very next month I got an overlimit fee, AND they raised my interest rate from 12% to 25%. I have NEVER been over 30 days late on this particular account in the 19 yrs I have had it. I have been fighting for over a year to get this reduced and they have only reduced it 2%. NOW, yesterday I get a notice in fine print with my statement on my Other MBNA account, saying they are raising my interest rate from 7.65% to 17.98%. And this card has NEVER been even 1 day late or over the limit!!! I called them and they said that peridically they check credit and I owe too much money overall compared to my income and they have to raise my rates.
Since when did a perfect payment history not have any bearing on your interest rate??? Why should it matter WHAT I owe to them OR others as long as I pay on time to everybody every month??? My payments have now tripled on these two cards. I support a husband, 2 kids, a disabled father and a 101 yr old grandfather who all live in my home. I have always taken my credit seriously and have NEVER been so humiliated and disgusted in my life!!! What they are doing should be illegal! It would be like someone foreclosing on your house because you were late on your CAR payment!
There is no logic to their practices and to me stinks of predatory lending!!! I am going to write to the state of Delaware to complain and contact every agency I can think of to get this company investigated!!! I could understand if I had been late with them or always over the credit limit but I am a good paying customer and this is how they treat me??? I will NEVER open another credit card with them!!!
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