In November I received a notice from MBNA telling me that they were raising my interest rate to 20%. I had been making regular payments to the card and the account was in good standing. I immediately called them and asked them to lower the rate back to where it was. They agreed and told me that my rate would stay at 12%.in December I got my statement and the interest rate charged on the account was 20%. I called them and told them about the agreement we had made previously. At this point they apologized, and they told me that they would reimburse me for the interest overcharge for December, I would not be charged 20% interest, and they would return my interest rate to 12% at the next statement. January's statement had the interest rate at 20% and a note on the statement saying that the APR on "the next billing statement" would be 12%. When I called to complain, they refused to reimburse me for the January interest overcharge, telling me that December's reimbursement was a "courtesy" I told them I was closing the account.
At this point I have absolutely no trust in MBNA. I believe if I kept my they would quickly increase the interest rate again to 20% and then lie to me about it on the phone. I was willing to keep the card at 12% until the balance was paid, which would have taken a few years and made them money. Now the card is being paid off and one of their competitors is getting the interest. I don't understand why it is good business practice first to gouge customers and then to give them bad, deceitful service.
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