I also applied for a credit card with MBNA aka (AAA Financial Services) in June with a 2.9% promotion interest rate, and 9.90% thereafter. The representative that signed up told me that my interest rate would never go over 9.90% as long as I paid at least my minimum balance on my account on time every month.
When the 9.90% interest rate kicked in, I was ok with that because it was expected. Since then, I have maintained a flawless payment history with my account, meaning I have never went over my limit and I have never been late since the account has been open.
However, MBNA has recently raised the rate on my account for no reason, and I feel as if that this action is unfair to me.
There is nothing in my credit card agreement that says they will go up on my rate if I only pay the minimum balance or a little above. I have called customer service and spoke to a guy named Edward and a so-called rate specialist named Ernestine as to why they went up on my rate to 19.90%, and the only answer that they could give me was that I was only paying the minimum balance on my account and they wanted more money. But the fact is, the minimum balance was being paid, and on time I might add.
The only thing Ernestine could tell me is that the rate was high because I could not afford to pay anything but the minimum balance and they wanted more because they checked my credit again (but I have a promotional BLOCK on my credit files and this was unauthorized by me) and I have other balances on other accounts not with them! I then explained to her that although none of my other accounts are in arrears or ever been delinquent, my other balances did not have anything to do with them, and that my account with them should be based on my performance history with them and let her know that if they kept my rate that high, I would no longer afford to be able to pay them because I DO have other expenses.
I have done nothing wrong on my account so they have no right to punished with a higher rate! I could see if I was late or if I went over my credit limit or something. And regardless of what else I do in my life with my other accounts, I pull my credit file a minimum of every six months so I know that there is nothing derogatory on it to cause this!
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