MBNA/Sprint Mastercard

Discussion in 'Credit Talk' started by Cathy, Aug 5, 2002.

  1. Cathy

    Cathy Well-Known Member

    Hi all! I was wondering if anyone else has had MBNA recently jack up their rate inspite of no degrogatories with them or anyone else. I have a sprint mastercard with them, and was informed via their last statment they will be raising the rate from 13.99 to 19.99%. Their excuse, I mean reason has to do with my equifax report. Granted I do have ballances but i'm currently in dispute for a lot of it. The ironic thing is, at&t mastercard recently upgraded me to the cashback card, hense a LOWER rate then I had previously. MBNA has given me two options 1) Accept the raise in rates or 2) "reject" the new terms, effectively closing my account and paying it off at the current rate. Not sure what I should do but they said my "reply" should be received by Aug 20.
     
  2. thomas

    thomas Well-Known Member

    They basically offered me the same deal about 18 months ago, except they told me that if I ever used the card again, my APR would go to 24.99%. I hid the card so that I would not use it. I don't even know where it is now.

    I continue to pay the card down, month by month. Very slowly. They are now offering me 3.9% BT rates, but I still remember they told me to never use it agin. I don't know if they have forgiven me, or if they are trying to trick me into using the card again so they can jack me up to 24.99%.

    The reason for the initial threat to jack my rate was because I was using way too much credit. I was recovering from two serious illnesses and lived on my credit a couple years.

    My account still shows as open. Read your letter carefully. I think that if you fail to respond, they will automatically assume you have agreed to the higher rate.
     
  3. Tony V.

    Tony V. Well-Known Member

    I have never had this happen to me, and I have MBNA Plat. Plus Fidelity 11.99% product since 8/2001......

    If you have another CC I would BT out of them, right away...This is one reason why many here have said, have more than a few CC so you can move balances, if needed.......

    Tony V.
    San Diego, Ca

    eq 781 (since 05aug2002)
    exp 756 (since 05aug2002)
    TU 726 (since 05aug2002)
     

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