MBNA Default APR..Challenged?

Discussion in 'Credit Talk' started by Zaphod, Aug 29, 2001.

  1. Zaphod

    Zaphod Well-Known Member

    My wife has a MBNA card with a $1500 limit. She missed a couple payments here and there about a year ago. So they gave her the ridiculous APR of 24.99%! At the time she was close to her credit limit but not over. We have payed it down to about $300 and no lates since last September.

    Does anyone have any advice or what to do and say to them to get the APR lowered? The APR is horrible and we would like to lower it so we can BT other high interest card balances to it to help cut down the interest and consolidate our debt. Thank you so much for any advice!

    ---> Zaphod ;')
  2. amaineman

    amaineman Well-Known Member

    Most companies state in their policies that they will reduce Apr after six months if it was increased as a penalty.

    (Call) ...I am calling because I am very unhappy ...it was my understanding that the Apr was supposed to be reduced six months ago ... we need to do something about this ..

    Friend called direct merchants bank on fifth month following a penalty increase, they brought Apr from 28% to 17.9%, with 3.9% on all transfers or new charges for six months.

    MBNA offers consolidation loans at 15.9%
    Credit union much lower rate.
  3. Zaphod

    Zaphod Well-Known Member

    Do you know what I should say to them? What should I say if they refuse? I appreciate the input.

    ---> Zaphod ;')

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