I recently paid off a 13K balance with MBNA after they raised my interest rate on my LOC to 21.98% with no LATES!!!!! I enjoyed using the account up until then. Has anyone ever negotiated with them for a lower rate. Also, I mailed a payment into AMEX...should have done it online. It's been a week and no payment posted. Does it normally take a long time?
Yes, they were part of the reason I filed BK...along with the others. They raised rates to above 20% and when I called trying to get them reduced so I could pay.....they all had deaf ears. So I filed bankruptcy. If they would have worked with me, they would still be getting money.
Wow, BellyUp. I'm very sorry to hear that. I wasn't excited about doing it, but I got an equity loan to pay them and a couple of others off. The interest was obliterating my payment. It would have taken 30 years to pay that 13000 off. I want to keep it open though, because the extra available credit raises my score, but I doubt if I'll use them again.
