I just received an amendment to my credit card agreement from MBNA. They are upping my purchase apr to 22.98%. WTF are they thinking? First they start charging bt fees, now this! About a month ago, I was going to convert to the quantum card at 13.9%, but I would have lost my current bt rate, so I cancelled the conversion and told the rep I would do it after my bt rate ran up. Now they want me to pay 22.98%! They are really out of their minds.
I have heard about them doing this to ALOT of people, that is one of the main reasons I never accepted on offer from them. They are on my "blacklist" along with Fleet and First Usa.
Please call and ask why they are uping your rate. They will tell you the reason. Most of the time, i see peoples interest rates raised because they become defult. Also, was your original interest rate FIXED or VARIABLE. Also, ALL banks charge fees for balance transfers. You can receive promos where the fee would be waived, like in your case. But, if you look at the terms of your credit card agreement, it does state that a 3% transaction fee will be charged. The best part is that it is only min 5$ max 30$. Other cards charge you the fee with only a min. Other cards charge more than 3%. Also, If you get an option to convert to the quantum card DO IT, dont wait...you may not get a option to do it again if they change the qualifications. It has prestige over any other card on the market. Psugirl
MY FIRST USA WENT UP TO 22.49% WITH-OUT CAUSE. IT IS GONE NEXT MONTH EVEN THOUGH THEY LOWERED IT BACK TO 12.90%!!!!
I have to tell you something about 1st usa. About 10 years ago, first usa tried to push mbna out of the credit card market by taking the one thing that mbna had as it "competitive advantage" which was using INFINITY GROUP to market their cards. First usa did the same thing, and for a while fist usa was offering low interest rates, free this, free that to win over consumers. Today, first usa is WAY out of the running with mbna. why??? because they cant manage thier outstanding loans. They also have had, and still have, problems posting peoples payments late! Now, first usa is a part of bank one. and is not a running top dog in the credit card industry and is actually doing quite poorly. Your service with your first usa card will eventually show that! psugirl
My original apr was fixed. This is actually the second time they have upped the rate. I have never had a late payment on any account ever in my life. I'll call, I just haven't had the chance. MBNA used to do the bt for free, but when I did my last one, she said she was noting on my account that that would be the last one where they would waive the fee. She said they only waived it for me that time because I put up a stink about it, but they would never waive it again.
MBNA Update I just called and spoke to a "rate manager". She said she couldn't see any reason for the increase. She said that based on my payment history with MBNA and other creditors (i.e. no late pays), she put in a manual override to keep my current rate. Not that my current rate is any good anyways (17.99). Hopefully further down the road, I can get them to lower that. Why would I use a card with a 17.99 rate when that is more than double the rate on my Chase card (8.4).
