No. of Recommendations: 34
Warning. Somewhat of a rant ahead:

Always, Always trust your gut instincts when it comes to dealing with these guys.

Two years ago I got an MBNA card as my final BT snowball account. I transferred about 5k in other debt for the 0% BT, thereafter 9.99%.

I have never used this card for purchases and have an excellent FICO score (790).

My snowball plan had me paying my last payment next month. Lo and behold, in my Feb statement is a notice of rate increase to 16.98%!!

To put it mildly, I was floored. I called MBNA and spoke to a CSR first who couldn't figure out why, and then to a "specialist" who informed me that they raised my rate because...."I didn't use my card enough" and "MBNA periodically reviews their rates based lack of use". Of course, he followed that up by stating that MBNA valued me as a customer and would immediately return the rate back to 9.99%.

I politely told him that was not necessary. When he inquired as to why, I informed him, That I "periodically review the accounts of those I do business with to determine whether I find their practices to my satisfaction". I wanted them to know that they no longer qualified to keep my good credit rating as part of their account portfolio.

The Specialist asked again if I wanted the lower rate and I told him I had already written the check for the full balance (401.86) and once the account was clear, I would be concluding my business with them and closing the account.

In the end, the only vote we have as consumers is to vote with our wallets and feet. I've heard others complain about MBNA recently hiking their rates also. I think they are just checking to see who will actually call and complain and how many accounts they can to this to and get away with it.

Me? I'll take my business elsewhere.

My long, long road to CC debt elimination is over! I started in 1997 with over 13,000 in CC debt and a brand new 20k car loan. I have since taken out a new car loan, but will never charge up large balances again.
It was a lesson that took over 5 years to undo. NEVER AGAIN!!!

P.S. I REALLY wish the MF didn't do business with this company.

thanks for listening,
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