Tweet
Abbey & A/L Credit card by MBNA
What a fantastic relief that I discovered this site. This is like a God sent messiah. Many thanks.
My problem is, I have two credit cards being managed by MBNA- Abbey and Alliance & Leicesters cards. I signed for these cards in year 2002 & 2000 respectively, when they were used to be manged by the two banks (Abbey & A/L).
On Abbey credit cards, I could remember vividly that, the agreement I signed was that the interest rate charged would NOT be increased beyond 10%-regardless of what happened to bank of England increase in rate- as I have other banks credit card then- therefore didn't need another card.
On A/L card, the credit agreemnet was signed because the bank promised to beat every other competitors in the market on their interest charges...Promo, to fool people? fine!
Now, since MBNA took over the management of these cards (can't remember the year now) my interest rate had been increased by over 200%. I am now being charged 27-29% interest on outstanding balance.
I phoned mbna last year and complained bitterly over this, but they told me that they have rights to charge what they like on the money being loaned to me. On one occassion, they advised me to transfer some money from Abbey to A/L and promised to charge me low interest for certain period of time- which I did, and after six months they wrote a letter to increase the intersts on the outstanding balance including the balance transfered
What should I do? I know I am being conned here. And I feel like stopping the payment altogether as I find this to be very very unfair. I have never default in my payment to any credit card company, I also have good credit rating, but this MBNA ones is really making me angry. It's a day light robbery. I mean 27% interest on the money I spent when the interest rate was just under 5%. Plus why charging 27% when other credit cards I have only charged 16% or maximum 18%. Please help me.
My problem is, I have two credit cards being managed by MBNA- Abbey and Alliance & Leicesters cards. I signed for these cards in year 2002 & 2000 respectively, when they were used to be manged by the two banks (Abbey & A/L).
On Abbey credit cards, I could remember vividly that, the agreement I signed was that the interest rate charged would NOT be increased beyond 10%-regardless of what happened to bank of England increase in rate- as I have other banks credit card then- therefore didn't need another card.
On A/L card, the credit agreemnet was signed because the bank promised to beat every other competitors in the market on their interest charges...Promo, to fool people? fine!
Now, since MBNA took over the management of these cards (can't remember the year now) my interest rate had been increased by over 200%. I am now being charged 27-29% interest on outstanding balance.
I phoned mbna last year and complained bitterly over this, but they told me that they have rights to charge what they like on the money being loaned to me. On one occassion, they advised me to transfer some money from Abbey to A/L and promised to charge me low interest for certain period of time- which I did, and after six months they wrote a letter to increase the intersts on the outstanding balance including the balance transfered
What should I do? I know I am being conned here. And I feel like stopping the payment altogether as I find this to be very very unfair. I have never default in my payment to any credit card company, I also have good credit rating, but this MBNA ones is really making me angry. It's a day light robbery. I mean 27% interest on the money I spent when the interest rate was just under 5%. Plus why charging 27% when other credit cards I have only charged 16% or maximum 18%. Please help me.
Comment