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MBNA Intrest rate rise?

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  • 09-07-2009 5:56pm
    #1
    babyjames
    Closed Accounts Posts: 172 ✭✭


    Hi all I just got of the phone to Mbna who I have been dealing with for over 9 years, Here is my story and I am intrested to know if any of you have had this problem. I cancelled the payment protection option on my card two months ago to cut the cost of my monthly repayment as I felt it
    was not worth the extra money for what benefit you would get if the case arose that you needed it. And the fact there are a lot of illnesses it will not cover as my wife found out when she had to give up work last year . Now out of the blue my intrest rate jumped from 10.8% to 20.8% ( nice ) After 45 minuets on the phone I was told I had two options. (1) Opt in at the new rates or (2) opt out and keep my old rate and when the balance was cleared the account would be closed. I am and have been a heavy user of the credit card maxing it out (6300 euro limit) 5 or 6 times over 9 years and clearing it every time with one or two late payments which were out of my control and for which I rang to explain the reasons and was told it was okay . Looking forward to any replies.

    Rgds.
    babyjames.


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    #2
    PCPhoto
    Registered Users Posts: 6,584 ✭✭✭PCPhoto


    any chance of getting a loan to clear the debt - you'll be paying less in the long run .... why not transfer your balance to another Credit Card Company - teach them for having such high rates !!! (I'm sure the others are not much better ...approx 12-15%)

    I have 2 credit cards maxed at the moment both around 7K ....selling off stuff to clear them - then cutting them up....or keeping them out of my wallet - only for use in emergencies.


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    #3
    babyjames
    Closed Accounts Posts: 172 ✭✭babyjames


    Yep that's what I intend to do , But I am wondering if the fact that they were not getting so much money of me every month as I had dropped the payment protection option had anything to do with it ??

    Rgds.
    PCPhoto wrote: »
    any chance of getting a loan to clear the debt - you'll be paying less in the long run .... why not transfer your balance to another Credit Card Company - teach them for having such high rates !!! (I'm sure the others are not much better ...approx 12-15%)

    I have 2 credit cards maxed at the moment both around 7K ....selling off stuff to clear them - then cutting them up....or keeping them out of my wallet - only for use in emergencies.


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