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Avantcard

  • 13-03-2014 9:09pm
    #1
    dgtech
    Registered Users Posts: 12 ✭


    Back in 2010 I had an agreement with MBNA to hold my credit card interest rate at 10.9% indefinitely until I paid it down.

    In 2011, they took away the credit card and left the balance as a loan. Since then, I continued to make payments and do not have any arrears. The balance is down to almost half. The stamp duty rate of 30 euros no longer applies.

    Last year, Avantcard took over MBNA and everthing stayed the same. I assumed they took over all the agreements that MBNA had. This month, I got a letter from Avantcard that they will be increasing the interest rate to 18.9%.

    I complained to Avantcard that this is against my existing agreement with MBNA, which they took over.

    They said they are entitiled to do this. But I don't see how they are allowed to do this.

    Has anyone any advice in this area?


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