MBNA Rate change?

solair

Registered User
Messages
49
I've just received a letter from MBNA saying that they are changing my card rates to a monthly rate of 1.8053%* on card purchases, balance transfers and cash transactions.

*This will not affect any promotional rates on your account.

If I'm not mistaken, which I quite possibly am, that's a whopping APR of 21.6636%

It seems I am paying to refinance Bank of America's dodgy loans. Yay!


1) Why don't they tell me my existing rate?
2) Why are they quoting a monthly rate without any mention of APR.

Saying 1.8053% is a tad misleading to say the least.

I will be clearing my credit card off over the next while and dumping it.
Really sick of being at the beck and call of crooked banks.
 
Those loan sharks did the same on me - offered an introductory rate that expired by the time they had actually posted out the card. I still got hit with the Government taking their bonus or tax as they like to call it
 
Well, I'm pretty sorry I ever took out a credit card with them. I only originally got it to buy a few things online etc.

My plan for the next few months is to be 100% debt free a.s.a.p. as I'm pretty sure that any short term finance is going to have major rate hikes.

It's a shame that you can't use most Irish debit cards online, at least other than on a handful of sites that accept Laser. I would love to be able to get a Visa Debit from AIB or BOI. I'm not overly keen on moving to Halifax as their branch network is practically non-existant. It's nice to be able to go in and lodge a cheque etc without fuss.
 
Thats a shocker from MBNA but of course within their right (altohugh not morally) I caught them at it applying interest to my account last year and swiftly closed my account with themafter giving them 3 warnings to sort it out.
They are a dodgy outfit and ones to be very wary of as the recession deepens
 
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