A MBNA representative called me in October I was told due to my excellent credit that I could consolidate my high interest credit cards to MBNA with a 0% interest for one year, and then after the introductory period my interest rate would be a fixed rate of 9.99%.
I agreed with the understanding that one late payment would cost me the introductory interest rate and my rate would be increased. After the one year anniversary in October my interest rate went to 9.99% thru February. When I received my March statement I was shocked to find my interest rate had increased to 19.99%.
I called them and was told that in reviewing my credit report MBNA noted that I had HIGH Debt ratio and found me to be a credit risk... so this gave them a reason to increase my interest. I told them the high debt balance is the BALANCE YOU CONVINCED ME WOULD BE SO ADVANTAGIOUS, AND THIS IS WHAT I GET... NEVER LATE DURING INTRODUCTORY PERIOD, ALWAYS PAID MORE THAN THE MINIMUM DUE...
Since then they have increased my rate to almost 26%... I am in the process of transferring this debt and closing my account with them... they are unbelievable. IT SEEMS THE CONSUMER HAS NO RECOURSE CONCERNING MBNA. They lobbied our senators, and invested a nice piece of (our change) to the Bush Campaign.