Let me just say we are in debt. We are still trying to get over a lay off my husband experienced. We know debt is bad and are actively trying to get out of debt. We have had the card since it was owned by MBNA in 1999. We have never once had a late payment and we always pay more then the minimum. Well imagine my shock when I got a letter today that raised our rate from 7.99% to 20%.
I cannot believe they are allowed to do this. It just pushes me further to pay it off faster and then to NEVER EVER use credit again.
These banks are acting like crooks. I know we are in the wrong for even having debt but we have always played by the rules of the card by paying on time and yet they can do this to customers. So beware if you have not had your rate raised you may soon.
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20%???? That thwack you heard was me hitting the floor. I had a friend that worked for MBNA and she would tell me all the time that they were trained not to fight with the customers. So hopefully that is still your policy and if you call and raise holy heck they will back off. That is outrageous.
ReplyDeleteI know we have a credit score in the low 700's and I was shocked. The best they will do is leave the card open and let us keep the old rate. If we use the card they will then apply the new 20% rate. It is insane and a slap in the face that these banks take our tax dollars and then do this to us.
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