Hi guys, Ive noticed quite a few people taking a look at this thread but not responding. Has no one had a letter of this kind from MBNA? Its a weird one and I wanted to know what you thought. Any feedback would be appreciated. Mike x

Oh Ok, thanks for the info. Have we come to the conclusion that the MBNA pre 2006 agreement is a farce then? That would be great wouldnt it? I have over 15k stuck on a card with them and they are really turning the screw on me. Check out my post re: Interest rate rise with option to fix the rate! Anyone had anything like this from them? Can they do this? obviously - the best thing is to fix the rate but knowing that the amount of 15k at 25.9% will be stuck on the life of the card is hard to swollow if later on the rates drop! Could this be the plan, to get high borrowing customers to stick to a high rate and drop the APR to a lower point later on when we have all fixed our rates? Please take a look at my thread - should be at the top somewhere. Thanks again. Kor :grin::grin:

Hi all, Whats going on here? Tried to find out but the thread is just too long. Can anyone summarise? Appreciated. Kor

Hi everyone, I am a little stuck, I have been reading reports of MBNA once again rasing interest rates on cards. Mine has gone up in recent years from 15% to about 26% APR. Today I received a lovely letter through the post stating that my rate is yet again due to rise. This time it is due to rise to 34.9%!! They go onto say that due to market conditions etc we have had to increase rates. This time they offer an opt out option. The only issue here is that you keep your current rate of interest at a wopping 25% approx but can not use the card. That fixed rate then becomes the final rate for the length of time you hold a balance on the card. If you do not opt out be calling them up and stating so, they will apply the new rate to your card. My worry is that if I opt out and they fix my lovely 25% rate, and then next year rates go down I will be stuck on a high. If I choose to lump the rate increase and rates do not go down I will be unable to opt out as it will be too late. Can they do this? To me this is scare tactics and they are purposefully targetting customers to scare them into submission by freezing rates, perhaps later when the rates are reduced the customers with big balanaces are fixed on the high rates and they make a lot of cash? Thats one way of looking at it, the other way is that customers will get scared and perhaps try and pay off balances. Classic way of increasing income from debtors. I am stuck, I don't know how to go about making a complaint, and if I have a leg to stand on. I am tempted to fix the rate and focus on paying this card back. Four hikes in three years is just wrong but now they are trying this tactic. Have they the right to only select certain customers? Has everyone recieved this letter currently on MBNA? Any feedback would be great. Thanks guys! Worried MBNA customer