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MBNA Interest rate increase with option to fix rate!


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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 :-(

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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

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I got one like this from Egg - I chose to stick at the fixed rate. I doubt very much if a credit card manages to increase it's rate they will ever reduce it...they are not tied to the Bank of England. But that's just my opinion.

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hiya all pls take a look at this below thread very interesting!




have a sunny day laters angel x

Im happy to help with support and my own thoughts, but if I offer any thoughts to your problems please take it as from my life experience only and not of any legal standing. Always take further advice from the legal experts in your final action.:)


my new motto is,,,",Taking back control of your life and home - such peace is priceless"


This is all due to truecall device , have a serious peek at this you will be thankful like I am x laters angel :D

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