CHECK YOUR CREDIT CARD STATEMENTS: MBNA specificially

[NEVE and TRISTAN]

I do not have an MBNA card but wanted to share what happened with my neighbor. She is doing a project for school about finances preparing for future etc... and I guess part of it was to really review your bills.

She said that she use to have like a 5% credit card with MBNA and that as of Jan they upped it to like 16%...

She never would have noticed she said for she barely looks at it and assumes it is the same and does not change. She said this amount has totaled over $2,000 in excess cash going out.

She also said that they sent her in small print (evidently) a letter of some sort saying it would go up UNLESS SHE SENDS A NOTE CERTIFIED MAIL SAYING SHE DIDN'T WANT IT TO GO UP!!!!!

Anyway my specifics might be off slightly but this is what I remembered from the conversation and thought I'd share incase others had this switcheroo done to them.
Neve
Reichen (6), Karsh (3), Tristan (2) and baby girl Bronwyn born March 10th!!!!

[aliceinwonderland]

edited.

[JLiebCamm]

Eri,
Figure out if that's true about MBNA because that is my primary card (it's through LL Bean and I earn free merchandise) and I will quickly stop using it!!!! The thought that I was indirectly supporting that man is upsettting!

[kath68]

There is no protection for consumers when it comes to the high rates credit cards are now charging. It is a myth that there are usury laws against high rates. What you describe is happening all over the place these days (happened to my husband and mother in law) -- without warning interest rates go up to over 20%, without ever being late on a payment! If you are carrying a balance, They figure that they have you between a rock and a hard place, jack up your rate, and there is nothing you can do about it.

All of the credit companies are consolidating (there's just a handful left), so it's not like there are many alternatives for credit.

As a consumer protection attorney I am really dismayed and concerned about how little protection is out there for consumers. And the amazing thing is that the press pays little attention to what it going on. The few rights consumers have are being chipped away at. This is just one of many examples I could tell you about. Another is the mandatory arbitration clauses which are included in something like 85% of consumer transactions (without the consumer knowing or agreeing to it) and effectively take away the consumer's right to her day in court (and in reality make arbitration an impractical solution, too, leaving no recourse whatsoever to a consumer), no matter how awful the actions of the company!

I am seriously considering getting out of the business because I am tired of tilting at windmills.

[psophia17]

Do what I did - stop paying your bills and move to a different country :)

[HannaAddict]

Keep tilting at windmills! The mandatory arbitration clauses are a killer though.

Kimberly
DS 3/18/04

[hez]

This is why we're on a cash (or debit card) basis. One CC kept for things like rental cars-- and it's Amex, and they just bumped the rate up for no good reason, as well as shortened the grace period. Took a while to get a cash situation (DH was not so good with CC's in college), but I gotta tell you, it was worth the effort :)

[aliceinwonderland]

what your friend received is an "opt-out" notice, meaning, the card company/whatever company will continue doing what they intend to do UNLESS you write them and opt out of the action. This is used a lot with respect to privacy notices too. (we will share your info with everyone we can unless you write us and tell us not to do it)

e.

[aliceinwonderland]

edited.

[Wife_and_mommy]

I'm with you, Heather. The CC industry is well-known for their sneaky attacks on consumers. Most people think CC's are there to help them. That is SO not the case. MBNA is one of the most "evil" of them all.

We go CASH all the way. It was a long hard road but it's totally worth it to know no one has us by the throat. It's also nice being able to sleep at night.


Elizabeth

http://www.gynosaur.com/assets/ribbons/ribbon_gold_12m.gif[/img][/url]

Our second morsel due early February 2006!

[bcafe]

Yep, my account did that too. I *actually* read all that fine print. The opt out clause in my statement read something like this.."you can opt out of this rate increase by notifying us in writing, and if you do opt out, you are cancelling the credit card." So, they got ya!:( (of course you are still obligated to pay your remaining balance if you have one)
Betsy