customer punished for paying on time

Posted Wed April 5, 2006 7:24 pm, by Cheri B. written to MBNA

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my rate went from 10.49% to 20.49% because for the past twelve months I only made my minimum payment. They refused to lower my rate even when I said I had no choice but to transfer my balance and close my account.
The reason I had been making mininum payments was due to the fact that my husband lost his job last April and just became employed in February.

As far as I'm concerned they can't do anything for me at this point. I don't want to do business with bullies that punish you for atleast making mininum payments on time.

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Re: customer punished for paying on time by theraven Posted Sat April 8, 2006 @ 2:14 PM You weren't punished for paying on time. They raised your rate because you appeared to them to become an increased risk, either by what they see on your credit reports or because you have been paying only the minimum payment. It is certainly within your rights to take your business elsewhere. However, you might soon find that the increased interest rate was not a random incident of "bullying", but a fairly standard practice by today's credit card issuers. Is it fair? Not necessarily. Isolated incident? Unfortunately not. Reply