recent increase in my APR, please review

Posted Sun April 22, 2007 1:15 pm, by Richard D. written to MBNA

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I received a notice of an increase to my purchase APR in April 2007. My rate is scheduled to go from 9.9 to 19.9 on May 1st, 2007. I immediatly rejected the change to my account and requested the reason why this decision was made.

I received this letter on Apri 12, with the reason that my rate was increased because of "recent balance trend."

I charged approximatly 2000.00 in business expenses on my card in Febryary, which took my card to 75% utilization. This total amount was paid off in the next billing statement. I have since requested and received a credit line increase, and my total utilization is less the 15%.

I have never had a late payment and have used this card consistantly for business expenses for years. If this issue is not resolved, and my rate lowered to 7.9 (current posted rate at M&T bank) I will be transfering the remaining balance to another card and I will stop using your product.

Please send me an updated credit card agreement for my M&T Platinum Plus credit card, reflecting the current posted rate of 7.9%.

I look forward to continuing to do business with your company.NC

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Re: recent increase in my APR, please review by RedheadWGlasses Posted Sun April 22, 2007 @ 7:00 PM I agree, this is ridiculous. If we could just get one ethical major credit card company, consumers would flock to it! However, maybe you're not aware, but credit card companies talk to one another. If you go past your limit or have one late payment on one card, then your OTHER cards may increase their interest rates! Maybe that happened to you, maybe they're just being ridiculously draconian with your account, I don't know. At any rate, you sure seem like a responsible credit card user, so I hope you switch cards rather than give them your business. If this happened to you, it can happen to any person who incurs business expenses on their personal card. Reply Re: recent increase in my APR, please review by >Leanne< Posted Sun April 22, 2007 @ 2:02 PM I hate when CC companies do this. 19.9 is a blatant rip off. I hope they reduce it for you in a reasonable time. Calling usually helps, if you get the right person. Reply