I had discover card do that to me recently for seemingly no reason at all. Just out of the blue got a letter saying they were raising my rate from 9 to 18.75%. It said the only way I could dispute was by writing.
Nope. I got something similar from MNBA this week. Never had a late payment on it and they also keep upping my limit every few months.
It looked like a mass mailing sent to all customers. We might have slightly different terms but it was pretty ridiculous.
well when I read that notice no way am I keeping it guess I'm not the only one.
Still gonna call them in a few minutes after I verify all my other accounts.
Still gonna call them in a few minutes after I verify all my other accounts.
Discover Card pulled that with me, tho not in a letter, I just noticed it online. Convo went like this..
(not word for word)
Me: Can you tell me why my rate has went to 18.XX% ?
Him: Let me check this for you, be right with you.
Him comes back: There seems to be some discrepancies with your credit history.
Me: That's impossible, I haven't been late or over extended on my lines of credit since I can remember.
Him: Well let me check again Sir.
Him comes back again: We're gonna put it back to where it was, we're also going to raise your limit by 25%
Those discrepancies must have cleared up quick like!
(not word for word)
Me: Can you tell me why my rate has went to 18.XX% ?
Him: Let me check this for you, be right with you.
Him comes back: There seems to be some discrepancies with your credit history.
Me: That's impossible, I haven't been late or over extended on my lines of credit since I can remember.
Him: Well let me check again Sir.
Him comes back again: We're gonna put it back to where it was, we're also going to raise your limit by 25%
Those discrepancies must have cleared up quick like!
I also have a MBNA card and got the damn letter myself. This is two weeks after they increased my limit by 3 grand without my request. I called them up and they agreed to graciously lower it to 24%. Hah hah! I guess I know what I will be paying off ASAP.
PingSpike
Lifer
- Feb 25, 2004
- 21,765
- 614
- 126
Interest is earned on the money for slightly longer while its in your account, credit card provides a safety net for purchases, rewards (as mentioned), credit card funds are not lost when card is stolen (unlike cash), builds credit while doing normal purchases you had to do anyway, and they're easier to handle than cash (opinion).
so its not just me.
I guess i won't be using their card ever, ever ever again.
time to get a different credit card company.
I guess i won't be using their card ever, ever ever again.
time to get a different credit card company.
Holy Mackeral.
I get interest on my cchecking account. AND cash-refund reward-like program. AND I'm not responsible for purchases if it's stolen. The only reason I could think to get a credit card are to build credit or to get some miles.
Another note. Having a credit card as a security net is a TERRIBLE IDEA. My rule of thumb (Which I tell many people is) calculate your expenses for 6 months. Save that much money and invest it in something really safe (It's not there to make money, but might as well if you're saving it). If something does happen, your financial emergency doesn't turn into bad credit.. It just gets paid off.
Another note. Having a credit card as a security net is a TERRIBLE IDEA. My rule of thumb (Which I tell many people is) calculate your expenses for 6 months. Save that much money and invest it in something really safe (It's not there to make money, but might as well if you're saving it). If something does happen, your financial emergency doesn't turn into bad credit.. It just gets paid off.
Yes, but in this case I think they had a major policy change and sent out letters to all or most customers (perhaps with slightly differnt terms, based on your current status). I THINK (have to check later) it was onr of those "we can raise it as high as xx% if you are ever late" things... it also said new late fees were being added. I've never been late on any CC payments or other accounts that show on credit (and just did my annual credit report agencies check).
StageLeft
No Lifer
- Sep 29, 2000
- 70,150
- 5
- 0
I keep no balance and never make late payments, but I got something in the mail yesterday from MBNA also. I skimmed it only, but noticed the 3% on international purchases. Needless to say I won't use the thing when I go out of country this summer.
Looking online I will have to wait until next statement to check interest rate, but I think it stayed the same.
i find it a bit underhanded that they never on these statements report how much interest I've actually paid per period. I think you have to call them up to find out.
Other than credit building, there is no reason. I do it because I always get points--in somecases up to 5% cash back, with my citicards card.
Looking online I will have to wait until next statement to check interest rate, but I think it stayed the same.
i find it a bit underhanded that they never on these statements report how much interest I've actually paid per period. I think you have to call them up to find out.
just about any bank will give you interest on your checking account. just have to keep some money in it.
hence my situation. I have months in savings plus other investments.
I use the card for the reasons I've given. But at the same time I don't like these changes.
I called MBNA and apparently this was mailed to all holders and worded really poorly. i read it as I was in default but have been assured that my account is in perfect standing and NOT in default on any agreement with MBNA or others. Apparently it had something to do with other credit companies getting reamed.
we'll see but the foreign purchase aspect annoys me and i won't be using this card for foreign purchase. I like to vacation a lot outside of the US and will NOT pay a penalty on foreign purchases.
yes I know. And that is what I always stress to others. To read the fine print and realize that the offers state if you default under any agreement (ie, one day late) you get reamed.
what I was so upset about is it was worded that I was in default when actually I wasn't. i watch that stuff like a hawk.
The reason I use MBNA is that I put monthly changes for cell phones and cable on it and have it autopay. So I just check to make sure the bills are correct and never worry about it. I also use it to make large purchases (that I pay off immediately) in case there is a dispute with the merchant. I would have my com utilities taken directly out of my checking, but the local telco has made some huge "accidents" on my bill before (e.g., once I got a bill for 1400+ that took them months to fix), so I don't want to give them direct access to my account without some sort of upper limit in place.
I agree.
I think this had something to do with recent events in the industry and I may have read too much into it.
But still there are some things in what was sent that i do not agree with.
Very good point.
I've had telcos make large mistakes like "you haven't paid" and after faxing them copies of checks (cleared and paid) numerous times they still said "you haven't paid".
What part of you CASHED MY CHECK AND DON"T SHOW IT ON MY account don't you understand?
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