How to deal with arrogant Credit card reps?

[Dameon]

OK, here's the deal:

I'm a good credit card customer of MBNA, got their Platinum card and the whole nine yards. Been carrying an average balance of about $2200 bucks, with a fixed APR of 12.9%

In my July statement, I get a slip stating their going to jack the rate up to 15.9% at the end of August, and if I don't like it, call to close the account. Well, I call and talk to their reps, and we agree on 13.9 as the interest rate, to be effective immedeately even.

Well, I just got my statement, and was charged 15.9% for the August period. I called and they said due to the way the previous rep set it up, that it didn't take effect... but NOW it will really be effective... now. But they refused to credit me back for the overbilling of 15.9% instead of 13.9%.

Should I cancel? Should I tell 'em to dropdead and die? I'm a very good credit person. Worked at a major corporation for 2yrs +, homeowner, and hitched. Had the card for a couple of years too.

 

[Mandrill]

Tell them to eat poop and cancel the card. Line up another card at a rate that you are willing to pay, then transfer the balance of your current card to the new card. Don't give them another cent. Credit card compaines are falling all over themselves to get your business. You don't have to take the interest hike.

You can also use another compaines offer as leverage with your current company. If, say, you get an offer for 10% for another company, call your current company and tell them to match the other offer. They then have a choice of making 10% on your balance or 0% of nothing once you transfer the current balance to another card.

You hold the cards here. They want your business. Just make sure you have another deal lined up before you call them. Empty threats will get you no where

 

[Mday]

you can cancel the card... and apply to another one... well, you should get another one, and then cancel... : p

 

[kranky]

I'd agree with that advice - up to a point and as long as you are getting offers in the mail all the time. It's becoming very common for CC companies to jack up the rates on people who are carrying a balance regularly. They know some of them won't be in a position to switch banks (too much debt, bad payment record, whatever). So they automatically make more money on some of them. Others like you have some leverage and can switch if they want.

If the perks from the card you have aren't worth staying for and therefore eating the couple of bucks extra they charged you, then switch. But chances are they aren't going to budge and refund the money - because they don't care.

Those of you reading this thread who may be new to the world of credit cards, take note. Once you run up a balance and don't have a good enough credit history to take your pick of offers, don't be surprised if your CC company raises your interest rate. Once the introductory special offer expires, it doesn't matter if you had a "fixed" rate or not - they can raise the interest rate. And in that case the bank has you over a barrel. Luckily, Dameon has options because of his good credit history - but you may not.

 

[XMan]

Of course, if you pay your balance off every month, you never have to pay interest . . .

 

[SKiller]

Yeah, you should switch. I've only heard bad things about MBNA.

 

[Ronstang]

Mandrill is right on target here, follow his advice. You hold all the cards here.

While your dealing with them ask them to drop the annual fee, if you are still paying one, they almost always will if you insist.

 

[kduncan5]

Shop for a new card, but don't cancel your current card until the deal has been finalized. Try null. If you carry a large balance, a couple of % can hurt. You shouldn't have to take that.....:| -kd5-


This new hyperlink crap is gonna take some getting used to:|:|:|
null should have read: http://www.creditcardsearchengine.com . The link will still take you where intended though.....

 

[Bleep]

You should go back and re-read the notice of interest increase. They can not raise it retroactivily unless you agree to it. The agreeing is by using the card after the notice is sent. So if you have not used the card since the notice they cannot raise your interest. If they have raised the interest rate without your agreeing (by using the card after recieving the notice) notify your state Atty Generals office and they will help you out.
Bleep

 

[monckywrench]

I had MBNA and cancelled it due to better rates elsewhere. If you qualify for credit union membership this is often a better deal.There is no reason not to get the most favorable rate available.Others will be happy to get your business.