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MBNA credit card APR

  • 19-05-2008 10:14pm
    #1
    andyeire
    Registered Users, Registered Users 2 Posts: 467 ✭✭


    I wasn't sure where to put this ,more of a heads up than anything else.

    I got my cc statement today and i noticed the interest charged was quite high.

    No where on the statement does it give the APR just the monthly interest rate which was 1.45 % this comes out to 18% APR.

    They increased the rate from 10.9% to 18% this month.Now they could have notified me,probably did.

    The upshot was i rang them asked how come rate was so high they said no problem sir we will bring rate back to 10.9.I did not even have to ask for this she just offered it straight away.

    I wonder how many people they would catch out with this?


Comments

  • #2
    Gillo
    Registered Users, Registered Users 2 Posts: 5,566 ✭✭✭Gillo


    Don't they have an introductory rate for the first six months.

    Just curious did you have to get "excited" on the phone to get the rate brought down.


  • #3
    nava
    Registered Users, Registered Users 2 Posts: 4,739 ✭✭✭nava


    Same happened to me last year when I changed from MBNA to AIB, when I called to cancel the lower it to be the same or very close to AIB and also offer free interest for the next mew months.


  • #4
    andyeire
    Registered Users, Registered Users 2 Posts: 467 ✭✭andyeire


    Gillo wrote: »
    Don't they have an introductory rate for the first six months.

    Just curious did you have to get "excited" on the phone to get the rate brought down.

    I had the 10.9 rate for the last 3 or 4 years i got that by ringing and saying i was moving to another cc company.

    I didn't have to get excited to get them to reduce the rate .In fact i never actually got to ask then to reduce the rate .I simply said why did the rate go up by so much he said it was just a general rate increase but he could reduce to the 10.9 if i wanted.I said OK .The whole call lasted less than 30 seconds.

    The point of the rate increase, in my opinion, is to catch people out who might not look at there statements carefully


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