Better off dealing with a Third World Dictator than MBNA
Written: Nov 06 '04
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Pros: They are unsurpassed at being evil
Cons: everything, read below
The Bottom Line: For the love of GOD, do not get a MBNA credit card!
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| adirondack27's Full Review: MBNA Platinum Plus (Mastercard and Visa) |
I have never experienced a company as blantantly unethical as MBNA. My experiences are similar to the ones reported here. I started at 4.9% with excellent credit just five months ago, and now I am at a full 24.99%, which I expect to go up to the legal limit of 27.99% soon. This is all due to making a purchase that sent me over my credit limit by $20. When I moved to a new house, I purchased a mattress for close to $800 on my MBNA account. Although I calculated in my head that it would be close, it pushed me over my credit limit by a meager $20. Regardless, the purchase was approved.
Upon going over my credit limit, MBNA charges you $40 every month you are over, in addition to interest. So you pay the card down below the limit, and MBNA raises your interest rate, say from 4.9% to 12.9%, and tacks on $40. Now your back over your limit. So the following month I make an aggressive payment, and MBNA goes to 19.99%, adds $40, and guess what, you're back over your credit limit! Next month, same scenario, large payment made, MBNA puts my interest rate at a whopping 24.99%, making interest alone on the account $160, plus that cute little $40 fee. Then, they send the next statement LATE to my residence. So the late payment of $35 is added, making the grand total $235 a month BEFORE EVEN PAYING THE PRINCIPAL!
During this time I apply for a higher credit line. They deny it saying I made a late payment. I ask for just enough so I don't have to pay the $40 fee, they deny me and say with snide demeanor that the $40 monthly fee is provided as a notification to the customer that he/she is over their limit. Who are these people, The Sopranos?! I wanted to reach through my phone cord and strangle the person on the other end of the phone. You really are better off getting credit from Tony Soprano.
I remained on the phone for nearly two hours with a "customer service rep", and his supervisor. I asked if they would reduce my interest rate, and I was told that the interest rate was not going to be reduced, and actually may rise in the next few months due to my current income and credit report. My credit report was ruined by MBNA, and my income has only increased since having the card.
The people at MBNA are liars, loan sharks, and deceptive. They tow the company line at any cost. MBNA associates are the most conniving, dishonest, slimy crooks you will ever encounter. At first they are nice to get your business, then they take pleasure at your misfortune, and try to prey on any weakness you may have. They even create problems for you so they can make more money. You will fill out more paperwork, write more letters, and stay on the phone through every free hour you get with this company. I can't begin to tell you how many hours I missed out on with my family because I was on the phone with these dirtbags. I sincerely hope that what happened to me will happen to the customer service rep when he goes to get a car loan or mortgage. For the love of God, DON'T EVER GET A CREDIT CARD THROUGH MBNA!
I would sell my first born child to a Third World dictator before I ever use MBNA again.
Update: I am in the process of securing a personal loan at 15% less interest than MBNA was charging me to pay off, in full, my account. My MBNA card was cut up and disposed of long ago. I have gotten three other people to cancel their MBNA credit cards.
In addition, when I get junk mail from MBNA, I send it (and other junk mailings) back to them in their postage paid envelope. I also take their LL Bean credit applications, turn them inside out (so the postage paid is on the outside) and send it back to them, blank, by the handful, on their own dime. Try it, it's fun.
Recommended:
No
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Epinions.com ID:
adirondack27
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Reviews written: 2
Trusted by: 0 members
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