Do Credit Card Rates Automatically Go Up
Author: pennypicher
Posted: Sat Nov 20, 2004 10:54 pm
Post subject: rates automatically going up??
Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybodys rate was going up. I said ya but not 3% it's more like 1/4% they have gone up. They refuse to go back down and I can't transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?
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Author: Polonius
Posted: Sun Nov 21, 2004 2:37 am
Post subject:
MBNA screwed your account up? How so? What did the bank do?
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: mouse
Posted: Sun Nov 21, 2004 2:29 pm
Post subject: Re: rates automaticly going up??
pennypicher wrote:
Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybodys rate was going up. I said ya but not 3% it's more like 1/4% they have gone up. They refuse to go back down and I can't transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?
"IF" it is closed the interest rate "SHOULD" be frozen.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: puck71
Posted: Sun Nov 21, 2004 5:03 pm
Post subject: Re: rates automaticly going up??
mouse wrote:
"IF" it is closed the interest rate "SHOULD" be frozen.
I don't think so. When you close an account it's generally at the same terms as it was when it's open. So if you had a variable rate, it would still be a variable rate when it's closed. And if you miss payments it would go into a penalty rate under the same circumstances as it would have when it was open.
Author: Dave
Posted: Mon Nov 22, 2004 9:34 am
Post subject: Do Credit Card Rates Automatically Go Up
Some cards stipulate an alternate rate you will automatically end up with if you close your account. Refusing a change in terms of service generally closes your account with the terms set as they were prior to being notified of the impending chage -- and if you have a variable rate, it will still continue to fluctuate, they just can't change how it's calculated. In other words, if your rate was prime plus 4.99% and prime goes up, your rate will too....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sat Nov 20, 2004 10:54 pm
Post subject: rates automatically going up??
Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybodys rate was going up. I said ya but not 3% it's more like 1/4% they have gone up. They refuse to go back down and I can't transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Polonius
Posted: Sun Nov 21, 2004 2:37 am
Post subject:
MBNA screwed your account up? How so? What did the bank do?
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
Author: mouse
Posted: Sun Nov 21, 2004 2:29 pm
Post subject: Re: rates automaticly going up??
pennypicher wrote:
Have a MBNA card and they went from 14.99% to 17.00%. I have good credit but they have screw my account up so many times in 6/8 months that I closed it. I called and asked why and they told me everybodys rate was going up. I said ya but not 3% it's more like 1/4% they have gone up. They refuse to go back down and I can't transfer cause I have balances on other cards and we all know that game. Is it me or are they that screwed up?
"IF" it is closed the interest rate "SHOULD" be frozen.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: puck71
Posted: Sun Nov 21, 2004 5:03 pm
Post subject: Re: rates automaticly going up??
mouse wrote:
"IF" it is closed the interest rate "SHOULD" be frozen.
I don't think so. When you close an account it's generally at the same terms as it was when it's open. So if you had a variable rate, it would still be a variable rate when it's closed. And if you miss payments it would go into a penalty rate under the same circumstances as it would have when it was open.
Author: Dave
Posted: Mon Nov 22, 2004 9:34 am
Post subject: Do Credit Card Rates Automatically Go Up
Some cards stipulate an alternate rate you will automatically end up with if you close your account. Refusing a change in terms of service generally closes your account with the terms set as they were prior to being notified of the impending chage -- and if you have a variable rate, it will still continue to fluctuate, they just can't change how it's calculated. In other words, if your rate was prime plus 4.99% and prime goes up, your rate will too....
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 10:02 PM
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