NBNA America

What is the name of your state? Ca

I was offered this card 2 years ago for 0 percent, it ran out to 9.9 percent, on 8,000. Well after paying the min payment on time for 2 plus years they up my percent to 19.9 this month. A wopping $142.00 in interest alone.
I asked them to give me back the agreed amount and they said I was not paying enough to bring down the loan and there fore you are a risk ( my credit score is well over 700) (never late with the best credit).
THey said they put a note in my statement 2 months ago and if I did not send a letter to them objecting to the rase in interest then they were going to do it. I did not read it, it looked like something like a useless sale infomation ot that stuff they put in to sell you.
I have the note and I mean a small note, no bold, no ATTENTION TO THIS statement.

What can I do, should I go to the FTC or something like 7 on my side from the TV. It may be legal but proper, so if I understand this I am a risk and now they now want at 19.9 $157.00 instead of $85.00 (interest now is 142.94 a month) that is in my budget. How does that add up?
Do they want me to default?

[cmorris]

Try a letter to the CEO. Sometimes that helps. Or get another card and do a balance transfer. Since this is not illegal, I doubt the FTC would be interested. As far as the news station, it may or may not help.

[Tayla]

If I read this correctly the card was maxed out to its credit limit. $8000 is nothing to sneer at. That is some big bucks! Paying minimum each month is simply perpetuating matters. The card company upon seeing the HIGH usage on the card is allowed to up the interest rate. The indicator being the high limit and minimum payment history. Try paying more each month for a year then plead with them to lower the interest. IT may or may not work. Stick that credit card in a sock drawer until the debt is paid off. As another poster said , do a balance transfer to a lower interest card and then make payments consistently.

[Ladynred]

Better yet, do a BT, pay off MBNA in full, then put the card thru a shredder, mail the pieces to MBNA with a letter cancelling/closing the account and tell THEM where to STICK IT !!!