MBNA Canada Interest Rate - Master Card

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Got something to say? Help other consumers by sharing your experiences on My3cents...Without my knowledge, MBNA Canada went ahead and raised my interest rate to 24.% then dropped it to 22.98%. I was appauled by this increase and I called them. There response to me was, that because I had other debts they had the right to do a major increase to my interest rate, on a pre-existing amount of money already owing.
I asked them how they can do that, they said they just can. They said I should of read the fine print a little closer and they would gladly send me it to read again. When I originally spoke ewith them in regards to the application they had sent me, without asking for it. They supposedly told me everything about it. They failed to mention that they could increase my interest when ever they wanted to. I am so angry!!! On one hand they tell me they raised my interest because I have other outstanding debts and this was a way to insure they get their money, while on the other hand they keep sending me these payment holiday invoices + interest. How worried can they be about getting their money when they offer me these free months with interest! I pay to them 124.00 per month, 114.00 of that is interest. IF I could just pay them off I would! All they care about is the money and they will knowingly lie to you by not giving you all the necessary information! Very deceptive! IF anyone knows of any legal action I can take I would really appreciate it! thanks for reading this Rick red1@rogers.com CANADA

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