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MBNA Virgin Credit Card Interest rate

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  • MBNA Virgin Credit Card Interest rate

    Hi there I am new to this site. I wonder if you can help me?
    I have recently realised that my Virgin MBNA credit card is being charged at 34.9% APR, although on application it was 0% balance transfer for 15 months and typical APR 15.9%.
    I have no defaults or CCJ's.
    My Experian 'credit expert' rating is an 'excellent 940 out of 1000.
    I was given a credit limit of £3000.
    I have never been late with or missed a payment.
    I have paid regularly by direct debit.
    I recently brought this to their attention and they said this is the 'best rate' they can offer me at this time!!!
    Is there any way I can find out what their calculation policy is or find out why this rate has been applied to me?
    Is there any way I can get it reduced by claiming I am being unfairly treated?

    Thanks
    Redletter.


    I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

    "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

  • #2
    Re: MBNA Virgin Credit Card Interest rate

    when did you take the credit card out?

    Comment


    • #3
      Re: MBNA Virgin Credit Card Interest rate

      If your status is as you state, then get a different card with a better rate.

      Why bother anymore with them if they wont look after you.

      Comment


      • #4
        Re: MBNA Virgin Credit Card Interest rate

        Even with a good credit rating it is not easy to get a card at the moment. If you try I would be interested to see how you get on.

        In my experience anyway.
        "What makes the desert beautiful is that somewhere it hides a well." - Antione de Saint Exupery

        "Always reach for the moon, if you miss you'll end up among the stars"


        Comment


        • #5
          Re: MBNA Virgin Credit Card Interest rate

          Try egg for another 15 month SBT card. Tesco are the next on the list who don't credit score harshly then post office.

          Comment


          • #6
            Re: MBNA Virgin Credit Card Interest rate

            Thanks.
            I think the problem is that I am near to my credit 'ceiling' as I have a car loan with a balance of about £10,000 and three other cedit cardswith a combined balance nearing around £6,000.
            I think I took out the card in August 2007.

            I was quite naive in actually lowering my credit limits on my cards a while ago thinking I was being sensible, but it appears I have not done myself any favours by doing this as I have now made myself closer to my available total credit limit!

            I recently got knocked back when I applied for 3 months interest free credit at Beaverbrooks through Hitachi credit. The jewellery item was only a few hundred quid but I think this is due to my level of credit rather than any adverse credit problems.

            I was actually looking at the Tesco card recently as they have a low APR on long term I think of 6.9%, but what is to stop them winding up the rate in the same way MBNA has?
            Redletter.


            I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

            "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

            Comment


            • #7
              Re: MBNA Virgin Credit Card Interest rate

              Originally posted by Redletter View Post
              I was actually looking at the Tesco card recently as they have a low APR on long term I think of 6.9%, but what is to stop them winding up the rate in the same way MBNA has?
              bump
              Redletter.


              I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

              "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

              Comment


              • #8
                Re: MBNA Virgin Credit Card Interest rate

                I was actually looking at the Tesco card recently as they have a low APR on long term I think of 6.9%, but what is to stop them winding up the rate in the same way MBNA has?
                Depends on what their offer is - if it is for a set period then nothing to stop them after the fixd period ends - but it gives you hopefully a decent amount of time to reduce your debt on a lower intrest rate before they can do that.

                Comment


                • #9
                  Re: MBNA Virgin Credit Card Interest rate

                  Originally posted by Redletter View Post
                  I was actually looking at the Tesco card recently as they have a low APR on long term I think of 6.9%, but what is to stop them winding up the rate in the same way MBNA has?
                  bump
                  Redletter.


                  I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

                  "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

                  Comment


                  • #10
                    Re: MBNA Virgin Credit Card Interest rate

                    I'm not sure about why or how they can wind up the rates to be honest, in fact I believe that there is no way they can increase the rate during the time of the initial offer.
                    I personally would go for a low interest card and use it for the term of the deal then about 3 months before the end of the deal then apply for another, transferring the debts over as you go along, at least that way you have a good chance of paying off the debts and cutting down on the interest.

                    Comment


                    • #11
                      Re: MBNA Virgin Credit Card Interest rate

                      There are also some card lenders that will offer a low(ish) fixed rate APR for the lifetime of the balance. Best thing to do is shop around on one of the comparison sites.
                      Any opinions I give are my own. Any advice I give is without liability. If you are unsure, please seek qualified legal advice.

                      IF WE HAVE HELPED YOU PLEASE CONSIDER UPGRADING TO VIP - click here

                      Comment


                      • #12
                        Re: MBNA Virgin Credit Card Interest rate

                        I'm not sure about why or how they can wind up the rates to be honest, in fact I believe that there is no way they can increase the rate during the time of the initial offer.
                        If you make a late payment, go over your limit, or break any other T&C during offer period then they can withdraw the terms of the offer and charge what they like. Most common failure of this is when a 1st DD payment is not made on time due to the time it takes to set it up. Always get the online version and check it is all in order.

                        Comment


                        • #13
                          Re: MBNA Virgin Credit Card Interest rate

                          Is there any point in speaking to MBNA and asking why my rate has been escalated?
                          Redletter.


                          I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

                          "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

                          Comment


                          • #14
                            Re: MBNA Virgin Credit Card Interest rate

                            Originally posted by Redletter View Post
                            Is there any point in speaking to MBNA and asking why my rate has been escalated?
                            Haven't you already got the answer to this

                            Originally posted by Redletter View Post
                            I recently brought this to their attention and they said this is the 'best rate' they can offer me at this time!!!
                            TBH I don't think you will get anymore information out of them, so spend your time & resources finding a better deal.

                            Comment


                            • #15
                              Re: MBNA Virgin Credit Card Interest rate

                              Thanks Pkea I guess I confused the issue what I meant was could I maybe take it higher ie through complaints procedure etc as the person I spoke to was just the 1st point of contact at their call centre.

                              I guess you are right though but I'm worried that as applying for another card I will mean another search recorded on my credit file, it may do more harm than good.
                              I'm not sure how the credit scoring works exactly but the more refusals I get might it further escalate my other CC interest rates?
                              Redletter.


                              I believe the struggle for financial freedom is unfair - I believe the only ones who disagree are millionaires.......(Darren Hayes/Savage Garden)

                              "Get up at 6 face another day another red letter in the mail-already taken my TV away-whatever I earn there's always more to pay.....Gotta turn these rags to riches turn the pennies into pounds cos right now all my days are bitches and I'm tired of being down!." Copyright Change! (Redletter 2006).

                              Comment

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