New Reviewer

Huge Credit Card Rate Increases

I have had an MBNA travel rewards card for over 15 years with an interest rate of 8.99% for most of the time. Since TD bank bought in my rate went up to 13.99% in 2016 and I just received notice that it is now going to 18.99% with a $120 annual fee added on as of September 2018. This is a unilateral change for all similar card holders. What's the rationale TD? None, other than a quick and mean-spirited cash grab. Two massive increases have now doubled the previous interest rate in just two years. My guess is that TD bought out MBNA to gradually kill it off, as the travel card rates and annual fees are now the same as the TD First Class Travel VISA Infinite card. Why have two cards that provide the same services? Also, by issuing Visa and Mastercard cards, TD has virtually no competition. First Class? NO CLASS, TD!! How can someone effectively complain about his roughshod treatment to long time and loyal customers? Canadian Bank customer service is dead.
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ID
#1342693 Review #1342693 is a subjective opinion of poster.
Product
Mbna Canada Reward Card
Cons
  • Indiscriminate interest rate and annual fee increases
Reason of review
Poor customer service
Loss
$500
Preferred solution
Let the company propose a solution
New Reviewer

Poor customer service, poor company

Today, July 2, 2018, I phoned MBNA to correct their ongoing interest error and related charges. Though I was assured by customer service, after activating this card on April 4, 2018, that my account was at 0% interest, I phoned again because I was receiving interest charges after paying the full minimum on time each month. The individual with whom I had spoken today responded haughtily to me and accused me of "going on" about closing the account if I continue to receive interest charges, though she continued to remind me several times that I had opened the account online instead of with a service rep as I had previously indicated in error. Where does she get off? First, MBNA gives customers the option of opening accounts online, so her implication that opening the account by phone with a rep was the more correct course of action is stupid. Second, I followed up with a rep, as I had explained to her, shortly after receiving the card, and was assured that I had a 0% interest account. So, here again, her point is mute. As well, who in their right mind transfers a large balance to a high interest card anyway? I don't know what substitutes for good judgement, competence, and appropriate service and employee behavior these days, but you will not find it at most companies, organizations, and businesses, and you certainly won't find it here.
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1 comment
#1846381

Your comment holds extensive amounts of water. I, also, applied for a 0% interest card on line and was told, "No bank would offer such a stupid option!

This is information from Marketing, which does not apply with TD. You should have applied on the phone." This arrogance is colossal! Since the representative can't been seen, any ignorant response is allowed.

Not a positive image for MBNA or TD. This is very worrisome direction for the future of credit card acquisition.

ID
#1293657 Review #1293657 is a subjective opinion of poster.
Service
Mbna Canada Customer Care
Reason of review
Poor customer service

They delay posting your online payments and lie about it

Been with them a year and always pay my account on time. When you pay "other" CC companies ftom your bank using their online system, the payments get posted in 24/48 hours.......but with MBNA it takes 5-7 budiness days and their customer service staff LIE TO YOU and say they have never received your funds when you call......but you have proof your bank sent them. This is called"skimming the float" in the banksters lingo.......going to file complaints with the bank ombudsman, CBC Marketplace and everywhere else I can think of. These guys are crooks.
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1 comment
#1490155

Yes, correct ; that is exactly what they do. Repeatedly.

I was already annoyed with them then they nastily called at suppertime looking for the account-clearing-zero balance $76 that I mailed two weeks ago which has cleared my issuing bank ... one of the rare times I have ever cursed at someone on the telephone ...

followed by a cut-up card mailed back to MBNA with a statement specifically disenfranchising MBNA from any further communication ; (since they were always calling with some "great new" offer) all served by Certified Mail return receipt requested so they couldn't deny the timeline. This was about 10 years ago and I've never regretted it - although the credit report agencies don't like it when you terminate an agreement and close accounts.

ID
#1267430 Review #1267430 is a subjective opinion of poster.
Location
Ottawa, Ontario
Product
Mbna Canada Credit Card
Reason of review
Problems with payment
New Reviewer

MBNA Canada - The biggest fraudsters

No matter what the offer from MBNA Canada, do not sign up to get credit card loans on any special promotional rates (eg. 1.99%, 3.99%) from MBNA Canada. This institution has turned out to be the biggest scam ever and my recommendation is to cut up your credit cards and not deal with this fraudsters. They offered me a 3.99% lifetime loan with guaranteed minimum payment. The minimum payment was calculated as 3.99% interest charges plus $10 towards principal. As long as I paid these charges on time, this arrangement was good for life - so said the agent who signed me up. They also charged a 1% initiation fee on the loaned amount up front. I have had the loan for about 1 1/2 years and had made all my minimum payments on time. All of a sudden, realizing that they had made a bad deal, they raised the minimum payment to triple the amount! I have complained to them for raising the minimum payment, mid way through our agreement and all my attempts to resolve this matter has lead to nowhere. They are basically saying (in fine print) that they have the legal right to raise the minimum payment. They are not passing my complaint to the Ombudsmen's office at MBNA Canada and their customer resolution department keeps intercepting my written correspondence. Do not deal with this institution! Amongst all the credit card fraudsters, MBNA Canada has turned out to be the biggest fraudsters/scammers of all! I have repaid the original loan and they have lost my business for good! Do not, under any circumstances get sucked in to any offers from these scammers.
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2 comments
#314917

My wife and I used the 1.99% offer for about $40,000. Of course, I would have liked the minimum payment to stay the same.

However, I must say that I do not believe that they did that because they realized that they had made a bad deal. They increased the minimum payment for everybody and they are still below the Industry standards. I always took that offer as "too good to be true" (it is a very good offer; even with the new minimum payment, I couldn't get that even with a mortgage) and managed my finance accordingly.

That being said, they should get their hands slapped because of their "the Government forced us to do that" answer (which is not true).

#250820

Hello,

We have launched a facebook page to organize for action against MBNA. Please go to facebook and in the 'search' type in 'Class Action Suit against MBNA hike in minimum payments'.

They do not think we can get together.

Let us show that we can. Hope to see you there

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ID
#218950 Review #218950 is a subjective opinion of poster.
Location
Toronto, Ontario

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