Hi there

I have a credit card with MBNA which I took out to transfer a balance due to a promotion of 0%. Have 3500 on it. As soon as I came out of the promotional time my rate has gone to 34.9%. I have missed no payments and pay on direct debit. I have phoned for an explanation. I was told by MBNA that it was a 'bankwide' decision which affected nearly all customers.

I know this is a load of old bull and would like my rate put to a sensible one, however I can't transfer the balance off either?

Who do I complain to and can anyone help?

And your complaint is? You have received your promotion. You had your opportunity to repay a substantial balance with no interest charges. You chose not to bother to do so. It was your decision not to save the money or make repayments. If you can not afford to pay off the balance immediately, why did you not bother to act responsibly during the promotional offer???

Logically, 0% rates are there to save money. If you chose to pay the minimum, ie £5 per month with a high balance then you made a calculated decision not to take advantage of saving money. Therefore I suspect that you are a rate surfer. In your T&C's interest rates can be increased or decrease as they are variable unless you sign up for a fixed for life deal.

Your interest rate will be calculated on risk, conduct and credit search reviews, which will be silent therefore leaving no footprint, this also is in your T&C's. There are a number of factors included in this. Be thankful you 1. Have a credit card, 2. Still have a credit limit as another company reviewed all it's high risk accounts the back end of last year and withdrew the non profitable accounts and their high risk accounts after reviewing the strategy.