Personal Finance

Wrong interest rate being charged with balance transfer with MBNA

  • Last Updated:
  • Oct 3rd, 2014 10:42 am
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May 11, 2014
3385 posts
Iqaluit, NU

Wrong interest rate being charged with balance transfer with MBNA

In July, I decided to take advantage of the 0.99% balance transfer offer that MBNA offers to make an investment purchase. I transfered $4150 into my chequing account. The next statement, I noticed that the interest being charged was high and looked at the balance details and noticed the $4150 was under 19.99%. I called MBNA and a friendly agent reversed the interest charges and told me the balance has been fixed and should be no problem. He did mention however that my next statement may look funny, but that I won't be charged 19.99% and interest will be credited.

Step over now to September. I was on vacation so made a payment as per usual and didn't look. I come back to see my statement. Now under 19.99% is a balance of $1807.80 and under 0.99% $2322.32. So I am on the phone with MBNA. the initial agent told me they are trying to transfer the balance but are unable to. i asked what other options I have, she told me to call back on Monday(?) or to be put on hold for someone in transfers. i asked for the latter and now on hold for the last hour and a half. Still holding and typing this forum. Wait time has been extremely long (conversion weekend is already over isn't it?)

I am now very confused. This card had been 0 balance before the balance transfer and no further purchases. I would like to hang up and call back, but I start work on Monday and would like to avoid having to deal with this when back at work. Any suggestions?