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Credit Card Rate More Than Doubled In One Month - Is This Legal?


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Posted by anon (24.73.89.212) on May 25, 2004 at 14:14:10:

Unfortunately, I got a huge surprise when my credit card bill arrived. The interest rate shot from 7.9% to 17.98%. I immediately called MBNA only to be told that they can change the terms at will. My credit situation has not changed since I received the card over a year ago. After much bit--ing they moved the rate to 12.99%, but is this practice legal? Who would I write to in order to get a definitive answer, the FTC?


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