On January 8, 2009 I received a letter from MBNA urging me to use the attached "access cheques" to consolidate all my debts and put them on my low-interest MBNA Master Card. In large bold print they advised me
"7.99% AIR This is NOT a promotional rate! "
In the body of the letter they said: "Save with the low 7.99% standard Annual Interest Rate (AIR) that is yours to keep. This is not a promotional rate."
Perhaps a promotional rate would have been better, as I would then know how much longer I had to enjoy it. Instead, my February statement arrived with the NEW AIR of 10.99%!! What about the 7.99% that was "yours to keep"?! How could I possibly save with a 7.99% rate when my very next statement indicated the rate had just been bumped by nearly 40%?
Fortunately, I did NOT consolidate any debts. Frankly, I thought that with bank rates falling everywhere else, they were just trying to lock me in at 7.99% before they DROPPED the rate. Okay, that was naive, but at least it saved me from falling for their scam. How many other people believed the promise that the rate would remain at 7.99% for the length of the "loan"? Granted the very fine print on the back says the AIR is subject to change, but the words and tone of this letter (including large BOLD print) were intended to inspire confidence that a specific rate would remain in effect at least for the foreseeable future.
Meanwhile they were already adjusting the rate to take effect the very next month!!
How is this NOT a False or Misleading inducement to transfer my debts to their Bank??