MBNA changes terms

I have an MBNA card I rarely use--in fact, I destroyed the card itself a few months ago. There's no balance on the account right now, so it just sits there.

The other day, I got a 12,000 word document from MBNA detailing the amendments to my credit card agreement. Since Bank of America acquired MBNA last year, I'm sure they're just getting around to breaking all of the promises MBNA made before the merger.

Some of the new provisions of my MBNA account:
"Default pricing" has been added. Slightly less evil than "universal default," but the same general idea.
The grace period has been changed.
"Cash equivalent transactions" will now incur a fee.
Foreign transactions will now incur a fee.
The late fee is being increased.
Every payment made with a paper check will be processed as an electronic debit (they're using the signed check as authorization to transfer funds electronically); this will help BofA/MBNA get their money faster.
The default rate has been raised.
It goes on and on... lots of new fees established, mandatory arbitration, etc.

I believe MBNA can conduct their business any way they want, but the agreement I signed with them is very different from the one we now have. I'm a big believer in free-market capitalism, but that's not what this is; the transaction is not voluntary on my end. At the very least, these changes should require my signature on an amended agreement.

Sure, I can always take my business elsewhere (and I will) but not everyone can do that. Someone with big balaces who can't get approved for another card could well be stuck with MBNA and it's onerous new changes to its terms. It's wrong.

Comments

[Topher]

If they can change it without your approval, can you change it without theirs?