I have two accounts with MBNA and just received a notice on one informing me the rate type was changing from fixed to variable. The variable rate is based on the prime rate + a margin of 9.9%. Gee, is it just a coincidence this change is occurring just as the lending rate is going up and will be for the foreseeable future? Why didn't my interest rate go down to coincide with the drop in the prime rate over the past 5 years?

I called MBNA and the representative told me it was the company's intention to change the rate type on ALL accounts. According to an article, the CFO of MBNA does not see the loss of too many accounts as a result of this change. Well you can start with my two accounts being closed.