Credit card interest - can you reclaim interest on cards if the product type changes.

Hi,
A few years ago now I applied for and obtained first a Visa Card and a couple years after that a Mastercard both from the same Credit Card company. I primarily obtained the Mastercard as it was being sold to be used abroad and I was planning to go on holiday at the time. I was aware that the interest rates were different. Overtime they were both made Gold cards.

Not so many years ago the same Company advised they would be removing the Mastercard range from there products and would replace my existing Gold Mastercard with a Platinum Visa. My existing Visa card had already been made a Platinum card and both cards have the same credit limit.

Where I'm concerned is that both cards have the same card limit but whilst they are the same product they both charge different rates of interest. The original Visa currently has the largest balance and the lowest interest charges whereas the newer Visa has the opposite.

Can I expect the Credit Card company to or should they have brought both cards into parity as effectively I'm paying different rates of interest and more money on the same product? I realise that I'm probably waking up to this too late and probably shouldn't have taken the cards out in the first place, but I would be interested if I have any chance of reclaiming the interest charged on the lower balance card.

One success I have had is reducing the interest rate and getting a free month of no interest.

Any advice would be welcomed. :) :money:

Comments

  • [Deleted User]
    [Deleted User] Posts: 35,242
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    edited 19 November 2017 at 11:41AM
    There is no requirement for them to align the interest rates.

    The historic interest can't be reclaimed.
  • Thank you ZX81. I thought it might have been a long shot.
  • Hi,

    I’ve noticed that my credit card interest rate on the statement is different from what I’m actually getting charged. Statement shows 1.667% when I’m being charged 16.67%. I think that it’s an error and that the correct figure is 16.67% which means I’m being charged correctly..... however I want to know if I can reclaim due to misleading information?

    Thank you!
  • The lower figure will be the monthly interest rate, quite normal to see this quoted on statements.
  • YorkshireBoy
    YorkshireBoy Posts: 31,541
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    The lower figure will be the monthly interest rate
    ...which compounds up to 21.9% APR, not 16.67% (which sounds like an annual simple rate...but isn't 12 x 1.667%).
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