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  • FIRST POST
    • worriedDan
    • By worriedDan 13th Mar 17, 8:48 AM
    • 167Posts
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    worriedDan
    Interest rate hike rejection rules
    • #1
    • 13th Mar 17, 8:48 AM
    Interest rate hike rejection rules 13th Mar 17 at 8:48 AM
    Hi,

    If a CC provider increases your rate, I am aware that you can choose to cancel the account, and continue to pay balance at existing rate. Does this mean that the account would show as being defaulted on your credit file, even if you maintained at least minimum payments. ?
Page 1
    • rtho782
    • By rtho782 13th Mar 17, 8:55 AM
    • 911 Posts
    • 579 Thanks
    rtho782
    • #2
    • 13th Mar 17, 8:55 AM
    • #2
    • 13th Mar 17, 8:55 AM
    No, but it does mean you wouldn't be able to spend on the card anymore, and they will probably want payment quicker than just paying minimum payment every month.
    Deposit Saved since 01/12/15: 13,000 / 15,000 House Bought!

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    • Money Rollercoaster
    • By Money Rollercoaster 13th Mar 17, 8:57 AM
    • 245 Posts
    • 581 Thanks
    Money Rollercoaster
    • #3
    • 13th Mar 17, 8:57 AM
    • #3
    • 13th Mar 17, 8:57 AM
    http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases


    It isn't a default as such, so it seems as long as you stick to the terms and you repay according to what's reasonable, then you should be fine.


    It is important to note that the rate hike thing doesn't apply to the removal of promotional deals and 0% rates ... it's more to stop people going from 18% APR to 30% APR etc
    Living Life @ 174 BPM >> CC Balance (0%) -3,565.99 - Target DFD Dec 2017 >> Loan (Car) (3.1%) -19,803.74 - Target DFD Nov 2020
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