Interest rate increases

clio

Kev
can you no try and move debt to a better rate, or can you ring halfax and ask them nicely if they will lower apr or have you tried that allready!!

HamiltonL

clio wrote: »

In the eyes of credit card companys what makes you a " sh***y customer and a good customer" for them to up the apr. If both keep there accounts in order as t &c's and make payments on time every time how do they work out the 2 different type of customer so they can raise the apr. does the customer who allways carrys a balance but chips away at it over the years get classed as being the "sh***y customer"

By that phrase I mean people who regularly default, so I wasn't referring to you of course. Of course some customers who don't make the company that much money (e.g. just make min payments or pay balance in full and don't use card much) are also put in the next worst category. Whether we like it or not, they are there to make money, and there is little than can be done about it, unless you get the company to offer a short term offer.

yb202

I can appreciate that Banks are a business whose main prupose is to make a profit. What I cant understand is that there is apparently no regulation to how far they can take it. Although my situation with the 18.9% isnt so bad , surely there is a point where it becomes unreasonable and excessive. Isn't the OFT regulating this?

PROLIANT

Once I manage to climb the 6 mile ladder out of the Sub Prime market this time next year pending nothing silly happens, I will get on these 0% for 12 month deals and just keep switching when the offer ends unless I get a confirmed long term low rate or something to that effect, I will however keep my 3 sub prime cards on the go not just for the sake of good old times but as a stand by just incase.

NickX

yb202 wrote: »

surely there is a point where it becomes unreasonable and excessive. Isn't the OFT regulating this?

Well not really. I believe some of the sub-prime lenders such as Provident have APR's well over 100%.

The Credit Card Companies have it in their Terms and Conditions that they can vary the rate, so that is what they can do.

Regulating the financial services marketplace still has a long way to go.