Credit Card APR hikes - best way to deal?

mcrfan

Just wondering if anyone has any advice for how to deal with credit card APR hikes. Both my ccs have done this to me now Barclaycard and Virgin have increased their APR to extortionate levels - 27.9% and 34.9% - I have 12.5k in total on these cards so I'm not impressed.

When Virgin first tried to increase to 34.9% earlier this year I called and they went down to 26.9 so I am going to try and call again, but I'm guessing I may not manage it this time.

I called Barclaycard and they were most unhelpful I spoke to someone who sounded new and at first she insisted that my 22.9% rate was an introductory rate which it certainly was not as I've had it for about 2-3 years and what a poo intro rate aswell! Eventually her colleague informed her that it was not an intro rate but she was still no help in explaining why this has happened.

Any suggestions on what I can do about this? Should I call and complain? Should I be polite but irate or downright angry? I'm guessing that they are within their rights to change their APR as they like but is there any way that I can make a complaint to the FSA? Can I argue that the notice is too short? Eg my APRs are going up in Sep and Oct and I've only just been told?

I am going to try calling Virgin tomorrow but like I say I'm doubtful that they will compromise again.

I'm so angry about this as I can not get any more credit at the moment. I just feel like these companies are taking advantage of the tough lending climate and milking their customers for as much as poss.

:mad:

cifpower

All you can do is call and politely ask if it would be possible the APRs could be lowered. All APRs are variable (as are credit limits) and they can be raised and lowered to whatever the credit card company wants.