Store Cards

Jonzylad

Hi All,

Im a new poster but frequent visitor to these forums.

I wonder if anyone can help. I have a Storecard which has been open for about 8 years and recently it was flagged instore by an assistant that my card was running with an APR of 29.9% whereas the new account is 19.9%.

I have just got off the phone with GE Money and they have informed me that its at their discretion if they lower the rate or not, other than that i should pay off the balance and re-apply to get the new (Standard) APR. I asked if this was legal as in effect im being penalised due to be being a longer standing account holder and they gave me the same stock response.

Is this legal that they can charge differing APRs on a Standard Topman account and refuse me to take up the new rate (I say new it must have been in place at least 3 years or so)? I have looked on the Topman website regards the APR however it does not say anything.

Any help would be greatly appreciated.

cifpower

Yes its legal. They can charge whatever APR they like. The only way to lower it is to close one card and open the one with a lower interest rate.

benf90

Unless you have a poor credit history it's not really necessary to be paying those kinds of interest rates.

If you don't know much about credit files / scoring then it may be worth having a read through this guide:

http://www.moneysavingexpert.com/banking/credit-rating-credit-score

And then, if you can't afford to pay off the whole balance now, have a look at transferring it to another card with a lower interest rate. Have a read through this guide for more info:

http://www.moneysavingexpert.com/cards/balance-transfer-credit-cards

shopaholicleo

Jonzylad wrote: »

Hi All,

Im a new poster but frequent visitor to these forums.

I wonder if anyone can help. I have a Storecard which has been open for about 8 years and recently it was flagged instore by an assistant that my card was running with an APR of 29.9% whereas the new account is 19.9%.

I have just got off the phone with GE Money and they have informed me that its at their discretion if they lower the rate or not, other than that i should pay off the balance and re-apply to get the new (Standard) APR. I asked if this was legal as in effect im being penalised due to be being a longer standing account holder and they gave me the same stock response.

Is this legal that they can charge differing APRs on a Standard Topman account and refuse me to take up the new rate (I say new it must have been in place at least 3 years or so)? I have looked on the Topman website regards the APR however it does not say anything.

Any help would be greatly appreciated.

I work for Aracdia and know exactly what you're talking about. I beleive that if you still have a balance on the card, they have to charge you the 29.9%, as thats what it was when when you took out and spent on the card. This is why you can't change the rate, so I would recommend paying it off and perhaps only reapplying if you're spending over £80 to get the 15% off.You can even set up a Direct Debit to pay off a bit more than the minimum each month.

I beleive the rate has been in place since April 2007.

Darren08

I had a Burton's gold card for about 3 years. Long story short I had a massive, massive issue with their India call centre and an error they made with identity fraud cover. So I called through the next day to speak to the UK based people, the lady in Leeds was lovely, I just said how annoyed and angry I was and how I wanted to leave and she told me as a gesture of good will she would slash my rate from 29.9% to 18%, I thanked her but still canceled. Poor poor customer services from GE Money (is it GE Money lol or Arcadia, I don't recall) call centres in India.

Point being, they can charge whatever they want really, you could complain like I did to customer relations and they have the authority and discretion to reduce your rate down, it all depends on if you speak to 4 unhelpful advisors in India over the course of 2 hours who misinformed you each time, or a lady in Leeds who knew her stuff and how to appease a wronged customer.

Problem is though if you do have a poor credit rating, canceling and reapplying for a new rate may not work, you'll close your old account and then possibly be declined for a new one.

Jonzylad

Hi All,

Thanks for your replies. Theyve been really helpful.

To be honest there is a balance on the card so ill just pay it off and close the account as its once in a blue moon i use the thing anyway.

Cheers

Mark


:beer:

[Deleted User]

GE Money upgraded my Burton's card to a gold card then slashed my credit limit. The APR is still sky high though. I'm thinking about dumping it in disgust. :rolleyes: