APR on existing credit card

jarvster

Ive been with HSBC since 1998 when I went to uni and also got their VISA card.

I use this credit card a lot and always pay at least my monthly payment. Now Im earning more Im slicing chunks off my debt and whittling down my credit cards (I also have an EGG card and Morganstanleycard (now Barclaycard) for the purposes of 0% balance transfers over the years).

The APR on the HSBC card has risen from around 16% to almost 21% and since Ive extinguished the debt on the card Im trying to figure out how to reduce this.

Can somebody advise me if this is possible? Did the rate increase due to the amount of money I previously had on the card? If I threaten to leave, is a reduction in APR something that they could offer?

Thank you for your help peeps!

CLAPTON

Get a lower APR card, preferrably low life of balance or 0% BT card and transfer the balance... you can of course ask HSBC to be kind to you and maybe they will but getting a better card resolves the matter.

thriftymomma

I would give them a call and ask. If you don't ask, you don't get. As long as your card was managed well, they should be helpful.

jarvster

Thanks guys! I will give 'em a call and see what they say! For some reason (probably cos Ive had it so long and is the same bank as my current account) I felt a need to keep the card.

But I guess why keep a card that has a rubbish APR unless they're gonna offer me a reduction or some 0% balance transfer incentive!

Anyway - thanks again!

jarvster

Geez, I should have done this a while back! They reduced my APR from 20.9% to 15.9% which seems more competitive.

Ill keep it for a bit longer until Im ready for one of those low rate Simplicity type cards.

Cheers everyone!

thriftymomma

Yay! Well done

moneysavingallday

Good stuff!