can i reclaim credit card interest

jamie_b_3

Hi,

Wondered if anyone can help me.

I have recently paid off my outstanding credit card bill, thankfully!!

When i paid it off over the phone i just happened to ask what interest i was being charged and to my amazement the reply was 27.9% APR. I was shocked! So straight away i asked if that could be reduced. The chap who i spoke to said he would reduce it to 22.9%. I then said that i could get a rate of 16.9% straight away from my bank (HSBC). He then said "Ok, i can drop it to 16.9%" which he did, which was great!

Then over the weekend i thought to myself, if they could just drop it by over 10% just like that, have they been taking me for an absolute ride and milking the interest?

So this is my question:

Has anyone any idea if i could argue this with the Credit card company and try and reclaim sme of that already paid interest?

Any advice or help would be greatly appreciated.

Jamie

latecomer

You borrowed money at an agreed interest rate so I very much doubt you have any chance. If you dont want to pay interest, dont borrow from them. Get a 0% on purchases deal.

jamie_b_3

thanks for your reply, but when i signed up the interest rate was 17.9% and it had been put up, yes ignorantly, without me realising.

Does this make any difference?

nomoneytoday

I doubt it - they would send a letter advising the rate change, or it would be mentioned on your statement...

jamie_b_3

ok, many thanks for your help

normanmark

Interest is a fair charge & something which you've agreed to in using a variable interest agreement.

Paul_Herring

If you don't want to pay the interest, either don't use credit cards, or pay them off in full so you don't get charged it to begin with.