Credit Card interest rate extortion

TeeRoy

Hi All

Just thought I would let you all know that if you have a credit card that your provider may be charging you extortionate rates of interest as mine was.

Im with the Abbey and I only just discovered after querying my interest charge that my rate of interest was increased from 20.9% to 34.9% effective from the 29th September last year. That is a 67% increase!

To say I was unhappy is an understatement.

I promptly complained at the rate, explaining that although, yes, I had a greed to a variable that I did not agree to pay extortionate rates.

I debated with them and they dropped the rate to 27.9%, after further complaining it was then reduced again to 24.9%.

This is still an unaceptable rate of increase, some 19%, which I will be complaining further about by writting to them in the first instance, and if I dont get any joy, I will take it up with the ombudsman,

I felt that I should pass this on in case this was the same for other.

Check your rates of interest, you could be getting ripped off too!

Tee

cifpower

I take it the Abbey card is run by MBNA? A lot of people have had similar experiences to you

simon_templar_2

Interest rates on credit cards are variable and the rate will be linked to your credit score. I fail to see why the FOS should be complained to if they are offering 24.9%. If you are not happy then i would suggest changing to another credit card. How you can see a 4% increase as 'unacceptable' after they relented by 10% is staggering.

jenkofreeze

Saint, I side with TeeRoy - I find ANY interest rate increase unacceptable. They're all out to get ME.

Simplest and best advice is to shop around for lower, or just get it paid off and get out of there asap.