Unfair Credit card Interest rate Hikes! Write complain do not accept it!

_Andy_

You chose a variable rate credit agreement.
The rate has varied.
I fail to see why that's 'unfair'.

sabretoothtigger

I thought there was the option to write and close the account which locks in the previous rate of interest and just leaves the present balance to pay off, obviously you cant use it any longer

Not sure if thats possible in this case

kittu235

Hi,
I do not know if this is the right place to post this .
3 months ago, I accepted a promotional balance transfer offer (1.99% Until by billing date in October, 2009) and paid $1200 transaction fee for a 40K balance transfer.
I have been paying my bills on time and never missed a payment.

I received a yesterday from the bank indicating that the rate for the transfer will go up to bank prime + 12%( Currently 16%) beginning the first day of the billing cycle in May

Is this legal for the bank to do this for a promotional APR?
Is there anything I can do?

Krishna

Inactive

petera74 wrote: »

INTEREST rates charged on credit cards are at their highest in two years despite recent cuts in the Bank of England base rate, according to new research.

Pay off your balance the rate = 0%