Need a new card to replace my super expensive HSBC card

EZTutty

My HSBC Credit Card rate has gradually risen from 13.9% to 20.9% over the past 12-18months.

Today i got a note on the bottom of my statement saying that the rate would be increasing to 25.9% :eek: I have just under £5000 on this card at the moment, but am starting to make monthly payments of £400 a month so get it cleared asap. However at 25.9% the interest is still going to be crazy.

So i need to find a lower rate card (0% on Balence transfers would be nice) however when i tried to get a 0% deal for a new card to move this debt to approx 3-4months ago, i struggled to get a new card (i'm guessing due to the current global financial situation) as i never had problems before.

I just wondered if anyone can offer any advise of good cards to go for, that i'm likely to actually get, and with decent rates? (just to note i already have a barclaycard, and have recently closed a tesco card, so there out of the question :rolleyes:)

I'm 22, earn approx 36k a year, and have a clean credit history, i'm also a homeowner (with a mortgage)


Thanks

Paul

cifpower

Have you tried Virgin or MBNA? Or even Halifax?

EZTutty

was turned down by Virgin last time i tried

Haven't tried MBNA, will look into that thanks

My current account is with halifax, and every time i go into the branch, ring up or log on to internet banking i get offered there 0% credit card, and it's been like this for the past year, i've had a couple of attempts at getting it, and everytime i get a letter a few days later saying they can't give me the 0% card, and offer me some pathetic card with a rate of about 40% :mad:

YorkshireBoy

EZTutty wrote: »

was turned down by Virgin last time i tried

Haven't tried MBNA, will look into that thanks

MBNA underwrite the Virgin card. If your decline was recent perhaps better to try somewhere else?

EZTutty

i'm looking for places to try with a high acceptance rate?

i don't want to start applying to them randomly and end up with a shed load of searches on my credit profile.

cifpower

You could try Flybe. They are offering 0% on BTs for 6 months.

97trophy

phone hsbc and ask for a apr reduction, it has worked for others.

greenmantle

My HSBC Credit Card rate has gradually risen from 13.9% to 20.9% over the past 12-18months.

Today i got a note on the bottom of my statement saying that the rate would be increasing to 25.9%

Yep, agreeing with the above. If you haven't already, ask them to lower it first, if they've just edged it up over the months without really notifying you. I asked by online PM for them to restore my old rate after nudging it up, and they did. Good luck.

EZTutty

Thanks

I've just sent them a PM saying i'm not happy with the rate increase, asking them to revise it.

Fingers crossed!, i'll let you know how i get on

EZTutty

Finally got an answer back from HSBC (after several phone calls also) and there not going to consider revising it.

They gave me 2 options, repay in full and cancel the card, or live with it.

Thanks alot HSBC :rolleyes:

Ritchie74

I beleive you can demand to keep limit at current level if you agree to close the account (but continue to pay it off).
Not sure if this is statuary yet but I do know most, if not all, banks will do this. Perhaps an option until you get a new card in place?


Oops- meant APR not limit.