Rate Jacking Sucesses/failures

thunkpad

Barclaycard
0% reinstated
Sorted with a quick call

I was late with my first repayment (forgot to set up the Direct Debit) but immediately paid and then set up the DD as soon as I was contacted.

Without realising it, this missed payment immediately cancelled my 22 month 0% offer! I only spotted it six months later when I was inspecting my statement and saw I'd been charged £100s in interest. I made a quick call to customer services, pointed out the reason for the late (well, they called it 'missed') payment and the fact that I'd since set up a DD and they said they would immediately re-instate the 0% and refund the interest. Result! :T

Maestro.

Eric_Pisch wrote: »

Barclaycard Platinum was 12.4% for many many years and is now 19.8%, even thou I have a direct debit set-up to clear it each month.

That's odd. I've been reading this thread and similar other threads and the general consensus seems to be the people who have rate hikes are the ones who carry a balance for some time, ergo making the CC companies wads of money. It would seem that the credit card companies either a) want to make more money or b) get rid of that particular customer, by forcing the rate up, making the customer dissatisfied and more likely to leave once the debt is cleared.

For what it's worth, my Credit Card company could hike my APR to 100% if they wanted, I am only using it as a credit builder and don't plan to borrow on it, as the APR is already life threatening!!!

MrGreen44

Got a letter in January advising rate increase in Jan this year

18.95% to 23.45%

If I wanted to stay on old rate I would have to close the account, not use card anyone. As I do not use card I rang.

Was told I could keep account open and have old rate, which I agreed to.

Everything was fine until this month now rate is 23.45%.

Rang told them I had already spoken to them [within time limit] and the lady agreed to give me my old APR 18.45%.

Meanwhile I have had to pay an extra 7ish pounds in interest, not sure I will be getting that back.

So yes its worth phoning and certainly keeping an eye on statements.

Kathbeck88

I have been a Halifax customer (and staff) for 7 years and recently got rate jacked on two credit cards. On one card I tool the jump as it has a low credit limit and I think keeping at least one credit card is a good idea. On my other Halifax one credit card I opted to not take the rate and to pay back over a 'reasonable' period of time. This was the end of May, I went onto my online bank to set up a regular payment and the account had disappeared from my view. I went into branch and they said it will come back. On the customer search system in work the account simply says closed. I should have had a statement 15th June and as yet I have not received. I like to pay off the minimum plus interest, I could take a guesstimate at what this amount may be, but I would rather have a statement. Anyone else had this problem when cancelling the rate increase?? Thanks, Kath

MrGreen44

Have tried three times to get rate reduced, finally got fed up and closed account.

Letter confirmation states that interest rates will not change.

Set up a standing order to pay minimum plus a little extra

May change it too minimum payment in the near future

MrGreen44

Well after using the letter draft on Money Saving Expert have had a result. Within a few days I received a text for me to call customer services. I was told the letter sent to me was 'generic' and that they would lower rate back to old level, refund a couple months interest and gave me £40 off my account.

So it does pay to complain sometimes...

Thanks Money Saving Expert you are EPIC!

debsclark17

Hi All
Just to let you know of my semi-success with Barclaycard, brief history :
had card for 10 years, they continually put up credit limit, i used it, for the last few years every 6 months they been ratejacking me. my used available credit is 90% so thats why they upped the rate. last letter upped rate from 26.9% to 29.9% !!

used the ratejack letter template on MSE and adapted for my circumstances

had a call from barclaycard few days later, explained why they had upped rate, because of credit usage 90%. i complained that this was actually slightly lower usage than in feb when they previously put up the rate and that my credit rating in feb was 'poor' and is now 'good'. so why up it now ... probably because every 6 months they can ! anyway the upshot of it was 'told them i would close account and pay minimum until paid off'. they said they would charge no interest until dec 2012 and then the rate would revert back to the 26.9% that it is today. so overall will save 3 months interest and keep my rate at the same hopefully will be in a position to pay it off then anyway. so its definately worth a letter and see what happens good luck all

simax

Had a letter last month advising my FlyBe card rate going up from 19.9% APR to 22.9% APR from October.

Having numerous cards, all paid in full every month means they've wasted a stamp.

They can increase the rate to 1,000,000,000% APR if they like, I still won't pay any interest

TheGenerus1

simax wrote: »

Had a letter last month advising my FlyBe card rate going up from 19.9% APR to 22.9% APR from October.

Having numerous cards, all paid in full every month means they've wasted a stamp.

They can increase the rate to 1,000,000,000% APR if they like, I still won't pay any interest

I think I had a payday loan once at that APR.

TPAOY

Have taken RBS to FSO, but they are refusing to provide details as to why rate is being increased.

Do they have to do this if asked directly - I used Martin's template letter.

Doesn't matter too much as I only use the 0% interest free transfers, but I find it very annoying that an account run perfectly has been targeted.