Rate Jacking Sucesses/failures

markwoods10

Barclaycard platinum old rate 16.9 they told me they are increasing to 21.9 when i asked why they said it was a decision by barclaycard management and nothing i could do about it.
current balance £2360 credit limit £2400 I hae cut up card asked them to close my account and pay off at the old rate.
I then decided to speak to them again as will forsee some payment problems they put me thru to customer loyalty and they said that if i was having financial problems they can put a payment plan into place for 6 months to help.
need to pay £35.50 per month and interest rate reduced to 0.5 per cent apr this will save a few quid each month and pay a little more of the debt( IS THIS A GOOD IDEA)?
they said this would reflect on my credit file not too bothered as I have enough debt to clear anyway
my question is will my other credit card company then look at my file and hike my rate up?

other card id halifax classic credit limit £6050 BALANCE around 6k
have a promotional balance 4.9 % for lifeon a balance transfer and standard rate of 11.9%( i rang them earlier this year to see if they could lower from 19.9 which they did.)I also pay by DD for this card( this card has also been cut up)
thanks all
mak

Navy_Zero

This month Marbles put my card up from 20% to 34.9%! out of my minium payment only £20 comes off the balance of around £8000 and MBNA have sent an opt out letter to keep me at 20.9% and cancel any payments out of the card or continue at 25.9%. I have not missed a payment on either card ever and this is costing me a fortune - how can they get away with these rates:mad:?

searcher1

HSBC - 15.9% to 20.9% (my wife's Gold Card)
My wife is past retirement age when HSBC 'offered her' a gold card back in 2004. They had since increased the rate then reduced it but would not back date it. Now they've done it again and get ready for this 'You do not have enough products with us' as an answer (verbally on the phone)! Erm, 'the products' have never changed since 2004. They would not reduce the charges. In reality the APR should be reduced to 10.9%(!!!) seeing as base rate is 0.5% so I can only believe they wanted her to close the account due to her age but will not say that!
Michael

draconian_2

Ive posted about this earlier in the week but an update!

Card - Egg
Rate Increase - 16.9% up to 21.9%
I had a lot of outstanding debt on this one owing to a move and some house refurbs - started on 0% now they are making their money back!
I fortunately was paid a handsome bonus so paid back £5k this month but still have a £5k balance which is to be paid over the next 4-5 months, egg in the meantime have executed my Opt Out request and so the account will close.
I asked why they had increased it - again said my credit file was the reason, so I asked if it was there in front - so they could spell out to me what was wrong on it..couldn't do that could they..
Anyway I am happy to close the account I dont rely on the card and this has pushed me to clear it up in double quick time.

I hope you all have a better time - incidently theis clearing of the "dead wood" is no doubt to fund the new customers on the 0% deal that was announced recently..

D

Millie_B

Both my partner and I have cards with Virgin. We haven't spent on them for quite a while and are trying to pay them both off ASAP. We had it all sorted out but in February we both received letters on the same day - his was being hiked from 17.9% to 27.9% and mine from 19.9% to 29.9%! We couldn't believe it!
I called Virgin and finally got through to someone who told me that the couldn't review the rate on my card as they can only review them every six months. I wrote letters but never heard anything. It's been over six months and i've never heard a thing. I just keep being fobbed off! any advice would be great! No idea of where to go from here.

I think it is insanely unfair behaviour for good customers!

97trophy

searcher1 wrote: »

HSBC - 15.9% to 20.9%.......'You do not have enough products with us' as an answer (verbally on the phone)!

I am had a similar experience, I was told it was because my wages did not go into my HSBC account.

Eric_Pisch

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.

tan82

Can someone please help me? I changed my bank account back in June and in the whole exchange process I missed a payment on my barclay card but they kindly understood and returned me back to my promotional rate. After that my direct debit was cancelled AND NOT BY ME!! I confirmed with the bank and told barclay card I had not cancelled it so why had it been cancelled??? They said they can't do anything...they cant change the rate back but they'll file a complaint for me (but I doubt) they'll do anything. Also got a snobby letter and I think its going to affect my credit rating! I have a lot of debt but I hadnt missed any payments previously so this is going to look bad!

What can I do??

vodkafreak

ataylorrl wrote: »

• Capital One
• 6% for life of balance transfer
• since 2007 approx
• Increase to 18.9%

I rang them after receiving their letter. Spoke to chap in India who was obviously reading from a script....credit crunch... blah blah blah.

Said I was very unhappy with what they were proposing since I had signed up to life of balance deal.

Gave me option of taking my debt elsewhere or cutting up card (done in 2007) and continue payments until £0. Snapped his hand off at second option.

More an more difficult to get deals on credit cards now so have reached saturation with the various tarting we been doing!

Same happened to me! To be fair capital one DID write to me giving me the option of staying on my current rate if i cancelled the account (owed about £1000 & didn't use card much anyway!). Of course i agreed to this & continued just making usual payments then, shortly after, i managed to get a virgin credit card at 0% so transfered the balance to this. Hope to pay off in 16 months before interest kicks in so capital one actually did me a favour!;)

NickX

vodkafreak wrote: »

To be fair capital one DID write to me giving me the option of staying on my current rate if i cancelled the account

This is not due to the generosity of Capital One. You can thank the Labour government for imposing this requirement on all Card Providers, about the only decent thing they have done to help those suffering financial hardship IMO.