Rate Jacking Article Discussion

sabelu

Has anyone got anywhere by challenging I just been hit by brick walls.

klint

NickX wrote: »

Please do report back how your Life of Balance deal is handled in view of the rate jacking letter that you have received. Thanks

Hi Nick, I confirm the Life of Balance rate has remained the same. It's just the regular rates for purchases and balance transfers that have been drastically increased.

So, savingholmes (post #37), it sounds as if your Life of Balance rate was increased by mistake. Have you queried it?

NickX

klint wrote: »

Hi Nick, I confirm the Life of Balance rate has remained the same. It's just the regular rates for purchases and balance transfers that have been drastically increased.

Thanks very much for reporting back. Glad to hear they have been honourable and treated you fairly.

Best Wishes :beer:

klint

As for savingholmes' experience, I would strongly recommend making a formal complaint to Capital One. In November's Which? magazine it was reported that Capital One was one of the worst offenders in that 91% of complaints against them were upheld by the Financial Ombudsman.

delboy67

In May 2008 I cleared my Capital One C/C with my APR @29.34%, after a year or so my limit has maxed out @£2,500 with APR @30.94%, I recieved a letter 3 wks ago telling me that in January 2010 it going up to 39.94% APR. How can these people justify these charges:mad:

adrienne1945

I have had my Visa interest rate upped to 18.9% while my Mastercard rate has remained at 6.9% Can anyone please suggest how I can move my Barclaycard visa amount over to Barclaycard Mastercard without incurring further cost. Presumably I can't make payments with my Mastercard to Visa. I am now retired and on state pension and dont think it prudent to try to apply for other cards!

wobblysteve_2

Newbie here, so please forgive the potential for my 1st post being a double post...

Both my wife and myself have Capital One Platinum cards - and both of us have had "the letters". I trawled the net and came across this interesting article....

(ah - as newbie, not allowed to post links)

dub dub dub law dot com fwdslash jsp fwdslash article dot jsp question mark id=1202434644743

(with necessary changes - and no spaces!) ;-)

... which I post for your information and discussion only. Apologies once again if link and article have already been discussed.

orange_plastic

Is there anything similar for overdraft rates? Mine (Barclays) has just been raised from 14.9% to 18.3%.

pbs_2

I hope someone can help. I am asking this question as i read in the Telegraph yesterday that you can cancel a credit card, if you have a balance on there and the debt has to be paid off, in a reasnable time, at your current interest rate. This is my story, Over the last year 4 of my credit cards have been cancelled by the card issuers, which has been ok, as I have had an MBNA credit card for 6 years and every 6 months they offer me a good deal. I phoned MBNA up and they offered me 0% for 8 months, so i transfered all my debt onto this card, however, since doing so 2 of my other cards have been cancelled, now leaving me with a problem. I have never missed any payments, but I fear I may. My 0% deal finishes in 2 months and I now have no other cards to transfere the money to, so my question is this. If I phone MBNA and ask for my card to be cancelled, would I have to pay it back (in a reasnable time) at the 0% or the rate it will rise to of 28.9% when my promotional rate ends in April. Can you close a credit card down while you are on a special deal?
Any help would be appreciated.

jo-bo

Hi pbs, i had the same problem, your 0% deal has a specific end date so it doesnt qualify for the account closure rule. The best thing to do would be to start looking for a new deal before the rate changes to your standard rate. Best place to start for a new deal would be your bank as they have a better insight in how you manage things, hope this helps