Virgin Credit card increase interest rate to 34.9%

rebeccasut

I cant beleive how angry I was to find that Virgin had increased my interest rate to 34.9% without even notifying me, how can they get away with this?? Banks and Building society's are so regulated and could not do this so why can credit cards companies, I think it criminal. I have called them but they have advised me to speak to another dept which I will have to do tomorrow but I hope they can reduce the limit. My husband has a virgin card and they tried to do this so him but he received a notification stating he could opt out and just pay off his balance at the old rate. Has anyone else had this and if so did you get the interest reduced again??

never-in-doubt

rebeccasut wrote: »

I cant beleive how angry I was to find that Virgin had increased my interest rate to 34.9% without even notifying me, how can they get away with this?? Banks and Building society's are so regulated and could not do this so why can credit cards companies, I think it criminal. I have called them but they have advised me to speak to another dept which I will have to do tomorrow but I hope they can reduce the limit. My husband has a virgin card and they tried to do this so him but he received a notification stating he could opt out and just pay off his balance at the old rate. Has anyone else had this and if so did you get the interest reduced again??

They have to give you the option of paying the debt at the old rate - see here for same story! Credit card company cancels card

furfoxache

I've just managed to pay my virgin credit card off. I had an APR of 34.9% and they wanted to increase it to 39.9%. I cancelled the card but had a £6000 balance on there. I've just managed to pay it off. £150 a month or more just on interest. Made me sick when I worked it out over the year. They will not back down on it in my experience. Good luck.

spaceboy

That's an absolute ridiculous interest rate. Best you can do is find another card company that offers balance transfer. Interest rates like that should be banned though.

Ritchie74

rebeccasut wrote: »

I cant beleive how angry I was to find that Virgin had increased my interest rate to 34.9% without even notifying me, how can they get away with this?? Banks and Building society's are so regulated and could not do this so why can credit cards companies, I think it criminal. I have called them but they have advised me to speak to another dept which I will have to do tomorrow but I hope they can reduce the limit. My husband has a virgin card and they tried to do this so him but he received a notification stating he could opt out and just pay off his balance at the old rate. Has anyone else had this and if so did you get the interest reduced again??

They are legally obliged to inform you of any rate changes... Could you have been affected by the recent postal strike? There will be a letter code on your account if the notification has been sent. Ask for this to be investigated.
In any case, you certainly can opt out of the increase, but no future spend will be permitted.

never-in-doubt

Ritchie74 wrote: »

They are legally obliged to inform you of any rate changes... Could you have been affected by the recent postal strike? There will be a letter code on your account if the notification has been sent. Ask for this to be investigated.
In any case, you certainly can opt out of the increase, but no future spend will be permitted.

Now then stranger :beer: Nice to see you....

Ritchie74

never-in-doubt wrote: »

Now then stranger :beer: Nice to see you....

Howdi, told you I'd be back ! Must stop being lazy methinks!

never-in-doubt

Ritchie74 wrote: »

Howdi, told you I'd be back ! Must stop being lazy methinks!

Yea, working too hard and earning lots-a-money me reckons.... Watch the footy tonight, was a few weird scores!

Ritchie74

never-in-doubt wrote: »

Yea, working too hard and earning lots-a-money me reckons.... Watch the footy tonight, was a few weird scores!

I wish! All goes on the mortgage (stupid me fixed for 5 years so not really benefiting at the moment). Managed to catch some of the arsenal match, good result even tho I hate them