Caravan Club (Barclays) Ts & Cs

ChapelGirl

Has anyone read the changes to the Caravan Club Credit Card Terms & Conditions?

Specifically:
"We may increase the interest rates on your account because we think there is an increased risk that you might not be able to repay what you owe us, but we will not do this without first taking into account factors such as how you manage this or other accounts, your financial situation and your credit rating. If we increase your interest rates for this reason, you will be treated as accepting the increased rate unless you tell us, before it takes effect, that you want to end this agreement rather than continue it with the change."

i.e., we can unilaterally decide that we no longer think you are credit-worthy, and this means that we can charge you whatever interest rate we like for whatever you currently owe us, unless you find out that we are going to do it and pay off the balance before we have done it.

Splendid! Welcome to the Credit Crunch! :T

opinions4u

Show me a credit card where the provider can't change the rate to whatever they want (subject to complying with the law of the land).

Every credit card I have ever had has been subject to a variable interest rate.

All Barclays are saying is that they'll provide people with a clean credit file a better rate than those who are a higher risk. Which, as I never pay interest, suits me just fine.

exel1966

ChapelGirl wrote: »

Has anyone read the changes to the Caravan Club Credit Card Terms & Conditions?

Specifically:
"We may increase the interest rates on your account because we think there is an increased risk that you might not be able to repay what you owe us, but we will not do this without first taking into account factors such as how you manage this or other accounts, your financial situation and your credit rating. If we increase your interest rates for this reason, you will be treated as accepting the increased rate unless you tell us, before it takes effect, that you want to end this agreement rather than continue it with the change."

i.e., we can unilaterally decide that we no longer think you are credit-worthy, and this means that we can charge you whatever interest rate we like for whatever you currently owe us, unless you find out that we are going to do it and pay off the balance before we have done it.

Splendid! Welcome to the Credit Crunch! :T

Just about standard through the industry for every UK issued card ! All they've done is made it clearer !