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Credit card interest rate increase
MACO_2
Posts: 10 Forumite
in Credit cards
My cc company santandare has just increased my interest from 18.9 to 24.9 is this legal and is there anything i can do about it. Thanks
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Comments
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My cc company santandare has just increased my interest from 18.9 to 24.9 is this legal and is there anything i can do about it. Thanks
Yes, it's legal. However, if you do not want to accept the APR increase, you can opt to close the account and repay the outstanding balance at your current rate. They should have told you this on the notification.0 -
As per your PM and my reply....
You should be given the option to refuse, clear the outstanding balance at the existing rate and then close the account. Basically, you refuse the rate jack and agree not to use the account again but clear the debt (if any) at existing rate..
That is your rights and yes, the bank is acting lawfully mate....
2010 - year of the troll
Niddy - Over & Out :wave:
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