Goldfish interset rate rise

ceefercat

Hi
I don't know if this is the right place to ask my question but it's concerning my Barclaycard Goldfish card. On my Barclaycard Platinum card, earlier this year I had the choice of a 0% balance transfer over a few months then it would revert to the normal rate or 6.9% for the life of the debt, which is what I chose as it seemed a good rate for what I saw as a loan. I was planning to cut my Goldfish balance with it but I was told that I couldn't do that as it's a Barclaycard card so my Goldfish balance is very high.

In July I had a letter advising me that the Goldfish card rate would rise to 25.9% but I could close the account and keep the rate at 21.9%. I did this but my latest statement shows the rate as 25.9%. I phoned Goldfish to query this, only to be told that there was a letter sent to me but no record of me being offered the choice to keep the rate at 21.9% if I closed the account. There is a record of closing the account - I did that then because I had seen Martin on GMTV and he advised people to ask why they had been penalised, so I did that and was told that certain customers' credit rating had changed but couldn't (wouldn't) say any more than that.
Because I closed the account successfully I didn't keep the letter and Goldfish now deny the terms of the letter. Is there anything I can do please?
Julie

ceefercat

I've asked this question on the rate-jacking thread - I searched high and low with words like that but found nothing until after I posted this thread, so feel free to disregard!

never-in-doubt

Remind Barclays about the new ruling brought in 01/01/2009 which allows you the option to refuse any rate jack and repay balance at the previous rate - if you use the card though then you automatically accept the new rates and will be charged.

They cannot refuse this option to you, unless you made the mistake of spending since the letter arrived?

ceefercat

Thank you for your reply - I was kind of hoping it would be you as you seem so non-judgemental in the posts I've read.:smileyhea I haven't got the card, I chopped up several earlier this year when I realised that I was in far too deep. I have kept two cards which have the lowest rates and I don't use them very often.
Julie

Moggles_2

There's only so much that can be achieved over the phone. If you feel you have grounds for complaint against Barclaycard, I would request a copy of its complaints procedure (you can do this in branch or over the phone). This sets out the time limits allowed for dealing with your complaint. The bank is also obliged to confirm the result of your complaint in writing. I would mark your letter & envelope "Complaint" and send it recorded delivery, so you have proof that they are highly likely to have received the letter and when you posted it.

You have the right to take your complaint to the Financial Ombudsman, if you are not satisfied with the outcome.

That said, have you estimated how long it will take to clear the balance? Is it possible to move it to a new 0% card in your partner's name, if there is one?

Meanwhile, I'd concentrate on paying as much as possible off the card with the highest APR each month. Clearing this debt ASAP will reduce the interest you pay and you'll be building a better credit history in the process. This, in turn, reduces the risk of further interest hikes by other cc providers.

For more tips, see Martin's *Reject CC Rate Hikes* article
http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases#s3

Very best
M

petera74

Contact the FOS. http://www.financial-ombudsman.org.uk/contact/index.html

good luck.

ceefercat

Thank you both - I have to admit that I don't cope very well on the phone - I'm not well and this gets worse when I'm stressed and these unhelpful people certainly stress me out!

That said, have you estimated how long it will take to clear the balance? Is it possible to move it to a new 0% card in your partner's name, if there is one?

How long is a piece of string?:rotfl:Not funny really as it's £13k. There is no partner and I should think that, as Goldfish/Barclaycard have done this to me, my credit rating can't be very good and getting another card isn't an option. It would certainly help me but I'm frightened to apply, really, because of the CRA search.

I have an MBNA card which has a 0% balance transfer rate but that will revert to 27.9% next June, so I'm a bit wary of that too.

Thanks again
Julie

Moggles_2

ceefercat wrote: »

I have an MBNA card which has a 0% balance transfer rate, but that will revert to 27.9% next June, so I'm a bit wary of that too.

You don't mention the credit limit on your MBNA card, but I would transfer as much as you can PDQ. You'll still save money

To check this yourself, simply plug some numbers into this credit card calculator
http://www.whatsthecost.com/creditcard.aspx

You can then estimate how much you'll save by transferring a balance to MBNA. You can also see the effect of increasing your payments by a few pounds.

Reducing that balance ASAP not only saves you loads, you'll be building a better credit history in the process. This, in turn, reduces the risk of further interest rate hikes.

ceefercat

Thank you - I've transferred £6,600 (half the balance) and I'm in the middle of typing a letter to Goldfish quoting what I was told in previous posts. I've read the FSO pages and I won't get anywhere without putting my complaint in writing to Goldfish first.

I really appreciate all of the input and maybe I can sleep a bit better tonight.
Julie