Halifax doubling interest rate

shaunt

Hi,
Just thought i`d post this and see if anyone else has had it.
Been with halifax on a credit card for quite a number of years. Got a letter yesterday saying they want to put up my APR from 5.94% to 10.92% a rise of approx 84%.
Having called them they say they are raising them to make them more competitive, well unless im mistaken raising anything by 84% doesn`t make you competative.
Be interesting to hear if anyone has called and managed to get the rate put back to 5.94%.
Regards
shaunt

opinions4u

shaunt wrote: »

Hi,
Just thought i`d post this and see if anyone else has had it.
Been with halifax on a credit card for quite a number of years. Got a letter yesterday saying they want to put up my APR from 5.94% to 10.92% a rise of approx 84%.
Having called them they say they are raising them to make them more competitive, well unless im mistaken raising anything by 84% doesn`t make you competative.
Be interesting to hear if anyone has called and managed to get the rate put back to 5.94%.
Regards
shaunt

5.94% is wildly out of sync with the market and probably close to loss making for them. Poor lambs.

There are similar posts on here where people have seen their rates rise by over 30%.

they say they are raising them to make them more competitive

I suspect they meant "we have reviewed our competitive position within the market place and reckon you've had it too good for too long".

eschaton

opinions4u wrote: »

5.94% is wildly out of sync with the market and probably close to loss making for them. Poor lambs.

There are similar posts on here where people have seen their rates rise by over 30%.

I suspect they meant "we have reviewed our competitive position within the market place and reckon you've had it too good for too long".

Agree, you can't expect CC rates to be below loan rates.

My Halifax CC rate is 9.9%.

Ritchie74

You can always opt out of the increase however they will shut down your account and you will then pay down your balance at the old rate. But to be honest you won't get better than even your new rate unless you go for a 0% deal or BT onto a 'life of balance' card.

shaunt

Thnaks for the replies guys feedback greatly apprecited. Will be interesting to see if anyone else has had their rate hiked up. They did use to make some money out of me as used to clear the card every 3 months, but have tried 3 phone calls just in case they would change their mind and drew a blank each time but not to worry 10.9% still a decent rate unless any of you know different.
Regards
shaun

LeeSouthEast

While it is a doubling, that rate is still better than most current cards (12.9% on my barclaycard, for example).