Increase in APR

Poppadom_2

Just had notification that the APR on my credit card is increasing from 18.9 to 21.9, I am not the best at remembering things, but I think I have heard Martin say in interviews you can refuse the increase if you write to them, this would only effect old purchases. And the new increase would only be on new purchases. Now I think that was what he said, not sure, can't see anything on the site or the forum stating this, can anyone point me in the right direction.
I would appreciate any help, as bank just said something about terms and conditions.

izools

You can "Opt Out" of the interest rate hike but if you do this, you can't use your card any more.

You choices are - accept the hike and continue using your card - all old and new transactions are 21.9% APR.

OR opt out of the hike, and you must destroy your card - no new transactions are allowed but old transactions remain at 18.9% APR for you to clear the balance after which the account is totally closed off and settled

CannyJock

Poppadom wrote: »

Just had notification that the APR on my credit card is increasing from 18.9 to 21.9, I am not the best at remembering things, but I think I have heard Martin say in interviews you can refuse the increase if you write to them, this would only effect old purchases. And the new increase would only be on new purchases. Now I think that was what he said, not sure, can't see anything on the site or the forum stating this, can anyone point me in the right direction.
I would appreciate any help, as bank just said something about terms and conditions.

Start with the article entitled "Reject credit card rate hike" http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

It's under the Credit Card section of the main site - in particular read the bit about