30% APR on my Credit card!!!

Masonfudgie

I have just discovered that Lloyds TSB are charging 30% APR on my credit card, they refuse to lower it stating that it's what I signed up for!!! I have NEVER received a letter telling me my rate will increase at any time and I have always paid my bill. What can I do? Any ideas?

_Andy_

Your credit card is a variable rate credit agreement. The rate has varied.

will-in-estoril

Time to look elsewhere. Plenty of stuff on MSE about balance transfers.

no_more_cards_for_me

Masonfudgie wrote: »

I have just discovered that Lloyds TSB are charging 30% APR on my credit card, they refuse to lower it stating that it's what I signed up for!!! I have NEVER received a letter telling me my rate will increase at any time and I have always paid my bill. What can I do? Any ideas?

If you have always paid your bill in full (?) then you won't be charged interest then does it matter what the interest rate is ?? Mine is something like 20% but as I settle in full each month it doesn't bother me, they will then never earn a penny from me.

Variable rate means they can charge what they like (within reason) - settling in full means you don't have to pay it though

Masonfudgie

But surely they should at least advise me of any change?

Tixy

What was the rate previously? when did it change?
If it changed from a promotional rate to a standard rate (which they have decided is 30% then they don't need to tell you).

If it changed from say 24% to 30% since Jan 2009 (I think its Jan 09) then they should have written to inform you (or maybe it may have been mentioned on the statement) - you could have opted out of the rate increase within 30days of such notification, then your account would be closed and you would simply be allowed to repay any balance at the old rate. If you don't opt out within 30days then you are stuck with the new rate.

iereboy

A few points:

If you pay it in full why bother about the APR?

If you don't like it, close it down and apply for another one...there are loads of other providers out there.

The rate is variable.

Yes, they do send you paper work every time it changes.

Ask them to swap it, to another card, I know they sometimes let you do. A lot of people like the air miles card.

"What can you do" - Why do anything at all, if you pay it all in full?

milldred

I Got a Credit Card with Barclaycard and they have increased my interest rate from 19.9% to 29.9%, Called them to ask why and they advised that the previous month i was late paying my phonebill and they have reviewed the Rate.

Apparently Barclaycard gets automatic information from the Credit Reference Agencies, Based on that info - They decide if they offer a new type of Card or Rate of interest they charge.

PasturesNew

I don't have any credit cards so guessing here, but don't they write this stuff on the bottom of the statement?

Zack1

30% when you pay in full is nothing........ I feel sorry for the people that don't and are stuck on 35%+ with the likes of Capital One and Vanquis....daylight robbery, but unfortunately everybody agreed to it and any changes

As others have said, I also don't even have a clue what my Natwest rate is, I think it's something like 19%, I only know my Cap1 rate because I checked to post about it on a survey on here