A Payment A Day - Part 8!

never-in-doubt

psychopathbabble wrote: »

I had a letter this morning from one of my credit card companies informing me of a rate change, but giving me the option of keeping the rate the same and having the account closed once I've paid it off. I rang them, as it's the card I'm trying to pay off anyway and only have £50 left to pay, and I was informed I could keep the account open and keep the rate the same. Apparently I'm one of the customers who they decided can keep the original rate?? I'm sure it's a con of some description, but I would prefer to keep it open for a bit just as a safety net, I don't have the card itself but am worried about any major emergencies as I don't really have any savings. Do you think they offered to keep my rate the same as I've paid off so much (over 2k including a BT to another card) in the last few months?

Hi Psycho,

Going on from what paul said earlier, this is known as Rate Jacking and basically means that if you have a balance on a card and the CC company decides to up your APR (usually as a result of their monthly CAIS/INSIGHT data feed with the Credit Ref) then you have the option to refuse their variable terms (rate increase) and repay the debt at the old rate (not including promotional 0% rates etc) whilst accepting that once repaid, the account will be closed.

See here for the forum thread on the topic: http://forums.moneysavingexpert.com/showthread.html?t=1946415

See the Rate Jacking MSE Guide here: http://www.moneysavingexpert.com/reclaim/credit-card-interest-rate-increases

If you're unsure what to do, keep the card open (being you've paid it off) and only use it if the APR suits your needs at the time, for instance most new cards are offering from 16-20% + so you may not have a bad rate, by any means. But you don't have to spend, if you don't want to...

Hope that helps....

so_here_we_are

Morning All

PAD TODAY £22

Angelic - GO FOR IT, if i had the chance i would jump to work for a fat club chain group

HUGS to all who need.

I have 8 months to go, so inpatient but in 4 month it will only be 4 months so the count down has begun

SHWA

musogirl295

£9.85 for me today please

Muso x

euronorris

Morning All!

Well, I was munching on some crisps last night when there was a loud crack and then a sharp pain in my gum! So, in a panic, I checked it out, only to find that one of my teeth has cracked, almost in half and is only hanging on by a thread of gum (sorry to be graphic, but I don't know how else to describe it).

Anyway, couldn't get an emergency dentist last night, so have an appointment at 11.45am with my usual dentist. Thankfully for me, I had a root canal on that tooth about 7 or 8 years ago, so the only pain I have is a little around the gum.

Can't eat anything though as I seem to catch it, no matter how hard I try to avoid it and I want it to stay there in the hope they can save the tooth. Really worried they'll just have to pull out the whole thing though.

You know that tax refund I'm getting? Well, I'm pretty sure I'll be waving it goodbye and handing it straight over to the dentist. Oh well, at least it won't be on credit.

Have a good day all.

xx

mrsinvisible

Euronorris, poor you, I morbidly dread the dentist, :eek::eek:(oh says its only cos I cant talk while hes working) :)hope they can save the tooth. £8.75 today to Amazon, nearly there!

keza

66p for me into my sealed pot xx

angelicmary85

Silaqui wrote: »

I think she's an awesome fat club lady!!

angelicmary85

Morning Padders!!

I was so busy feeling sorry for myself yesterday that I think I forgot to post my pad so could you please put me down for £2.00 today Sashy!

Today is a whole new day though so can't dwell on the bad stuff

Hope you all have a fab day! x

psychopathbabble

never-in-doubt wrote: »

Hi Psycho,

Going on from what paul said earlier, this is known as Rate Jacking and basically means that if you have a balance on a card and the CC company decides to up your APR (usually as a result of their monthly CAIS/INSIGHT data feed with the Credit Ref) then you have the option to refuse their variable terms (rate increase) and repay the debt at the old rate (not including promotional 0% rates etc) whilst accepting that once repaid, the account will be closed.
..........

Hope that helps....

Thanks Niddy..... I knew it was rate jacking, I've had it done to me on every other card, just got a tad confused as to why they offered to keep it open on the same rate! But I'm not going to spend on it :D:D



Euro - I hope they can save it for you, or at least it doesn't cost too much.

Angelic - Can you start up your own group while still working at your current job? Or would it be too much? Just thinking it would give you a chance to build up your group before you quit your job and might help you feel a bit more secure xx

psychopathbabble

£21.05 to the cc today please..... the anticipation of getting it paid off is frustrating me as I don't have much 'spare' money now :mad::j I have just 23.81 left