Halifax Rate Increase !

QueensferryRoss

Evening all,

Arrived home to a nice letter from Halifax telling me my APR is rising to 25.95%

Anyone else had one of these letters ?

Its an increase of 5% on the existing 20.95% rate, effectively a 20% hike in interest.

Letter says it is due to "economic conditions"

Appalling, considering I have never missed a payment.

Now makes it more than viable to switch to a loan and close off the credit card, given I have no appetite for credit useage these days.

_Andy_

It's not appalling, the company needs to make profit. You have a variable rate credit agreement and they're quite entitled to vary it.

ziggles50

Ditto...mine is from 22% to 27.95%
Good grief...it's madness!!!
have just increased limit on Tesco card so i can take themup on their offer of closing the card don't even want to enter into negotiations with them about lowering it. It shall be closed soon as i am sure i can cope in case of emergency!
Rubbish man...and i have like 4 accounts with them...taking the proverbial. Went up from 17% to 22% about a year ago too so really no excuse...billy beggars!

nicki_2

I've just had mine hiked from 16.94% to 21.95% :mad: Its still cheaper than my other card but I'm not impressed as I've not even been with them 2 years! In January 2009 they increased my limit to £2000, September they increased my limit to £3k then in December they decreased it to £2850. :mad: They've done nothing but mess me about so I'm seriously considering shutting down the account.

My other card is a Natwest which I've had since 2001 and they've never messed me around like this!

ziggles50

They have refused to just keep my interest as it is so i have told them to bug off and close the account. Offered to do a loan application for me so i could transfer my £2k balance there!!! really p'd off. I have like 2 accounts with HBOS too! I'm just sticking with Tesco until they do the same to me there!
Good luck!

naijapower

In the same shoes...Got my letter hiking mine from 15.9 to 19.9%
A complete joke!!!
Yeah they want to make profit but the timing is irresponsible and callous to say the least.
Will send back my plastic

stuartm100

Got a letter as well, mine's gone from 9.9% to 14.9%, seems to be a 5% increase for everyone who gets a letter

newbie1980

mine has dropped from 15.94to 12 % including cash cheques sonot all increased

deadthings

_Andy_ wrote: »

It's not appalling, the company needs to make profit. You have a variable rate credit agreement and they're quite entitled to vary it.

No, I'm afraid not only is it appalling, but they are scum for cashing in when people are struggling, and even more so for cashing in when people are NOT struggling. It's like you cannot win, no matter how good a customer you are they raise your rates once you spend.

Banks like Halifax are behaving like loan sharks, in that they are constantly offering credit cards to customers, and once these cards are spent on they jack the rates right up.

I fail to see how it is fair to only raise rates, and never lower them and then try to lie like the scum they are by saying it is 'variable', when we all know it is only going to go up!

What is worse is apologists like you who seem to gloat and defend banks as if their practices are sound, and we somehow are all daft enough to buy into your bull!

Go gloat over someone else you muppet.

D.

ElkyElky

Good grief, if you aren't happy with the rate then you know what you can do? Bug*er off else where.

Banks are entitled to raise their rates as and when they see fit. You guys agreed to that when you signed the credit agreement, so you lot have absolutely no grounds for complaining or moaning.

Just because you may have been a customer for the last 45 years and never missed a payment, doesn't mean your entitled to be excused from such rate increases. You guys, just like everyone else, must either put up with it or switch and ditch.

To clarify, you agreed (effectively giving the banks permission) to increase or decrease your interest rates as they choose, when you signed up for the card.

welshmoneylover

That's a shocking hike, good job I don't use credit cards!