Halifax Rate Increase !

woofwoofwoof

We got a rate hike with our Halifax Once card as well but there was a paragraph that said we could close the account and just not spend on it anymore and continue to clear the debt at the current rate. We were going to do that but have applied for an MBNA LOB card instead.

hbk2006

I got a letter today giving me a increase in credit was well happy! Got no complaints with Halifax! :T

neil40

Best not to borrow at the moment if we can at all avoid it.The interest rates are getting a joke especially when B.O.E rate is 0.5%- how can they justify 20+%?.

CannyJock

neil40 wrote: »

Best not to borrow at the moment if we can at all avoid it.The interest rates are getting a joke especially when B.O.E rate is 0.5%- how can they justify 20+%?.

Credit cards aren't designed for borrowing. During 0% promotions you can effectively "borrow" from them, but that's an anomaly. Why do you think there's any relationship between BOE base rates and credit card interest rates?

JoseChungsDoomsday

stuartm100 wrote: »

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

I'm the same as you.. it's not a big rise, but as I've been a good credit card customer for 10 years I'm paying off the £150 and closing it.

JoseChungsDoomsday

ElkyElky wrote: »

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.

Bit of an over reaction don't you think? Go rest your wee head.

WTTM

Leave Halifax alone. My last 3 letters have been, the last of which was last week:

15.9% rate reduced to 9.93%

Free 0% purchases from 1 November 2009 to 31 May 2010

Increased credit limit from £10,300 to £11,800

scott_lithgows

Wife,s has been put up by 1 %,i,m delighted as it has got her off her backside and BT it to a low LOB card.

draconian_2

I too got the letter - it just drives me to pay to off and tell them to swipe the card in the crack of their jacksies!

I simply believe we are paying off the bad debt as well as aiding their bottom line - which is fair enough as some so clearly put it. However yes in this day and age its a bad time to be screwing the consumer further, got a rise in council tax as well yesterday so its all on the way up...

The simple thing is to close the account (which is what they want) and use someone elses credit line..