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Barclaycard interest rate rise.
ytfcmad
Posts: 387 Forumite
This week i got my Barclaycard statement as usual, on checking it i noticed the following message.
They are increasing the interest rate by 5%! If i don't like it i can close my account and pay the balance in full or close my account and pay off the outstanding at current rate!
I phoned India and was given a right load of old pony so am none the wiser to the reasons.
I have had a Barclaycard for 23 years and have spent the best part of £200k on it in this time as it is used for both work and personal.
I have a 10k credit limit and most of the time the balance has been paid in full every month. I have missed a few payments over the 23 years but only by a few days because i have forgotten, 90% of the charges for late payment were refunded after phoning them as they said i was a very good customer.
In the last 12 months i have been late twice but the balance has been paid in full every month and i had one late payment fee refunded (they told me they are allowed to do two per year for good customers)
It's a Platinum card if that makes any difference.
Has anyone else recently had this change with there Barclaycard?
They are increasing the interest rate by 5%! If i don't like it i can close my account and pay the balance in full or close my account and pay off the outstanding at current rate!
I phoned India and was given a right load of old pony so am none the wiser to the reasons.
I have had a Barclaycard for 23 years and have spent the best part of £200k on it in this time as it is used for both work and personal.
I have a 10k credit limit and most of the time the balance has been paid in full every month. I have missed a few payments over the 23 years but only by a few days because i have forgotten, 90% of the charges for late payment were refunded after phoning them as they said i was a very good customer.
In the last 12 months i have been late twice but the balance has been paid in full every month and i had one late payment fee refunded (they told me they are allowed to do two per year for good customers)
It's a Platinum card if that makes any difference.
Has anyone else recently had this change with there Barclaycard?
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Comments
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As long as you pay in full each month then it doesn't matter what the interest rate are0
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Thats not the point is it? What happens if i wanted to leave a balance for a few months?
Credit cards with high interest rates are not designed for long term borrowing ie more than 56 days. If you want to use a card then get a 0% one and use that instead.
And set up a Direct Debit.0 -
no_more_cards_for_me wrote: »Credit cards with high interest rates are not designed for long term borrowing ie more than 56 days. If you want to use a card then get a 0% one and use that instead.
And set up a Direct Debit.
I am well aware of what cards and how to use them if i want 0% (done so many times)
My point is I'm a loyal customer who spends a lot on my Barclaycard so feel peed off that they have increased my interest rate (the fact i pay it off every month has nothing to do with it).
I'm guessing they have done it because i pay it off every month.
I checked Equifax and Experian tonight and my Barclaycard does not show on either, other old cards do on both, very odd.0 -
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Well you wouldn't be with Barclays...don't you!!! You're like everyone one else, Barclays feels that you're a risk. Time to move on, plenty more fish in the sea
Can you explain how i would be a risk?
I have spent nearly £200k probably more like £250k thinking about it over the time I've had the card and paid the balance in full just about every month.
My credit score etc is about as good as it gets as well.
Balances were not cleared in total occasionally as I'd not bothered to do my expenses, i wasn't bothered about paying the odd bit of interest because of this, and 23 years ago you did not have 0% interest options on credit cards anyway.0 -
It's quite simple. Out of the last 12 months you haven't paid (on time) your bill on two occasions.Can you explain how i would be a risk?
To their computer customer profiling system there's a 1 in 6 (that's around 15%) chance they won't get next month's bill paid on time.
Remember...credit is a privilege, not a right. But if you're so annoyed take your business elsewhere (but don't forget to set up a direct debit, for either the full or minimum payment, to insure against £12 late payment fees because they won't be waived forever!).0 -
Can you explain how i would be a risk?
You'd really be better off directing that question to Barclaycard. They might admit it's to do with you not generating them sufficient profit, but then again they might not."A child of five could understand this. Fetch me a child of five." - Groucho Marx0 -
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