Credit Card Cash Advance Rate

deadly_cool

I have just had a letter from Lloyds TSB informing me about the changes to their Platinum Credit card.

It says..

'We are making an important change to your Platinum Card conditions which mat affect the way you manage your account. So, please take a few minutes to read though this important information.

We are changing the monthly interest rate on your cash advances to 2.075% (24.000% Simple Annual Rate). You will find your existing monthly interest rates on your most recent statement. This change is made undr condition 17.1 of your Platinum Credit Card Conditions.

The new rates will be effective from 2nd October 2006 and will be reflected in all statements from this date.

We would like to take this opportunity to thank you for being a Lloyds TSB Customer.

Yours sincerely

Jose Carvalho
Head of Cards Marketing'


The current advertised rate is 1.496% a month (17.592%)

I bet that they won't be increasing their savers rates by the same percentage. I think a 7.308% hike is certainly profiteering from the .25% interest rate rise.

Typical fat cat bank managers making billions of pounds of profits from bank charges.....
:mad:

Gordon_the_Moron

Never ever withdraw cash on a credit card, this is more expensive than most but even with the best cash advance deals (HSBC and Nationwide) you're better using a current account overdraft.

See my comments about cash withdrawals here: http://forums.moneysavingexpert.com/showthread.html?t=253429