Virgin credit card rate increase

anyusernameleft

I'm thinking of getting a loan to clear the lot and never getting another credit card again.
Bunch of loan sharks.

_Andy_

How does varying a variable rate on a credit card make them 'loan sharks'?

anyusernameleft

_Andy_ wrote: »

How does varying a variable rate on a credit card make them 'loan sharks'?

Isn't it funny though how they only ever vary it UPWARDS?
When the bank rate is at a historic low, and the economy is very wobbly, Virgin are charging 30%.

Please don't let me stop you if think this is a good deal, go ahead and sign up with them!

anyusernameleft

_Andy_ wrote: »

How does varying a variable rate on a credit card make them 'loan sharks'?

So Andy, taken out any cards with Virgin then yet? Still promoting 30% as a good deal because its "variable" (upwards only)

[Deleted User]

anyusernameleft wrote: »

Isn't it funny though how they only ever vary it UPWARDS?

They don't. They also vary it downwards.

Jigga

Deleted_User wrote: »

They don't. They also vary it downwards.

In my 20 odd years of credit cards I had only ever experienced rates going up...........until a couple of months ago when I looked at my HSBC Visa statement and the rate had gone down. No separate letter informing me or anything in bold on the statement boasting about it, just simple change of numbers downwards in the usual box. So yes, it can happen and it can also be done very subtly.

anyusernameleft

Jigga wrote: »

In my 20 odd years of credit cards I had only ever experienced rates going up...........until a couple of months ago when I looked at my HSBC Visa statement and the rate had gone down. No separate letter informing me or anything in bold on the statement boasting about it, just simple change of numbers downwards in the usual box. So yes, it can happen and it can also be done very subtly.

I would honestly like to see evidence.
I phoned them up about the 30% and they said there was nothing they could do. Rates only go upwards.
I got the address of a complaints department but I don't suppose it will do any good.

I didn't have good experiences after Virgin took over from NTL either. I avoid all Virgin products now.

danouk

My HSBC Gold Visa went down 3% in September... It does happen, but it's not common at the moment.

Jigga

anyusernameleft wrote: »

I would honestly like to see evidence.

There you go, for the sake of completeness.

anyusernameleft

WOW!
I'm in shock!
Well no I'm not, it just reinforces my determination to get away from Virgin if I possibly can.