Anyone not had an interest rate rise recently?

mozzer251

Hi,

To make me feel better, anyone have a card that has not had a rate rise recently? Are they all going to go up?

Barclaycard increased mine but the loyalty department dropped it again.

Citicard just increased mine loads .......

Egg increased a little bit.

The_Boss

My Morgan Stanley is going up by a third. I've had my card for five and a half years so didnt even get an introductory 0% offer. Havent seen anyone else saying the same on here, but that might be because the letters were sent out recently.

ti1980

I just had a letter come through my postbox today which said that the interest rate on my MBNA card is going up to 2.0751 'effective on the first day following your statement date in October'.
Thank goodness they also say 'this will not affect any promotional rates applied to my account.' Phew!:)

What does my rate work out at now then? It was at 24.9%, then they reduced it to 18.9%. I have been using it for balance transfers at 1.9% anyway.

Moggles_2

In a word, No

They're all at it!

The_Boss

Blame this lot : http://forums.moneysavingexpert.com/showthread.html?t=158155

They're busy slapping each others backs because they couldnt be bothered to obey their term's and conditions, and meanwhile us guys that agreed with the T&Cs when we signed up to the account are now suffering because of them.

M_Thomson

My MBNA purchase rate has gone up from 16.9% to 24.9%. I only use mine for balance transfers though, but still that is a huge hike.

The_Boss

M_Thomson wrote:

My MBNA purchase rate has gone up from 16.9% to 24.9%. I only use mine for balance transfers though, but still that is a huge hike.

When did they inform you and when does it kick in?

M_Thomson

The_Boss wrote:

When did they inform you and when does it kick in?

Boss, I got a letter today and it rises from October. Thanks Consumer Action Group! I'll look forward to paying an annual fee on my current account from next year too! To add, I also think they were a bit crafty. They only stated the monthly APR rather than the Yearly one.

The_Boss

M_Thomson wrote:

Boss, I got a letter today and it rises from October. Thanks Consumer Action Group! I'll look forward to paying an annual fee on my current account from next year too! To add, I also think they were a bit crafty. They only stated the monthly APR rather than the Yearly one.

Oh well, that probably means my MBNA card is on the up too - better give them a call to check.

Gordon_the_Moron

Don't blame the Consumer Action Group or people reclaiming charges, the charges are unlawful and the banks charges were sky high and unreasonable.

The thing about current account annual fees I doubt will ever happen, people like A&L and Halifax and Coventry that are fighting to offer massive interest rates to customers aren't going to drop to 0.1% and start charging. The high street banks might try it but it will be a bloodbath for them if they do, most people don't bother moving because of a 0.1% rate but they will be hellish surprised how many do if they introduce charges for in credit banking. They will soon change their minds. The 0.1% current accounts and 15+% credit cards soon pay for banking so they don't need to charge, they are just greedy, they may use reclaiming fees as an excuse but they are just greedy.

Incidentally the only charges I've ever had were as follows:

£40 from Natwest, a cheque took 6 days to clear on my credit card (from a Natwest current account) I got charged £20 for over credit limit on the 5th day (assuming the cheque had cleared) and another £20 for over the limit when they took the first fee out. I don't think it was unreasonable to reclaim that.

£50 from A&L - my work f****d up and underpaid me £300 (no, not Natwest another part time job) and a direct debit put me £2.11 over my overdraft limit. My employer offered to pay the fees, which I took, I contacted A&L explaining what had happened and asked them not to let the mistake affect my credit rating (I didn't ask for the fee back) but they wrote back to me promising it wouldn't affect my credit rating and they had refunded the fee to my account. I gave the second fee refund to charity.

Fahim_2

Barclaycard increased mine from 17.9% to 19.9%.