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Mint. Changing the goalposts?
Cell
Posts: 580 Forumite
in Credit cards
Hi
I just wondered if anyone had any experience of challenging APR increases under the following circumstances.
Mint reduced my credit limit quite significantly about five months ago. I have high outstanding debts, though a perfect payment record, and under the current circumstances I can understand the decision. The reduction left me about £500 left 'to spend', though in reality I am seeking to slowly but surely pay debt off rather than increase it. However I valued the facility to use the card in an emergency.
Then, about two months ago they increased the APR. I had the usual option to close the account, but as explained valued the potential flexibility, and planned to pay a bit extra every month to counteract it. Not an ideal situation, but I can't keep closing these cards down willy nilly (I have done so to three accounts) because I'll be left without a card at all.
The triple whammy was last week. They've reduced my credit limit again, to within £100 of my linit. It's clear that the account is being 'micro-managed', and as I pay off debt the limit will be reduced accordingly.
The point is this - had I known that they were going to do this, and essentially relieve me of this emergency' facility, I would never have accepted the interest rate rise. Who in their right mind would choose to pay more but effectively be unable to use the card?
Clearly if they try this again I'll be forewarned, but now I have essentially no credit on the card and am paying a much higher rate of interest.
Is it worth challenging on this point? There have been no adverse developments on my credit record (if anything I owe a little less). Is it 'fair' that a company charges more for its product, gets the consumer to accept that increase and then in the blink of an eyelid lock in that extra charge?
I would never have kept the card if I'd known what they were about to do.
I'm probably stuffed, to use a technical term, paying £30 a month more interest and only £20, instead of £50, a month off the balance.
Any advice would be appreciated:)
I just wondered if anyone had any experience of challenging APR increases under the following circumstances.
Mint reduced my credit limit quite significantly about five months ago. I have high outstanding debts, though a perfect payment record, and under the current circumstances I can understand the decision. The reduction left me about £500 left 'to spend', though in reality I am seeking to slowly but surely pay debt off rather than increase it. However I valued the facility to use the card in an emergency.
Then, about two months ago they increased the APR. I had the usual option to close the account, but as explained valued the potential flexibility, and planned to pay a bit extra every month to counteract it. Not an ideal situation, but I can't keep closing these cards down willy nilly (I have done so to three accounts) because I'll be left without a card at all.
The triple whammy was last week. They've reduced my credit limit again, to within £100 of my linit. It's clear that the account is being 'micro-managed', and as I pay off debt the limit will be reduced accordingly.
The point is this - had I known that they were going to do this, and essentially relieve me of this emergency' facility, I would never have accepted the interest rate rise. Who in their right mind would choose to pay more but effectively be unable to use the card?
Clearly if they try this again I'll be forewarned, but now I have essentially no credit on the card and am paying a much higher rate of interest.
Is it worth challenging on this point? There have been no adverse developments on my credit record (if anything I owe a little less). Is it 'fair' that a company charges more for its product, gets the consumer to accept that increase and then in the blink of an eyelid lock in that extra charge?
I would never have kept the card if I'd known what they were about to do.
I'm probably stuffed, to use a technical term, paying £30 a month more interest and only £20, instead of £50, a month off the balance.
Any advice would be appreciated:)
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Comments
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Been honest I dont think you will get anywhere, they will jsut hide behind commercial decision etc0
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I think Mint might be winding down completely. They aren't taking on new customers at all.0
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It's RBS, isn't it?
They're winding just about everything down.
Funny to think that I'm bailing them out from my taxes AND my increased interest payments.
Best not to think about it too much I guess. Too annoying for words:(0 -
It's RBS, isn't it?
They're winding just about everything down.
Funny to think that I'm bailing them out from my taxes AND my increased interest payments.
Best not to think about it too much I guess. Too annoying for words:(
I've just had the same thing happen to me with my Nat West card (under RBS umbrella)- which i've had for donkeys years - the interest rate is going up, not by a lot i may add, with usual accompanying spiel about you are welcome to close the account and keep old int. rate and pay off etc etc. Then in the post this morning have had a letter from NW Credit Review Team inviting me to call and discuss my account, even though they can see payments are up todate and never late blah blah blah....the letter goes on to say that they believe my 'financial position may have changed'. Yes it has - for the better and my credit file reflects this too. I don't intend to call the premium rate number they've given me, if it's that important they can call me. I have a feeling they're wanting me off their books as a customer and this is their way of doing it.
I also have a MINT card and they have just put my APR down and my limit up!
The card companies don't seem to operate in a logical way these days, they really don't.
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It's RBS, isn't it?
They're winding just about everything down.
Funny to think that I'm bailing them out from my taxes AND my increased interest payments.
Best not to think about it too much I guess. Too annoying for words:(
I believe RBS had an agreement with the Government to sell a number of it's businesses once it began making a profit again following the bailout.We’ve had to remove your signature. Please check the Forum Rules if you’re unsure why it’s been removed and, if still unsure, email forumteam@moneysavingexpert.com0 -
Just to let you know that I have received a comprehensive response (far better than I could have envisaged).
The end result is that 'as a gesture of goodwill' they will allow me to close the account and revert to the old rate of interest.
About as good a result as it was possible to attain, all things taken into account.
I hope this may be of some use to anyone who is faced with similar circumstances:).0 -
Tesco cc did exactly that.0
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