RBS - MINT credit card rate increase

CHANDLEP

Dear All,
if you have one of the above, check your statements arriving today!
Mine is telling me of a rise from just over 18%apr to 21.66% in the next couple of months. I called MINT, who advised that this is due to reviewing my credit profile - some customers have reduced rates (anyone here getting a reduction??!!) and some getting increases. My perfect payment history and top of the scale credit score appear not to be helping me!

Key thing is though that by 'closing' the account (ie no more spending) I can lock in repayment of the balance at the current rate rather than the increased rate applying . . . my decision is easy!

[Deleted User]

Not much of a rise - good rate in the curent climate. Don't be too quick to throw it away unless you already have other lower rate cards available to you.

BugsyBrowne

CHANDLEP wrote: »

Dear All,
if you have one of the above, check your statements arriving today!
Mine is telling me of a rise from just over 18%apr to 21.66% in the next couple of months. I called MINT, who advised that this is due to reviewing my credit profile - some customers have reduced rates (anyone here getting a reduction??!!) and some getting increases. My perfect payment history and top of the scale credit score appear not to be helping me!

Key thing is though that by 'closing' the account (ie no more spending) I can lock in repayment of the balance at the current rate rather than the increased rate applying . . . my decision is easy!

You will never know if you are top of the credit score with mint.

System

Don't take it personally, RBS have been winding down MINT operations for some time now.

It looks like you are just part of another round of culling to reduce their portfolio. It's just a matter of time before the whole lot is brought to a swift end.

Regards
UNDERGROUND

CHANDLEP

Thanks for your comments folks - I thought I'd send MINT a little note as follows - should give the staff a laugh anyway:

Dear Mint,
On my last statement you referred to a looming interest rate hike on my account, following which I contacted you by telephone to seek clarification on the reasons for this. I have to say that I don’t think I had a proper reason given, and as I am both a shareholder of RBS and have a perfect payment history I fail to understand the reason for this punitive measure.

Anyway, having carefully considered the proposed opportunity to help fund your bank’s record-breaking losses by participating in the rate-jacking game, I regret that I must decline on this occasion. This is sad as I have felt that we have had a good relationship in the past, however to agree to this will undoubtedly be the start of a slippery slope of continually increasing interest rates and you are of course a bank, rather than a charity that needs financial support.

Therefore, I confirm that I would like you to please cancel my account on 31st October 2010 (or on the planned rate-jacking start date if this is earlier) – I deem ‘cancel’ to mean that:

(a) no further spending will be allowed (and any standing payment orders will be rejected)
(b) interest will be held at the current applied rate whilst the balance is paid off

Please kindly acknowledge and confirm acceptance of my request in writing, meanwhile I wish you all the best in your endeavours and am sorry that I can’t contribute more on this occasion.