Virgin Credit Card- big interest increase

Earthmother_2

Hi
We have a virgin credit card, the credit limit is £15k and we owe approx £10k on it.
I've just got a letter telling me that our rate will change from 16.6% p.a to 24.9% p.a, thats a huge increase, is this normal for such a huge jump?
They say we can refuse and just pay off the balance at the old rate, but will not be able to use the card anymore. I've read on here that will affect our credit rating?

Has this happened to anyone else?

[Deleted User]

It won't affect your rating.

BugsyBrowne

Earthmother wrote: »

Hi
We have a virgin credit card, the credit limit is £15k and we owe approx £10k on it.
I've just got a letter telling me that our rate will change from 16.6% p.a to 24.9% p.a, thats a huge increase, is this normal for such a huge jump?
They say we can refuse and just pay off the balance at the old rate, but will not be able to use the card anymore. I've read on here that will affect our credit rating?

Has this happened to anyone else?

You seriously need to shop about and look for maybe a couple of 0% balance transfer cards.
Just make sure you send that letter off straight away,10k with a 25% APR is not good.

Jigga

Standard practice for Virgin when you owe big and they think that you can't move the debt anywhere else: https://forums.moneysavingexpert.com/discussion/2565217

Earthmother_2

Thanks for that. I'm going to shift the balance onto our Lloyds platinum for now as it has a 6 month 0% balance transfer then 16.9% after.