Barclaycard Interest Rate Hike - Cheek!

Jengard

I've been with Barclaycard for 3 years and the interest rate has progressively risen from 12.9% to 19.9%.

I've now had a letter from them saying that it will now be going up to 24.9%.

I decided enough was enough and phoned them to close the account (as you can pay back at current interest rate) and the lady on the phone in their retention department tried her best to convince me that there was always a chance that the interest rate would go down and tried to pressure me to keep the account open!

I commented on the fact that in three years the interest rate has only ever gone up and had to repeat the request to close the account half a dozen times before she would do so!

I've sent them an e-mail complaining as surely if a customer decides to close an account they shouldn't be allowed to pressure you into keeping it open knowing full well that the chances of the interest rate going back down is a rare as rock horse poo!

Has anyone else had this happen?

Jigga

Erm, yes, this sort of activity does get discussed now and again on here. Example https://forums.moneysavingexpert.com/discussion/2565217=
So don’t worry, you are not alone in experiencing this. The discussion usually goes along the lines of you signed up to an agreement that said variable rates, credit is a privilege not a right, card companies are a business motivated by profit (taking in to account risk), etc, etc.

Locana

I got a letter too, increasing mine to 24.9.. Then they sent me a letter two days later increasing my credit limit!

themull1

Yes, Tesco do it as well.

ironlady2022

You can reject the rate! But obviously not use it.

fozmcfc

What Jigga says is right about the right to increase blah, blah.

But I would also say that Barclaycard are wrong to pressure you into staying and whilst yes it is a variable APR agreement and I have told people this too on threads, you have done the right thing closed the account.

jen245

I had a Barclaycard a few years ago, and when I called them to close it, I had a 20 minute row with some muppet in their retention team trying to get me to keep the account open. Every time I told him to please close the account, he kept trying to come up with reasons to keep it open, and he was becoming more aggressive as the conversation went on. In the end I lost my temper, and I ended up swearing at him (which is very unlike me!). He was so rude, and I actually called back and complained to a manager about the way he spoke to me. Since then, If Ive needed to close a credit card account, Ive done it in writing so I dont have to deal with retention departments!

flashman2708

you'd think they would have learnt by now, people know when they can't afford a card and it is stupid trying to talk them out of it!!!!!

whatyadoinsucka

not had a letter yet got a barclaycard cashback (1% (Founder member) fingers crossed it doesn't go up

sickofdebt2

my barclaycard rate is 1.527sorry for seeming stupid is this a good rate ?

[Deleted User]

whatyadoinsucka wrote: »

not had a letter yet got a barclaycard cashback (1% (Founder member) fingers crossed it doesn't go up

If you've got a cashback card but are worried about the APR, then you've got the wrong card for your needs.