HSBC Credit Card reduced Interest

kier333

I currently have a HSBC Credit card with a 4k balance on it @ 20.9%, I called up Internet banking and explained that things are tight and i really want to pay of the balance. I was put through to the CC department and they said they would look at reducing the rate for a six month period, the Guy came back after a minute and said he could reduce the interest rate from 20.95 to 6.9% for the next six months with immediate effect. I am really happy as this reduces my interest from around £80pm to around £30 pound.

I just thought i would share this information for anyone maybe wanting to reduce the interest they pay on there card. FYI its only on the outstanding balance any future payments would be charged at the normal APR rate, however this wont affect me as i have cut up the card and plan to pay it off.

topcat9

Hi kier333 - this sounds like a good offer from HSBC. Just wondering though...did you check if it would be recorded on your credit report?

izools

topcat9 wrote: »

Hi kier333 - this sounds like a good offer from HSBC. Just wondering though...did you check if it would be recorded on your credit report?

As long as kier333 is meeting the minimum monthly payments or more there is nothing negative to record - no reduced payment plan in place - simply a promotional interest offer.

topcat9

You're right, izools, it does sound like this is a simple promotional offer. I really should have posted instead that I would advise anyone negotiating with their credit card company on the basis of financial difficulties to double-check that any deal offered doesn't affect their credit record. Doesn't hurt to ask the question and might avoid a nasty surprise later on!