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LloydsTSB MasterCard interest rate hike

titanflux
titanflux Posts: 36 Forumite
in Credit cards
Received a letter today advising me that the interest rate is going from 20.94% to 25.44% from 16th June. 4 years ago it was 13%.

This is just crazy! A small increase I could tolerate, as of course they can do what they want with the rate, but this is just ludicrous.

I'll be speaking to them about it and see if I can get a new balance transfer card from somewhere. My credit rating was 1 star a while back, but it's now up to 3 star so I may have some luck with getting one for at least part of the balance. It will get better too when the credit agencies get wind of me having now paid off my MBNA 'rip off' card and my Comet card and the accounts being closed completely.

I guess I don't have any recourse with this rate hike?
I'm a pharmacist, not a psychic. :rotfl:

Comments

  • YorkshireBoy
    YorkshireBoy Posts: 31,541 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    titanflux wrote: »
    I guess I don't have any recourse with this rate hike?
    Why guess?

    Read the letter and you'll see that you can stay on the old rate if you stop using the account.
  • titanflux
    titanflux Posts: 36 Forumite
    edited 21 March 2011 at 7:50PM
    I had seen that, but that card is my only source of funds in the event of a real emergency occurring.

    I'll take your advice though and close it off today. I'll keep the MBNA account open for emergency in the meantime until another balance is lower - the rate on an emergency use card is of course far less important than the one I have a balance on that I'm paying off.
    I'm a pharmacist, not a psychic. :rotfl:
  • too_much_debt
    too_much_debt Posts: 3,218 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    When I rang them last month to find out what my APR was they told me 27.9% so now I'm trying to pay it off ASAP.
    Sealed Pot Challenge #016
  • Saints2011
    Saints2011 Posts: 933 Forumite
    edited 21 March 2011 at 9:45PM
    May sound silly, call card services see if you are eligible for a new lloyds tsb card they will close old and open new with new offers etc .. You can only ask :)
    Can I find out my credit score?
    You do not have a single credit score or rating. Different organisations take different information into account when working out your credit score and may have different scores for different products. (Kindly from Experian)
This discussion has been closed.
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