Lloyds TSB Mastercard Platinum 3.5% increase

arthurs_mum

Lloyds TSB are advertising this card at 15.9% apr on their home page. I thought I was paying more but I couldn't see the rate on my statement so I rang them and asked what rate I was paying. they could only tell me a monthly rate and not an annual rate therefore I was unable to compare. Today I receive a letter to say that I am paying a whopping 21.94% and they are increasing this to 25.44%. I have never missed a payment and have banked with Lloyds for over 20 years. Loyalty doesn't pay! Misleading your customers does it seems!!!!
I need to close the credit card account to stop the increase, this won't be the only Lloyds account I'll be closing.

jonesMUFCforever

That's funny because my page says ''representative'' rate of 15.9%
That is not the same as everybody gets that rate is it?
When was the last time the card was cleared?
The rate going up suggests they think you are a worse risk now than say last year - by all close your accounts just make sure that you have somewhere to go first that offer you at least the same credit facilities.