santander has upped credit card rate

yogiberr

hiya,

I noticed (only whan I saw that I was being charged more), that they must have upped the interest.I seem to remember somehere that I can freeze the interest rate, as long as i don't spend any more on the card, ie I pay it all off before spending more on it.

Is this correct?

Any advice appreciated.

ta,

yogi

Fruit_and_Nut_Case

You have to ask them to do this within 60 (was 30) days of being notified.

sharpy2010

yogiberr wrote: »

hiya,

I noticed (only whan I saw that I was being charged more), that they must have upped the interest.I seem to remember somehere that I can freeze the interest rate, as long as i don't spend any more on the card, ie I pay it all off before spending more on it.

Is this correct?


yogi

Not quite correct. If you ask them to keep the interest rate as is, and not increase it, then once the balance has been cleared then they will close the card and account, you will not be able to make any further spending on the account.

chattychappy

sharpy2010 wrote: »

Not quite correct. If you ask them to keep the interest rate as is, and not increase it, then once the balance has been cleared then they will close the card and account, you will not be able to make any further spending on the account.

Yep. I do remember a poster reporting exercising his right and being told that anytime he wanted to continue with the account just to let them know.

I suppose if you've been a profitable customer some CCs would be happy to resume the account if asked.

sharpy2010

Sounds odd to me, but fair enough.

Why would the credit card company want the customer to continue being a customer, if at every step of the way they are going to fight the wishes of the card company?

chattychappy

sharpy2010 wrote: »

Sounds odd to me, but fair enough.

Why would the credit card company want the customer to continue being a customer, if at every step of the way they are going to fight the wishes of the card company?

I suppose some rate rises are just trying it on. They think they can get more money off you and many cardholders will just carry on spending. But faced with the balance being paid down and your going away reckon you are still worth keeping. Not sure what the rate would have been on restoration.