Lloyds TSB CC

canidothis

A couple of months ago Lloyds wrote to me and let me know that the APR was increasing from 19.9 to 24.9 and today they've written to tell me they are increasing my credit limit!!!

Do they not know that Ive had my LBM and Im wiser than I was a few months ago. I wonder what I'll get when I tell them I neither want the the increased APR or the new credit limit??

naijapower

They are a bunch of jokers. Sent me same sort of letter about increased rate/apr 2 months ago. Gave me option to close account so as to keep existing rate. Of cos i closed account asap and will keep paying my outstanding balance at the old existing rate or simply look for a BT elsewhere

canidothis

Naijapower I will be doing the same as you, rejecting the increased APR so they will have to close the account - I guess that wasnt part of their game plan tho if today they have given me an increased limit?

paulmcerlean

Increased APR generally means they see you as a risk - have you a large balance?

Though in saying that it makes no sense that they would offer you more credit. Clearly they see profit in you.

canidothis

I owe £1650 with a limit of £2000, to be fair limit has only gone up £500, however some maths expert would be able to work out that if I were to use the limit at the increased rate would cost a rather lot of money!!

paulmcerlean

Basically, they know you dont clear your balance in full each month and think they can earn more from you each month as you carry an interest accruing balance.

meemo38

DH has closed his account today to keep existing rate, it was almost at its limit anyway so we prefared to close it.