Barclaycard

Adriancbfa

I have just had a letter from Barclaycard saying they are putting up the interest rate from 21% to roughly 26%. Is there anything I can do to stop this as I have a sizeable balance and am not able to transfer it?
Any advice would be welcome!

YorkshireBoy

Adriancbfa wrote: »

Is there anything I can do to stop this

Read the rest of the letter and you'll find your answer (which is to call them, opt out of the increase, and surrender use of your account).

golfinshape

Write a well worded letter explaining to them that you have kept up with all your payments and any increase in interest would severely affect your financial situation. Sometimes they will empathize with your situation, they will need something in writing though - give it a try!

izools

Nop don't need to do that.

Simply call them up and tell them you're opting out of the interest rate increase and as such would like your account closed and interest rate frozen.

You won't be able to put new spending on the account, but you'll be able to repay the balance at your old rate and as per the original terms.

You won't have to clear it any quicker than you already are; your minimum payments won't change.

This won't affect your credit rating and 3rd party creditors won't be able to see the account is closed or that you've opted out of the hike.