Is there age discrimination in balance transfers?

Borassic

Just registered - new poster

Last year Virgin increased the interest rate on my credit card by 50% in one month - from 16.6% to 24.9%.

I've never missed a payment, reached or exceeded my limit (£10,500) and have a good credit rating. However this was a month before I reached 66.

(noticed that HSBC had increased their card interest in stages to 25.9%).

I'm about to transfer the balances from these cards (£7,000 - £7,500) but wonder if any card provider use age discriminate in accepting balance transfers. I don't want any rejections spoiling my credit rating.

Any advice?

immoral_angeluk

Age as in your age or age of the balances?

Borassic

My age.

The balances are about five years old.

briankelleher

Isn't it illegal to discriminate against someone based on their age?

.1xp

Borassic wrote: »

My age.

The balances are about five years old.

I think if the balances are that old (5 Years) they are just making some money from you.

opinions4u

briankelleher wrote: »

Isn't it illegal to discriminate against someone based on their age?

Well Saga don't let me buy their products.

The local bus company lets the old codgers on for free. Yet charges school kids £1.50 for a 3 mile journey.

It's half price at the football for Grandad.

I don't get a few hundred quid a year from the Government for my heating bill, but my neighbour does (then promptly turns down the heating and jets off to Benidorm for a month).

So whatever legislation there is appears to be one way.

OP - it's nothing to do with your age. Many people have seen significant increases in their card rates in the last few years.

Dr_Cuckoo3

briankelleher wrote: »

Isn't it illegal to discriminate against someone based on their age?

Only in respect of employment as far as I am aware

2sides2everystory

Dr_Cuckoo3 wrote: »

Only in respect of employment as far as I am aware

Not for much longer I hope ... but apparently despite the recent gender decision, inconsistencies remain on age - and so it's about time a few more myths were scotched (hic ) and the anomalies were sorted ... Age discrimination in goods and services: In force from April 2012, consultation published on financial services exception

Dr_Cuckoo3

2sides2everystory wrote: »

Not for much longer I hope ... but apparently despite the recent gender decision, inconsistencies remain on age - and so it's about time a few more myths were scotched (hic ) and the anomalies were sorted ... Age discrimination in goods and services: In force from April 2012, consultation published on financial services exception

good - then Saga will have to let opinions4u buy their products

dzug1

So bye bye cheaper fares for kids, pensioners and possibly students?

Borassic

I just wanted some advice from people on here who might know about the procedures of these card companies. I was surprised my rates went up so highly when there was no obvious reason. I just assumed it was because of my age. I'm self-employed and still work and not retired. I'm wondering if there was a reason why my rate was increased so drastically and that this same reason will cause another company to refuse my balance transfer. I asked them and they were not at all helpful.

Should I not apply for the best balance transfer deals?

I had one of those 30-day free-trial Experian contracts (which I kept forgetting to cancel and so repeatedly cost about £7 a month - be warned) which detailed my excellent credit history etc.

Perhaps it's just normal for these companies to keep increasing their rates and squeeze more from their customers. 25% and 26% is about the same as store card rates.

I once saw a website with advice and tips on the do's and don'ts of applying for credit cards, but I can't remember it. Any suggestions?

I have four cards (one came automatically with my bank and has £1,000 @ 0% for a few more months) so I'm going to try to pay off one of my cards and close so I will only have three.

I was told they dislike transfers of smaller amounts and prefer large balance transfers