Credit card limit increased same time as interest rate is increased!

Wardy70

Hi,

I have a LLoyds TSB Platinum card which was on the introductory 0% for 15 months, but has since transferred to the 'standard rate.'

However, the standard rate wasn't the 17% I was expecting, but started off around 24%. A couple of months ago my credit limit increased by £2000 (without me asking, but I've not used any of this), and around the same time my interest rate increased to almost 30%!!

I have never missed a payment, have a good income, I'm a homeowner. I do have balances on a couple of other cards, but these have also always been up to date.

My question is - is it profiteering to increase a credit limit AND the interest rate within weeks of each other? Any one else had experience of this and is there anything that I can do about it??
I don't want to apply for another card until I have repaid some of the debt.

Thanks
Karl

YorkshireBoy

Wardy70 wrote: »

...is there anything that I can do about it??

The interest rate notification letter advised that you could opt out of the increase and stay on the old 24% rate by agreeing not to make any further transactions on the card.

Why didn't you do this?