will rejecting virgin credit card interest rate increase affect credit rating?

iheartcakes

Hi
Am new to all this but am trying to get on top of our debt and make life easier for the future

My husband has received a letter from Virgin advising the interest rate on his credit card is going up from by around 10% apr from the beginning of December.

On the letter there is an option to reject this increase, in which case he will not longer be able to use the card but will just continue to pay off the balance and the interest rate will stay as it is now. Once it is paid off the account will be closed.

We don't use the card anyway so this option would suit us but will it affect our credit rating in a negative way?

Thanks

bengalknights

No it wont have a negative effect as once settled the account will show as settled but in the mean time will still show as being paid and upto date.

iheartcakes

Thanks Bengalknights, I thought that might be the case but wasn't totally sure. Will give them a call tomorrow