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Changes to Lloyds credit card interest rates
drwho2011
Posts: 346 Forumite
in Credit cards
I received a letter to say that from 18th April 2012 they will be changing to a single standard interest rate.
At the moment its 15.94% p.a (variable), but will change to 15.44% p.a (variable) + BOE Base rate.
My query would be whether after April 2012 I would lose the right to reject rate hikes due to an increase in BOE base rates?
Also are other banks within the Lloyds group making similar changes or is this becoming an industry standard?
At the moment its 15.94% p.a (variable), but will change to 15.44% p.a (variable) + BOE Base rate.
My query would be whether after April 2012 I would lose the right to reject rate hikes due to an increase in BOE base rates?
Also are other banks within the Lloyds group making similar changes or is this becoming an industry standard?
0
Comments
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Yes, you won't be able to opt of of the rate changes driven by changes in the base rate, but you will be able to opt out of the risk based ones.0
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It's a Lloyds wide change as HBOS have done similar. I am not aware of any other UK issuer doing it but they may follow.
The APR is 'ok' at the current time with the BoE being so low; but imagine if it went to 10%., in this scenario it would be over 25%0 -
leicsmarkyr wrote: »It's a Lloyds wide change as HBOS have done similar. I am not aware of any other UK issuer doing it but they may follow.
The APR is 'ok' at the current time with the BoE being so low; but imagine if it went to 10%., in this scenario it would be over 25%
I hadn't noticed Halifax doing the same thing?
Seems like deliberate attempt to remove the right to reject rate hikes, so guess I'm cancelling card in April.
Personally I wouldn't have an issue if they cut the standard rate to 10-12% but I hate blatant profiteering.0 -
I hadn't noticed Halifax doing the same thing?
Seems like deliberate attempt to remove the right to reject rate hikes, so guess I'm cancelling card in April.
Personally I wouldn't have an issue if they cut the standard rate to 10-12% but I hate blatant profiteering.
I don't think it is every customer within the Lloyds group; they have selected certain ones. I had a letter ages ago from Halifax saying I would be variable plus BoE but then a subsequent letter to ignore it.0 -
For the Lloydstsb Avios card my rate for purchases and cash advances is 10.8%.0
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