Disgraceful MBNA & Barclaycard

System

_Andy_ wrote: »

Didn't you know? Lenders are only allowed to vary it if it means the rate going down. Otherwise it's "disgraceful", a "rip off", "mis-sold" blah blah blah

You missed 'scam'

_Andy_

!!!!!! wrote: »

You missed 'scam'

And multiple exclamation marks to denote the OP's sense of incredulity.

Roblthomas64

Had my letter from Barclaycard yesterday 15.9% to 20.9% same deal !!

I guess the moral of the story is not to have credit cards !! or go for loans at a fixed rate !!

I thought this forum was to support people !! Clearly not from the above comments !!

BoGoF

If by "support" you mean we all agree MBNA and Barclaycard are just big nasty, faceless organisations bending us over....well you won't get that.

Nobody is forcing you to accept the increase.

izools

Roblthomas64 wrote: »

Had my letter from Barclaycard yesterday 15.9% to 20.9% same deal !!

I guess the moral of the story is not to have credit cards !! or go for loans at a fixed rate !!

I thought this forum was to support people !! Clearly not from the above comments !!

The forum is to support people, and to help members understand where they stand with lenders / etc, and whether or not they are being led up the garden path by lenders.

In the case of credit card companies, they will have all told you the rate was variable before you agreed to take the card out with them, and you will have agreed to them having the right to vary the rate before completing the application for the card(s).

To then come back at a later date to complain about something you agreed to before even applying for the card is not something us, nor any one else on this fair land can help with.

If prior to taking your car in for a service the man told you "This usually costs £150 but might cost up to £500" would you then accuse him of trying to scam you when he presents a bill of £250 because you needed a new battery and a few new pipes?

Of course not. Same thing.

Roblthomas64

Fair enough but increasing your rate by 50% is reasonable !! Not !

Roblthomas64

In the case of Barclaycard ! I never signed any agreement ! Just inherited the card as they took over Morgan Stanley a number of years ago !

maginot

Roblthomas64 wrote: »

Had my letter from Barclaycard yesterday 15.9% to 20.9% same deal !!

I guess the moral of the story is not to have credit cards !! or go for loans at a fixed rate !!

I thought this forum was to support people !! Clearly not from the above comments !!

Why? You can still keep the 15.9% and change the debt into a fixed loan if you want.

How is it supporting people recommending not to use credit cards, when you can pay in full every month and never pay any interest, you can get interest free periods, you can pay flexibly by making minimum payments or a large chunk without penalty (other than standard interest). What more do you want the credit card companies to do?

Credit cards are variable rates and can change, they give you plenty of time if you want to reject the change.

BoGoF

Roblthomas64 wrote: »

Fair enough but increasing your rate by 50% is reasonable !! Not !

Well if it's not reasonable, do what most on here would do if thought something was unreasonable - reject it, pay it off....go elsewhere.

_Andy_

Roblthomas64 wrote: »

Fair enough but increasing your rate by 50% is reasonable !! Not !

OK I'll try and explain this in a way you can understand.

IT'S A VARIABLE RATE OF INTEREST (that you agreed to)

VARIABLE

i.e. it can and will CHANGE. The card company don't have to increase/decrease it by X percent, they can choose.
As per WHAT YOU AGREED TO when you took the card out.

So, in summary, you're wrong.

Because (wait for it)

it's VARIABLE

Remember this as I'll be testing you again on this later in the thread.