credit card rate

granwood

i have a halifax one card intrest rate 18.04 i phoned halifax last week to see if could get better rate but they would not give me one i have had card over 10 years never been in red i had 10500 limit i was so angry i told them to reduce my limit to 5000 and they did not seem happy i told them i would not use card again and pay of the balance. today i got a letter they put my intrest rate up to 22.95 do you think they are punishing or has haifaxput their rates up

Hazzanet

I know that some credit card companies base your rate on your limit - that is the higher your limit, the less of a risk you are, so the lower the rate.

I had a similar situation with Egg - they were not prepared to offer me the 'typical' rate advertised on the site as I chose a low limit on the card... had I taken the higher limit that they had initially offered, apparently I would have been given a lower rate.

I ended up ditching them in the end and I told them it was because they were not playing fair with their pricing.

I have a Co-op Bank Clearcard now - 9.9% on cheques, balance transfers, spending and cash advances, and if the tariff is to be believed, no cash advance fee. It's not a market leader, but at least it has sensible and clear pricing.

Hazza.

regularsaver1

They have increased the interest rate on the charity cards as I got a letter yesterday

it was one sheet stuck together at edges?

the one card is the cheapest - but your rate sounds odd as mine is 9.9%