MSE News: Reject credit card hikes after banks up rates

Former_MSE_Helen

This is the discussion thread for the following MSE News Story:

"Thousands of credit card customers face interest rate hikes, but you can reject them to escape the higher payments ..."

Read the full story:
Reject credit card hikes after banks up rates

danothy

One of my providers recently linked my rate to the BoE base rate ... Seems to me that if that was something they would have originally factored into a rate rise then they have just managed to side step the rules allowing me to reject it.

Consumerist

danothy wrote: »

One of my providers recently linked my rate to the BoE base rate ... Seems to me that if that was something they would have originally factored into a rate rise then they have just managed to side step the rules allowing me to reject it.

If they increase the rate independently of the BoE Bank Rate then you can still reject the rate rise.

danothy

Consumerist wrote: »

If they increase the rate independently of the BoE Bank Rate then you can still reject the rate rise.

But previously I'd have been able to reject the rate rise if they'd changed it because of the BoE base rate ...

MoneySaverNeil

Virgin Credit card tried this with me a few years ago. I was on a 15 month intro rate, advertised as best-deal on this site and elsewhere. One month before end of deal, they tried to hike my rate by 10% increase from approx. 15% to 25% ... so much for a special deal, more like a trap

Only a few months earlier the new rules had been introduced allowing me to refuse the increase, but not use the card again. I've taken a number of complaints about Virgin Money to the ombudsman, but really only met obstruction with ombudsman insisting on referring to virgin as mbna (europe) and not even using the word Virgin in letters...

When I heard about Virgin Money being given Northern Rock at a discount and allowed to operate as a bank, I wanted to warn all potential customers of Virgin Money... BEWARE