Barclaycard interest hike! from 17.9% p.a. to 22.9% p.a

CLAPTON

jmb1 wrote: »

I wont have a credit card to use then though, which as I say I'm relying on currently.

Look I realise my options, my point was how can these institutions justify such dramatic hikes?

your best option is to go over to the debt free wannabe board and post up an SOA and seek advice about cutting down your spending and learning to live within your means
format
http://www.makesenseofcards.com/soacalc.html

CLAPTON

jmb1 wrote: »

I started this thread to highlight a price hike, which to me seems extravagant, but it seems everyone thinks it acceptable and are defending Barclays, albeit that they see me as a greater risk. And no, I've been paying it off with large amounts far higher than minimum payments.

it's not really an issue of whether its justified or not;
it's a matter of common knowledge that banks are there to make as much profit as possible, have absolutely no interest in helping anyone with difficulties, cheat and lie at every opportunity... where have you been these last few years?


you don't give your financial back ground or why to have no savings but the answer is not to have debts and have savings instead.

jmb1

Thanks, but I wasn't looking for advice, or a conversation about my personal finances. I just dont like the fact these banking institutions profiteer from those who can afford it least and I wanted to raise this to existing or potential customers. But everyone is more interested in defending Barclays and saying its my own silly fault for making myself a greater risk. What a patronising forum. See you.

CLAPTON

jmb1 wrote: »

Thanks, but I wasn't looking for advice, or a conversation about my personal finances. I just dont like the fact these banking institutions profiteer from those who can afford it least and I wanted to raise this to existing or potential customers. But everyone is more interested in defending Barclays and saying its my own silly fault for making myself a greater risk. What a patronising forum. See you.

do visit the debt freewannabe board; you will get no judgements and plenty of support from people in similar situations to yourself.

BugsyBrowne

jmb1 wrote: »

Thanks, but I wasn't looking for advice, or a conversation about my personal finances. I just dont like the fact these banking institutions profiteer from those who can afford it least and I wanted to raise this to existing or potential customers. But everyone is more interested in defending Barclays and saying its my own silly fault for making myself a greater risk. What a patronising forum. See you.

Price hike as nothing to do with risk it's about the bank earning a few quid more, people who have excellent credit ratings for years get apr hikes but they move on to another lender so instead of throwing your ice cream out of the pram do the same.

cos_2

I haven't received this letter, however, my BC has been sitting with a zero balance for a while. That could make a difference.

I've got to agree that the banks continue to make more and more money from us despite the recession, and rates of 22-odd per cent is pretty ridiculous, especially as they charge merchants as well.

The last time I remember rates as high as this, the BoE rate was nearly 15%. Currently, it's 0.5% and the banks are still screwing us.

And, yes - this site is often extremely patronising. Chock full of holier-than-thou bull crap. There are many other forums where people are willing to have a proper discussion.

ahxcjb

jmb1 wrote: »

I started this thread to highlight a price hike, which to me seems extravagant, but it seems everyone thinks it acceptable and are defending Barclays, albeit that they see me as a greater risk. And no, I've been paying it off with large amounts far higher than minimum payments.

I hold a Barclaycard Platinum card, and have not received any notification of an interest rate hike. My rate is currently 6.9%. Not that it would bother me if they raised it, I pay it off in full every month anyway.

As others have said, if you're using your card to cover spending excesses, then you're not living within your means and need to start to plan to do something about it rather than worry about a slightly higher interest rate.

jmb1

ahxcjb wrote: »

I hold a Barclaycard Platinum card, and have not received any notification of an interest rate hike. My rate is currently 6.9%. Not that it would bother me if they raised it, I pay it off in full every month anyway.

As others have said, if you're using your card to cover spending excesses, then you're not living within your means and need to start to plan to do something about it rather than worry about a slightly higher interest rate.

Case in point right there, Cos.

chanz4

Why not get a creation card and do a balance transfer or even mbna

ILW

jmb1 wrote: »

Case in point right there, Cos.

Seems as it should be, the example is of someone who is obviously a much lower risk than yourself and therefore paying a lower rate.

Do you think the higher risk borrowers should pay less than the less risky ones?