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

Maestro.

jmb1 wrote: »

Without stating the obvious, if I had the money available to pay off the balance... well i wouldn't have the balance. That's the problem.

this'll be the reason they've done it then. you're carrying a balance (and, I hazard a guess, have been for some time?) - you're a perfect profitable, debt stressed customer. Your risk has probably gone up as well... and they're quids in!

CLAPTON

jmb1 wrote: »

Now you're branding me an idiot for expressing an opinion?

Thanks. But as I've continually said I wasn't looking for advice, as well-intended as it might have been, or as much as you might think everybody posting anything on these forums might need it.

whilst one enjoys the irony in the statement, it is indeed so you have said you do not want advice; sadly it is clearly what you need.

GooliesOfFire

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.

You were paying off with large amounts only to hit the credit limit by the end of the month You're lucky.. they could have cut your credit limit just after you paid money to them. As you rely on credit card month after month you're a high risk for them hence the increase.
If they increased my rate to i.e. 8% I wouldn't find them attractive anymore and probably look for a better deal i.e. Sainsburys low rate card. With people like you they know you will do nothing.

Cell

jmb1 wrote: »

I understand high risk borrowers pay more interest, it's the amount more that I'm arguing against....

It's self-perpetuating, if the risk a debtor poses is being in higher debt, then the more interest they charge the more debt they are in, making them yet higher risk, so they can charge them more, and more.

Yes, this is how they make their money. It doesn't make it right. It's sheer corporate greed.

Sorry for seeing that as wrong.

Spain, Portugal, Italy, and of course Greece would agree. It's exactly what's happening to them in the bonds market.

Higher risk=higher interest rate and/or lower credit limit.

And, yes, having experienced this myself (right up to 27%) I do have sympathy with how you're feeling. But I understand why they do it, even if I don't like it.