Halifax Credit Card Interest increase

MDW27

Hi all. This is my first post so be kind.

Just thought I would vent my views and get other peoples view on CC interest increases.

A few weeks ago I received a letter saying that my interest rate would be increasing, so I called Halifax up and said that I wanted to cancel my credit card I was not happy with the increase. It was an easy process.

I asked the person a few questions like why the increase, as this was well above what the highest variable rate was on any of their credit cards. She said "It isn't a blanket increase, it is specific to individuals and it's based upon your circumstances" so I stated that based upon my account activity you have decided to increase my interest rate, a few months ago you increased my limit (I balance transferred as the rate was 0%) and have been paying a little more than the minimum payment and you think this is responsible lending?

She didn't know what to say. What do you all think? And do you think that I should report this to be FSA?

[Deleted User]

MDW27 wrote: »

She didn't know what to say. What do you all think? And do you think that I should report this to be FSA?

No. It's a variable rate, they've varied it. A few months ago they thought you could handle a limit increase, now they've reviewed it to give you a rate increase.

sharpy2010

MDW27 wrote: »

She didn't know what to say. What do you all think?

There are only so many ways you can say something polite to a customer before you run out of things to say.

What she WANTED to say was what ZX81 said above, but had she said it then she would have been deemed to be being rude. Its a difficult life being a call centre advisor.

Trying to answer problems without pointing out the obvious to the customer, hense the reason ZX81 had to do it.

MDW27

I don't think I made it clear, although all of their cards have variable rates which vary between 16.9 - 23.9%. Mine was being increased to 26.9% from 24.9% after the increase last year because it was my yearly review, which every customer supposedly has.

opinions4u

You were very clear. So are the answers above.

They will have tens of thousands of customers paying a lot more than you.

They can vary your rate, subject to two months notice, whenever they want.

You can opt out if you like.

No grounds for complaint.

sistafromanothermista

You are borrowing money from them so i guess they are well within their right to set whatever APR they feel is necessary.

CLAPTON

why does it matter?

if you pay in full each month then you don't pay any interest