Natwest Raises Its Charges

Wazzy

Hi All

I'm new to this site and thought I would sign up as I can't believe what I've just recieved.

You see, I've just recieved a ltter from Natwest to say that they are increasing their charges on my credit card.

It states that it will be going from 20% to 24% and for cash purchases it will go from 24.90% to 25.69%

It also states this will equate to an extra £0.34pence for every £100 on credit card.

Now, I'm not good with bank figures but and extra 34pence on top of what their charge already is must be around 50pence for every £100

To me this doesn't sound right with such an increase..

What are your thoughts.

Kindest

Maestro.

When you signed up for the card, you may have noticed it said something like "representative 17.9% APR variable"

the "variable" part is also backed up in the terms and conditions, which allows them to raise or lower your APR accordingly.

I suspect you're holding a reasonable balance on the card and not in a hurry to pay it off which is why they've raised the APR. it's their way of giving you a nudge to get it cleared and make more money in the progress.

If you don't wish to pay more you can refuse the increase and lock your account at the old APR, but the card will be unusable afterwards.

opinions4u

Wazzy wrote: »

Hi All

I'm new to this site and thought I would sign up as I can't believe what I've just recieved.

You see, I've just recieved a ltter from Natwest to say that they are increasing their charges on my credit card.

What, precisely, can't you believe about a variable interest rate being varied?

meer53

Their rates are variable, so they will vary from time to time. Would it surprise you to know that all CC issuers do this occasionally ?