Aqua Card Interest Rate Increase

John1429

I had a letter yesterday notifying me of increase in interest rate on my Aqua credit card. I know you can close the account if rejecting the increase but my concern is that the letter says you can repay over a reasonable period of time. I only pay the minimum amount each month. With an outstanding balance of £2800 will minimum payments be enough (if closing account) or are they going to expect more each month given the wording "repay over a reasonable period of time"?

Better_Off_1983

I had a letter from them in March telling me they were increasing the interest rate to 45% or so.

I opted out of it and they closed the account, the 'reasonable period' quote put me off a bit, so I paid more than the minimum payment and cleared it in October.

They increased the interest rate so I have a feeling they could increase the percentile of the minumum payment in time.

John1429

Has anyone refused increase in interest rates on their Aqua card? If so what was experience with repayment amounts or were you allowed to continue with minimum payments?

[Deleted User]

You can continue with min payments if that's what you want to do.

John1429

Thanks for reply zx81

Did you take option of refusing interest rate rise by closing an account with Aqua. As mentioned in earlir post it was the quote of "repay over a reasonable period" which caused concern.

[Deleted User]

I haven't personally but I can confirm it's fine to do that. The Co-op is the only card I know of where if you don't pay back within (I think) 6 months, they have the right to put your interest rates up to the original increased amount.

However, it's not a particularly popular card and I haven't seen any postings about it since they announced it.

vintagegirl

i got that too. they wanted to increase my limit and my interest rate, i dont want to close it but am aiming to pay off the majority of the balance before january