Barclaycard extorsion

DCFC79

notahappybunny1 wrote: »

I've recently discovered that Barclaycard have been charging me 26.9% APR ! I'm an ex Eggcard customer sohad no choice in becoming a Barclaycard customer.

I've tried to complain and after being pasted from department to department, the upshot was, they are not prepared to do anything to reduce my rate.They also told me that allegedly it'sthe same rate that I was being charged by Egg, which I don't beleive but have no Egg documentation to prove otherwise.

I asked how they can possibly justify charging 26.9%, needless to say they couldn't answer that. I also asked how they can justify it in relation tothe rates of interest they pay out on savings accounts, typically nomore than 3%, 800% less !?

Credit card fraud is often talked about but in my opinion card companies getting away with this form of legalised theft is the real fraud.

Sadly I have no room on other cards which totransfer the balance but as stated to Barclaycard I will now find a way to pay off my balance and cancel my card with this bunch of crooks.

As you can tell, this really makes my blood boil, so I just thought i'd vent my spleen on here !

notahappybunny1 wrote: »

No, I don't have any old Egg paperwork. My Barclaycard statements are online and I've not looked for some time.

It's just daylight robbery. I asked how they can get away with charging 26.9% when I have other cards that are charging as much as 10% less !? Needless tosay they didn'tgive a s$@t what others were charging.

I find it a disgrace that this type of extorsion is all legal and above board. How can there be such a huge disparity between interset charged and interest payed out, it's a total con.

Why not check your statements ?

Its not extortion, its just simply the rate BC charge. You have a choice of choosing a new CC company.

opinions4u

Rant.

Or act responsibly and manage your finances better.

Your choice.

bengal-stripe

Just pay the card in full every month, then you don't have to pay any interest at all.

Easy - isn't it?

Diane_H

There are some very unsympathetic and unhelpful comments on here, perhaps from people who have enough to never need to borrow just to pay bills? In that case you are very lucky, and please don't assume that all people who use credit cards do so irresponsibly. Sometimes through circumstances beyond our control, job loss, wage reduction or similar, people need to use a credit card to pay for essentials (and I don't mean cigarettes, booze, holidays etc.). I found that my own bank (Nationwide, that I have a mortgage with and that my wages are paid into) offered me a loan with much lower interest rate than the credit cards, which I used to clear them. Not an ideal situation, but paying less interest means I have more chance of paying the loan quicker, and not feeling as shafted as I did before. I work two jobs, one full time and a part time one also, I don't smoke, don't drink, very rarely go out, and haven't been on holiday for more than five years apart from a couple of weekend breaks I have won on the competitions threads on MSE (which are very much appreciated). So I do understand how anyone can get into financial difficulties, and how soul destroying it can be, so keep your chin up notahappybunny1, and maybe seek help from your own bank or the Citizens Advice Bureau?
Diane x

cajef

Diane_H wrote: »

There are some very unsympathetic and unhelpful comments on here, perhaps from people who have enough to never need to borrow just to pay bills?

Sorry but cannot see what this has to do with the OP's rant about extortion when they cannot be bothered to check their account and see what interest rate is being applied.

People have every sympathy with someone with genuine financial problems sometimes caused by no fault of their own.

dalesrider

notahappybunny1 wrote: »

I asked how they can possibly justify charging 26.9%, needless to say they couldn't answer that. I also asked how they can justify it in relation tothe rates of interest they pay out on savings accounts, typically nomore than 3%, 800% less !?

As you can tell, this really makes my blood boil, so I just thought i'd vent my spleen on here !

Saving rates have nothing to do with credit cards.

You are forgetting ALL the protection you get with your credit card should anything go wrong with a purchase....

How do you think they fund S75 payouts.....
Someone spends 1p as a deposit on a £29,999.99p purchase and makes a S75 claim and wins....
Do you think that paying 3% interest on your card is going to cover the risk.

A lot of the interest rate is to cover the massive risk they take giving you a card not only to cover default's, but also S75.

meer53

Diane_H wrote: »

There are some very unsympathetic and unhelpful comments on here, perhaps from people who have enough to never need to borrow just to pay bills? In that case you are very lucky, and please don't assume that all people who use credit cards do so irresponsibly. Sometimes through circumstances beyond our control, job loss, wage reduction or similar, people need to use a credit card to pay for essentials (and I don't mean cigarettes, booze, holidays etc.). I found that my own bank (Nationwide, that I have a mortgage with and that my wages are paid into) offered me a loan with much lower interest rate than the credit cards, which I used to clear them. Not an ideal situation, but paying less interest means I have more chance of paying the loan quicker, and not feeling as shafted as I did before. I work two jobs, one full time and a part time one also, I don't smoke, don't drink, very rarely go out, and haven't been on holiday for more than five years apart from a couple of weekend breaks I have won on the competitions threads on MSE (which are very much appreciated). So I do understand how anyone can get into financial difficulties, and how soul destroying it can be, so keep your chin up notahappybunny1, and maybe seek help from your own bank or the Citizens Advice Bureau?
Diane x

Where does the OP say they are having financial difficulties ?

They're just ranting about Barclaycards interest rates.

nikanika0

I've got Aqua cc 44.9%!!
since Aug., plus they've increased my limit from £250 to £600 recently, I use it for everyday shopping and pay it off in full with DD. not bad, hope to get better one soon.

bargainbetty

Diane_H wrote: »

There are some very unsympathetic and unhelpful comments on here, perhaps from people who have enough to never need to borrow just to pay bills? In that case you are very lucky, and please don't assume that all people who use credit cards do so irresponsibly.

Diane, this transfer happened over a year ago, as noted by another poster. All the documentation from the company would have been forwarded at the time, and by the OP's own admission, they do not check their details or statements. That is irresponsible. We've all run into trouble, it's how most of us ended up here, but we've all faced the fact that, very often, it was our own damn fault.

The OP did not check their details. The OP did nto check the statements. The OP waited over a year before spotting something they didn't like and, rather than dealing with it by trying to move to a different service provider, they come on here and rant about the bank being guilty of extortion. The bank did nothing wrong and people have pointed these things out rather than offer blind support to a grumpy person who c*cked up their own situation.

_Andy_

Oh grow up - it's a variable rate.
If Tesco charged 30p for a tin of beans and Co-Op 25p would that be 'extortion' because the price was different?
Are you suggesting every product should always be the same price?
jeez what a ridiculous post