MNA Interest Rate Hike

bosund

Hi,
Does anyone have any information on Card Suppliers raising the interest rate on an account when it is closed but still in the process of being paid off?

Am sure that there was an announcment from somewhere saying that once an account was closed by the customer, the interest rates should not be raised.

Any help much appreciated.

Regards,

Bosun.

molerat

Unless you have rejected a rate increase and are paying off at the previous rate I do not believe there is. You can reject this increase. An account is not "closed" until it is paid off, how was the "closure" arranged ?

bosund

Thanks molerat

grumbler

>> Reject Credit Card Rate Hikes

The_pc_tech

I closed an Egg credit card account for this reason as per the article that was linked to by grumbler, are there any recurring debits on the account you may have forgotten to cancel such as those card protection insurances card companies are so fond of flogging.

When Barclaycard took over the account they observed the request.

bosund

Thanks Grumbler,
Had a look and never did receive any notification. Rate changed in November, didn't notice as I pay by DD so don't check on-line all the time. Will from now on.

Initial reply from MBNA when asked was they could when they liked. Don't think that's quite right.

Again, thanks to you both,

Bosun.

bosund

Hi The PC Tech,

No, no recurring debits, the account closed, and they accepted that back in 2011.

Regards,

Bosun.