Got credit card APR down

Jamboo

Hello everyone,
I have about £8000 on a Barclaycard and the APR is 24.9% (paying £163.67 per month) but on this months statement it said the APR rate was rising to a whopping 29.9% so new payment each month would have been £211.89 :eek: Anyway I phoned Barclaycard today and got the intrest rate reduced back to 24.9% and closed my Barclaycard account (So can't use it anymore). I'm still not happy with the 24.9% and so will try and pay off as much as possible before trying to do a 0% balance transfer later on. I tried to do a balnce transfer to a 0% card today but was unsucessful so I suppose I'll have to wait another 6 x months before I try again. Just wanted to post outcome as it might give others ideas how to reduce their APR..worth trying.

guesswho2000

You didn't get the APR down, you rejected a rate increase - this is standard to all credit cards since whatever agreement they came to a few years ago about this sort of thing.

However, you definitely did the right thing in doing what this - it won't affect your credit worthiness, but will stop them creaming any extra cash off you over and above the already high rate you've got.