RBS Credit Card - Rate Hike Attempt

Irisis

Hello all

I wonder if anyone has any experience of this and can give me a little advice?

I received a letter from RBS a few days ago stating that they wish to raise the interest rate on my credit card from 15% to a whopping 20%. I've always paid on time and never exceeded my limit so was disappointed to be treated this way; however after taking a quick look around these forums it sadly seems that being a good and loyal customer counts for very little these days!

I no longer need to use the card and was planning on cutting it up and paying off the balance in any case, although at the moment I would find it very difficult to pay much more than the minimum repayment.

If I ask to close the card and repay the balance monthly at the current rate, what do you think my odds are on them accepting a monthly amount close to the current minimum repayment? And do you know if it's standard practice to be able to increase your monthly payment should your circumstances improve in the near future?

Thanks for reading from a newbie. :j

grumbler

MSE article: Reject Credit Card Rate Hikes

bengal-stripe

Irisis wrote: »

If I ask to close the card and repay the balance monthly at the current rate, what do you think my odds are on them accepting a monthly amount close to the current minimum repayment? And do you know if it's standard practice to be able to increase your monthly

The CC won't accept anything less than the agreed minimum payment (1%, 3% whatever) plus interest at at the current rate. (Paying anything less, means you would be entering into an "arrangement to pay").

You can pay as much as you like, then the outstanding balance will come down quicker, once it has been repaid, the card will be closed down.