Barclaycard moving us onto a variable rate

joanne109

We have a barclaycard account with around £9K owing at 10.5% we have never missed a payment.
Around 2 years ago they tried to increase the interest to 19%, we rang them to close the account but they offered to keep it open and increase the credit limit with no increase in interest rates.

This week we got a letter informing us that they were moving us onto a variable rate.
I was wondering if this was a slightly more sophisticated version of ratejacking but without the option of closing the account and holding the interest rate.

Can anyone advise?

Joanne

StuC75

Should still be the case that you can refuse the increase and they will close the account down from further purchases being made..

Fruit_and_Nut_Case

StuC75 wrote: »

Should still be the case that you can refuse the increase and they will close the account down from further purchases being made..

Unless Barclaycard intends to lower the rate. Unlikely, I know, but stranger things have happened. "Variable" works both ways.

I can't seem to find a flying-pig smilie.

izools

The account was variable from the outset. You'll see the original credit agreement that came enclosed with the car will state the APR and beside it in brackets (Variable). They aren't 'changing' it to variable.

As stated, if they inform you that they intend to increase the APR you are legally entitled to reject the increase and continue repaying the account at the old rate on condition no new spending is put on the card

joanne109

Thanks all, we'll hold off closing it for now but will be alert:)

Joanne

Fruit_and_Nut_Case

reclaimedteak wrote: »

great info

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