Sygma Bank/Creation/Flybe Rate Jack

TheGenerus1

Just received a letter today from Sygma Bank stating that my APR will be rising by 3% in the next 60 days

My promotional period finished last month so I guess this rise may have been linked as I did not fully clear the balance when it ended.

Just wanted to know if anybody else received the same letter recently so I can determine if it was a personal or across the board rate jack.

Appreciate any replies

You-kip

TheGenerus1 wrote: »

Just received a letter today from Sygma Bank stating that my APR will be rising by 3% in the next 60 days

My promotional period finished last month so I guess this rise may have been linked as I did not fully clear the balance when it ended.

Just wanted to know if anybody else received the same letter recently so I can determine if it was a personal or across the board rate jack.

Appreciate any replies

Rate jack happens who ever you are whether you're a balance clearer or not its just how these company's roll.

Maestro.

Happened to someone else as well... Is it a product they no longer offer? They may be wanting people to close it.

TheGenerus1

I have 2 Sygma Bank cards

1. Creation card
2. Flybe card

Both cards were taken out within 2 weeks of each other just over a year ago. The rate jack happened on the Flybe card which I believe is still one of their more popular cards afaik is not being discontinued like their JJB card.

If it was an across the board jack then I would have received a letter for my creation card as I pretty much opened them both together, maybe that one will come tomorow

.1xp

I've received a letter today too, notifying of the increase to the APR ... mine is the Cashback card.

It's got £0.00 on there anyhow.

AMG762

I have a cashback card, not used much. Just wondered what the APR's have been changed from and to? Mine is at 21.9% for purchases.

My card is only used for fuel and food and paid in full. If they increase the apr any more i will close it. Too much of a risk missing a payment. Especially as they only seem to give a couple of weeks from when the statement is received until the payment is due.

Bosie

Hi, yes they have done that with me too and I don't owe them anything:eek: One is the Flybe card and the other is the Creation card. Yet they increased my credit limit by £1000 pounds on the Creation card.. So will be closing one of them down.

Maestro.

There's been a sudden influx of people saying this so perhaps the company is shedding customers or is re-evaluating how it calculates risk, is losing money... who knows.

TheGenerus1

AMG762 wrote: »

I have a cashback card, not used much. Just wondered what the APR's have been changed from and to? Mine is at 21.9% for purchases.

Mine was a stonking 24.9% and thought that could not get any higher. Now the rate jack letter says it will be 27.9% on purchases, balance transfers and cash advances.

There's me thinking that my subprime rated credit cards days were behind me.

I will be paying that Flybe off and closing it ASAP.

simax

I have a few of their cards, but only use their cash back card. Has an APR of 24.9% however they could increase it to 2000% APR for all I care. It's cleared in full every month without fail.

Bosie

I don't understand as they rang me some time ago and said they were giving me 1% cashback! Then I get a letter hiking apr, it's now 21%.
I've got the Halifax Clarity which is a good card,so will ditch the Creation card.